Private equity firm Advent International is set to invest $110 million in CARE Hospitals. It will acquire shares from some of the existing investors and inject additional capital into the business.
This investment will help the business consolidate its position in the healthcare sector and capitalise on the growth opportunities, said a release from Advent. The business will continue to be run by the founders of CARE.
CARE is a multi-specialty hospital chain in South India with strength in cardiac care, neurology, neph-rology and general medicine. The hospital chain is ranked number 5 by number of beds and by revenue in India. Apart from Hyderabad, it has centres in Vishakhapatnam, Raipur, Bhubaneshwar and Nagpur, Surat and Pune. From a 100-bed cardiac care hospital in 1997, CARE has become a multi-specialty hospital group comprising 1,590 beds.
Advent International, which raised $26 billion since 1984, invested in 30 healthcare firms apart from other projects.