- Sahyadri Hospitals Group is the largest private hospital chain in the Indian state of Maharashtra
- Everstone Group, alongside key management and founders, will retain a minority stake
- Karen Frank, Ontario Teachers’ global head of equities, told Buyouts earlier this year that the pension plan may soon open an office in India
Ontario Teachers’ announced this week that it acquired a majority interest in Sahyadri Hospitals Group, the largest private hospital chain in the Indian state of Maharashtra, from Everstone Group. No financial terms were disclosed.
Singapore-headquartered Everstone, alongside key management and founders, will retain a minority stake.
Pune, India-headquartered Sahyadri has 8 hospitals with approximately 900 operating beds and 300 critical-care beds. The chain has plans to grow capacity by more than 500 beds during the next five years.
“We are pleased to acquire a majority stake in Sahyadri Hospitals, which is our first control private equity buyout in India, and our fourth major investment in the country over the last 12 months,” said Raju Ruparelia, senior managing director, private capital, Asia-Pacific at Ontario Teachers’. “We believe we can leverage our significant global experience in the healthcare sector to help scale the company into a national healthcare provider in the coming years.“
“It has been a great experience partnering with Everstone and executing the playbook of consolidation and growth,” said Abrarali Dalal, CEO of Sahyadri Hospitals. “We look forward to working with Ontario Teachers’ to further build on this base and expand into other parts of the Western India region.”
Toronto-headquartered Ontario Teachers’ is a global investor with net assets of C$242 billion ($189 billion). It invests across assets classes to deliver retirement income for 333,000 current and retired teachers in Ontario.
Karen Frank, global head of equities at Ontario Teachers’ told Buyouts earlier this year that the pension plan may soon open an office in India.
The deal for Sahyadri is the latest in a string of pickups of healthcare businesses by Ontario Teachers’. Recent investments include Asia Pacific Healthcare Group, New Zealand’s largest pathology network, Abano Healthcare, the operator of one of the largest trans-Tasman dental groups, and Acorn Health, a leading U.S. provider of Applied Behavior Analysis therapy for children diagnosed with autism spectrum disorder.
Everstone Group is an investment manager which manages assets more than $6 billion across private equity, real estate, green infrastructure, credit and venture capital.