Mumbai: Personal fairness agency BPEA EQT has acquired 60% of Indira IVF Hospital Pvt. Ltd, India’s largest chain of fertility clinics, from TA Associates and the fertility firm’s founders at a valuation of about $1.1 billion, in keeping with two folks accustomed to the transaction.
On Friday, the businesses confirmed the transaction with out disclosing monetary particulars. BPEA is predicted to pay over $600 million for this deal, the folks stated, requesting anonymity. Indira IVF founders Ajay Murdia, Kshitiz Murdia and Nitiz Murdia will retain a big minority stake and proceed to guide the corporate. Personal fairness agency TA Associates, which first picked up a minority stake in 2019 for an undisclosed sum, will exit the corporate with the transaction.
“We see sturdy potential in additional increasing India IVF’s presence throughout India and coming into adjoining markets whereas persevering with to spend money on its R&D capabilities and know-how, drawing on EQT’s in-house experience inside healthcare and digitalization,” Ashish Agrawal, associate, BPEA EQT stated, including that fertility providers are a fast-growing area in India. Mint reported on 26 June that BPEA EQT was a shortlisted bidder for this stake.
Jimmy Mahtani, associate and co-head of BPEA EQT India, stated: “This funding aligns with EQT’s dedication to investing in corporations that tackle important societal wants and have the potential to influence folks’s lives for the higher.”
“Partnership with BPEA EQT is the start of a brand new part of sustainable progress for Indira IVF. Ranging from a single clinic in Udaipur to changing into the biggest supplier of assisted reproductive know-how (ART) providers in India in the present day, Indira IVF’s journey has been a outstanding success story. The ART sector in India is at an thrilling stage of growth, and we’re fortunate to have an excellent firm, companions, and colleagues to guide the expansion of this section,” stated Kshitiz Murdia, CEO of Indira IVF.
BPEA EQT was suggested by JSA (authorized), Lincoln Worldwide, Worth Waterhouse & Co LLP (transaction and tax, operational DD), Deloitte (monetary and tax DD, structuring, ESG), and Awelin (digital). The promoting shareholders have been suggested by Goldman Sachs and JP Morgan.
With this transaction, BPEA Personal Fairness Fund VIII is predicted to have round 35-40% of its funds invested, contemplating closed and signed investments, introduced public gives, and fewer any anticipated syndication.
Based in 1988 by Ajay Murdia, Indira IVF has grown from a single clinic to a nationwide community encompassing 116 centres throughout 20 states in India. The corporate gives assisted reproductive know-how providers in India and conducts about 40,000 IVF cycles annually. Thus far, it has helped greater than 125,000 {couples} obtain being pregnant, in keeping with the corporate.
Indira IVF reported a revenue of ₹340 crore on a income of round ₹1,200 crore within the yr ended 31 March.
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Up to date: 29 Jul 2023, 12:31 AM IST
Supply: Live Mint