The Everstone Group has agreed to acquire a controlling stake in Sahyadri Hospitals Ltd, the largest hospital chain in Maharashtra for an undisclosed amount.
The deal involves a combination of primary investment into the Pune-based company and a secondary share purchase from its investors, Everstone said in a statement on Sunday.
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Everstone CEO Sameer Sain said Sahyadri will act as the anchor asset of the PE firm’s healthcare delivery platform. “Everstone will leverage its significant healthcare expertise and experience to grow the overall business,” he said.
India- and Southeast-focussed Everstone didn’t disclose the deal value or the name of the selling shareholders.
Sahyadri, the largest hospital chain in Maharashtra, counted homegrown PE firm IDFC Alternatives as its controlling shareholder. IDFC Alternatives had invested in Sahyadri through its infrastructure arm in 2012 by buying out another homegrown PE firm ICICI Venture.
Last year, IDFC Alternatives sold its infrastructure asset management business to US-based private equity firm Global Infrastructure Partners (GIP).
Everstone also said that the transaction will help Sahyadri cement its position as the leading healthcare chain in Maharashtra and increase its bed-count significantly in next five years.
Founded in 1994 by neurosurgeon Charudutt Apte, Pune headquartered Sahyadri Hospitals currently operates 5 tertiary care and 3 secondary care hospitals with 750 beds across Pune (Deccan Gymkhana, Nagar Road, Kothrud, Bibwewadi, Kasba Peth and Hadapsar), Nashik and Karad areas. Sahyadri has more than 1,000 clinicians along with 2,300 supporting staff.
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