Care Hospitals Group said Monday it acquired a hospital with 250 beds in Hi Tech City, a suburb of Hyderabad, India. It did not disclose a name of the hospital. Care Hospitals Group, a multispecialty hospital chain in India, is backed by Advent International.
HYDERABAD, 27 April 2015 – CARE Hospitals Group (CARE), one of the largest multispecialty hospital chains in India, today announced that it has acquired a new hospital with 250 beds in Hi Tech City, the fastest-growing suburb of Hyderabad. Besides CARE’s traditional areas of specialization including cardiac sciences, neuro sciences and renal sciences, the new hospital will focus on oncology as well as organ transplants. The hospital, renamed CARE HI-Tech City, should be ready to start services by December of this year.
The acquisition was funded by an equity investment from CARE’s key shareholder, global private equity firm Advent International. It follows CARE’s recent addition of a 100-bed facility in Vizag, and together, the two transactions will further consolidate the group’s presence in the states of Telangana and Andhra Pradesh.
“The acquisition of the new facility in Hyderabad will further enhance our clinical offerings and help to deepen our services in several specialties,” said Dr B Soma Raju, Founder and Chairman of CARE Hospitals. “We are now in a position to provide a broad range of high end tertiary care services across a larger platform.”
Dilip Jose, Group CEO of CARE, added: “The new hospital enhances our leadership position in Hyderabad and provides beds in a key location that is witnessing high demand for quality medical care. The acquisition is in line with the cluster strategy that we have adopted across our network to ensure scale and leadership in our geographies, enabling an extended range of clinical services and ease of access for our patients.”
Since Advent International’s investment in April 2012, CARE has made rapid progress on multiple fronts, improving operations, adding key specialities and clinical teams, increasing capacity and expanding its hospital network. CARE has grown its footprint from 12 hospitals and 1,600 beds in seven cities three years ago to 16 hospitals and 2,100 beds in nine cities today. The company is also in advanced stages of opening a Greenfield hospital in Bhubaneswar, which, coupled with ongoing expansions at existing facilities in Raipur and Pune, will add another 600 beds, taking the total beds in CARE’s system to approximately 2,700 by fiscal year end March 2016.
About CARE Hospitals
The CARE Hospitals Group is a multispecialty healthcare provider, with 16 hospitals serving nine cities across seven states in India. The regional leader in tertiary care in South and Central India and among the top 5 pan-Indian hospital chains, CARE Hospitals delivers comprehensive care in more than 30 specialties in tertiary care settings. www.carehospitals.com
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 300 private equity transactions in 40 countries and as of December 31, 2014, had $33 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 180 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com