Blackstone buys CARE Hospitals from Evercare
CARE Hospitals has in turn signed a deal to acquire majority stake in Kerala-based KIMS Health
Healthcare push
- The deal value has not been disclosed
- Combined platform will have 23 hospitals ties across 11 cities
- It will have leadership position in under-penetrated, emerging cities
New Delhi: Private equity funds managed by Blackstone have acquired a majority shareholding in Hyderabad-based CARE Hospitals from Evercare, a platform of TPG RISE funds, for an undisclosed sum.
In addition, CARE Hospitals has signed a definitive agreement to acquire a majority stake in KIMS Health.
The addition of KIMS Health to the CARE Hospitals network creates one of India’s largest hospital platforms with 23 facilities across 11 cities in India, creating a leadership position in under-penetrated, emerging cities that have strong potential for growth. The combined platform will have more than 4,000 beds.
TPG, whose shareholding in CARE Hospitals is held in its Evercare Health Fund, will retain a significant minority stake in the combined platform. KIMS Health will continue under the leadership of Dr MI Sahadulla in the next wave of growth of the platform.
KIMS Health, operating under KIMS Healthcare Management Limited, is the biggest private healthcare organisation in Kerala.
CARE Hospitals Group is a multi-specialty healthcare company founded in 1997. The network has its presence in Aurangabad, Bhubaneswar, Hyderabad, Indore, Nagpur, Raipur and Visakhapatnam. A leader in its markets, CARE is counted among the top 5 Pan-Indian hospital chains.
