BPEA EQT to acquire controlling stake in fertility clinic network Indira IVF

• All of the company founders will retain a significant minority stake and continue to lead the company
• Indira IVF began as a single clinic and has since then grown to a nation-wide network spanning 116 centers across 20 states in India
• The selling shareholders were advised by Goldman Sachs and J.P. Morgan

BPEA EQT has agreed to acquire a controlling stake in Indira IVF, a network of fertility clinics in India. The sellers are TA Associates and the company’s founders, Dr. Ajay Murdia, Dr. Kshitiz Murdia, and Dr. Nitiz Murdia.

All of the company founders will retain a significant minority stake and continue to lead the company.

No financial terms were disclosed.

Indira IVF was founded in 1988 and has since then scaled from a single clinic to a nation-wide network spanning 116 centers across 20 states in India.

On the deal, Ashish Agrawal, a partner at BPEA EQT, said in a statement, “Fertility services and reproductive health is a large and fast-growing opportunity in India and Indira IVF is a pioneer in this space. We are truly impressed by its scalable and repeatable model with best-in-class medical infrastructure and technology systems that have the ability to help realize the dreams of couples who want to become parents. We see strong potential in further expanding India IVF’s presence across India and entering adjacent markets, while continuing to invest in its R&D capabilities and technology, drawing on EQT’s in-house expertise within healthcare and digitalization.”

BPEA EQT was advised by JSA (legal), Lincoln International, Price Waterhouse & Co LLP (transaction and tax, operational DD), Deloitte (financial and tax DD, structuring, ESG), and Awelin (digital). The selling shareholders were advised by Goldman Sachs and J.P. Morgan.

Based in Hong Kong, BPEA EQT was founded in 1997.