Bahrain – Investcorp, a leading global alternative investment firm, announced that it has sold its stake in ASG Eye Hospital (“ASG” or the “Company”), the second largest eye care hospital chain within India, to General Atlantic and Kedaara Capital.
Investcorp invested in ASG in 2017 and has worked closely with the founder and management team to drive significant expansion plus revenue acceleration by implementing several value enhancement initiatives. During the period Investcorp was an investor in ASG, ASG successfully executed a domestic expansion strategy, entering new and under-served markets in India. As a result of these initiatives, the number of hospitals operated by ASG in Indian has increased two-and-a-half fold plus revenues have tripled since Investcorp’s investment. Earlier this year, ASG won the particular bid in order to acquire Vasan Eye, a large eye care hospital string in Of india. This acquisition will expand ASG’s footprint in South India.
Investcorp sold its shareholding as part of a growth capital funding round associated with INR 15 billion, marking India’s biggest private equity financing in the eye care space and one of the largest private equity transactions in the single specialty healthcare industry in the country.
Commenting on the exit, Gaurav Sharma, Head of Private Equity India at Investcorp, said, “It gives us great pleasure to see that ASG has grown to become one of the most prominent eye treatment chains within India. Millions of people have had access to quality eye care through ASG over the past two decades. It was a pleasure working with ASG’s founder, Dr Arun Singhvi, and ASG’s leadership team plus we wish them continued success in their next phase of growth. ”
Mohammed Al Sada, Head associated with Bahrain and Kuwait for Investcorp’s Private Wealth stated, “We committed to ASG Vision Hospital in 2017 plus since our initial expense, the company has gone from strength to strength. Following our investment decision, we focused on expanding into the particular underserved smaller cities within India, as a result ASG added 20 greenfield centers given that then. This was our first investment within the healthcare sector in India and our own Private Equity team inside India will continue to identify opportunities in growing founder-led companies along with the potential to create value with regard to our clients. ”
In India, Investcorp is an active trader in mid-market companies across consumption-linked sectors and in the real estate business. Inside the private equity finance space, Investcorp targets opportunities across the particular Healthcare, Software and Business Services, Financial Services and Consumer industries. Its investments over the last four years include Wingreens, V-Ensure, Intergrow Brands, Bewakoof. com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, plus Safari Industries.
Investcorp is the global purchase manager, specializing in option investments throughout private collateral, real estate, credit, absolute return strategies, GP stakes, infrastructure and insurance asset management. Since the inception in 1982, we have focused on generating attractive returns for our clients while creating long-term value in our investee companies and regarding our shareholders as a prudent and responsible investor.
We invest a meaningful portion of our own capital in products we offer to our customers, ensuring that our own interests are aligned with our stakeholders, including the particular communities that we operate within, towards driving sustainable value creation. We take pride in partnering with our clients to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with a good innovative, entrepreneurial approach. In January 2022, Investcorp issued its 2021 Responsible Company Report which outlines the Environmental, Social, and Governance (ESG) highlights for 2021 and specific initiatives the particular Firm implemented to meet its goals: https://www.investcorp.com/esg/.
Investcorp has today 13 offices across the US, Europe, GCC and Asia, including Indian, China plus Singapore. As of June 30, 2022, Investcorp Group experienced US $42. 7 billion in total AUM, including assets managed by third party managers, and employed over 480 people through 50 nationalities globally throughout its offices. For further information, visit www.investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.
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