TPG Growth acquires Actis’ 28% in Asiri Hospitals Group
View(s):TPG Growth, the middle market and growth-equity investment platform of leading global private investment firm TPG acquired a 28per cent stake in Asiri Hospital Holdings (Asiri) from Actis, a leading emerging markets private equity investor, a media release said. TPG growth paid Rs. 7.6 billion to buy 317 million shares of Asiri.This has came on the back of Softlogic expressing interest in buying state shares of Lanka Hospitals should it be divested. “Since October of 2012 when Actis invested in Asiri, the company has grown considerably and expanded its operations,” Asanka Rodrigo, Partner Actis was quoted as saying.
“Asiri has continued to consolidate its position as the clear and trusted leader in private healthcare in the Country due to its best-in-class doctors, staff and infrastructure. Asiri is well-positioned to continue its growth and play a major role in the development of private sector healthcare in Sri Lanka.”Actis has been a private equity investor in Sri Lanka, with previous investments in South Asia Gateway terminals and Ceylon Oxygen, and it will continue to look at investing n and partnering with high quality businesses in Sri Lanka, the release said.
“We’ve seen significant growth opportunities in healthcare across the globe, and particularly in Asia, as individuals increasingly choose private medical treatment for the quality of care offered by these institutions,” Vishal Bali, Senior Healthcare Advisor for TPG Growth in Asia, who will be joining the board of Asiri, was quoted as saying. “Asiri’s management team is addressing this demand in Sri Lanka in a very meaningful way. We look forward to partnering with the Company to support their growth and help them continue this momentum.”
Ashok Pathirage, Chairman and Managing Director of Softlogic/Asiri was quoted in the release as saying, “This partnership will provide new and diverse experience to the Board as well as access to TPG’s global network and experience making significant investments in healthcare. This partnership will help us continue to build our business as well as expand and upgrade operations in Sri Lanka and, perhaps, in other regions in Asia.”