TPG Growth takes stake in Asiri Hospital Holdings
TPG Growth, the middle market and growth-equity investment platform of leading global private investment firm TPG, has acquired a 28% stake in Asiri Hospital Holdings from Actis, a leading emerging markets private equity investor.
Asiri is the largest multi-speciality private healthcare business in Sri Lanka, which is controlled by the dynamic Softlogic group led by Ashok Pathirage.
“TPG is one of the leading investors in healthcare globally, with an accomplished team of investment professionals, operators and technical experts who identify and execute on great opportunities in the sector,” said Bill McGlashan, Managing Partner of TPG Growth. “This network of experts, combined with the deep local relationships and experience of TPG Growth’s regional team, allows us to approach companies and challenges in a truly unique way and unlock unprecedented opportunities for growth.”
Established in 1980, Asiri has a network of four hospitals with approximately 570 beds, representing approximately 30% of the Nation’s private sector capacity, with significant expansion underway. Asiri also pioneered the pathology diagnostics services network model in Sri Lanka and is the market leader with a nationwide network, including a central lab in Colombo, five satellite labs across the country, and more than 450 collection centers. Asiri employs more than 800 consultant doctors across numerous specialties and has achieved a dominant position in key specialities such as neurology, cardiology and urology.
“Since October of 2012 when Actis invested in Asiri, the Company has grown considerably and expanded its operations,” said Asanka Rodrigo, Partner at Actis. “We are delighted with what Asiri has achieved over the last few years. It has continued to consolidate its position as the clear and trusted leader in private healthcare in the Country due to its best-in-class doctors, staff and infrastructure. Asiri is well-positioned to continue its growth and play a major role in the development of private sector healthcare in Sri Lanka.”
Actis has been a prominent private equity investor in Sri Lanka, with previous investments in South Asia Gateway terminals and Ceylon Oxygen, and it will continue to look at investing in and partnering with high quality businesses in Sri Lanka.
“We’ve seen significant growth opportunities in healthcare across the globe, and particularly in Asia, as individuals increasingly choose private medical treatment for the quality of care offered by these institutions,” said Vishal Bali, Senior Healthcare Advisor for TPG Growth in Asia, who will be joining the board of Asiri. “Asiri’s management team is addressing this demand in Sri Lanka in a very meaningful way. We look forward to partnering with the Company to support their growth and help them continue this momentum.”
“Actis has been an excellent partner for us over the last few years, and we now look forward to partnering with TPG Growth as we look to further our market-leading position as a world class healthcare provider in Sri Lanka,” said Ashok Pathirage, Chairman and Managing Director of Softlogic/Asiri. “This partnership will provide new and diverse experience to the Board as well as access to TPG’s global network and experience making significant investments in healthcare. This partnership will help us continue to build our business as well as expand and upgrade operations in Sri Lanka and, perhaps, in other regions in Asia.”
Asiri is one of Sri Lanka’s leading and most preferred private healthcare providers, having both local and international recognition for being the first choice for medical expertise, advanced technology and comfortable surroundings. Asiri comes under Softlogic Holdings PLC, which is one of Sri Lanka’s most dynamic and reputed conglomerates operating in Retail, Healthcare, ICT, Financial Services, Automotive and Leisure sectors.
Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$7.6 billion funds under management. Combining the expertise of over 100 investment professionals in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. Actis currently has US$1.2 billion invested in 16 companies in South Asia. The firm has strong healthcare expertise with investments in pharmaceuticals, private hospitals, medical equipment and research spanning India, China and Africa.
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With over $7 billion under management, TPG Growth targets investments in a broad range of industries and geographies. fii-news.com
