TPG-Backed Parkway Health Homing On Manipal Health Systems
Singapore based Parkway Health, a company owned by private equity fund Texas Pacific Group, is said to be a front-runner for a 25-30 per cent stake in Bangalore-headquartered Manipal Health Systems, The Economic Times reported, quoting sources. The deal could be worth Rs 500 crore, the report said.
In September 2006, Manipal Health raised Rs 90 crore from IDFC Private Equity Fund II, a fund managed by IDFC Private Equity. It manages three tertiary care hospitals, eight secondary care hospitals and nine primary care centres in south India, including a large hospital in Bangalore – Manipal Hospital.
Parkway Holdings Limited (PHL) owns Parkway Hospitals Singapore Pte Ltd which runs
three of Singapore’s premier private healthcare providers, East Shore Hospital, Gleneagles
Hospital and Mount Elizabeth Hospital. It also has a network of hospitals and medical centres in Asia, including Singapore, Malaysia, India and Brunei. In India, the company has a partnership with Apollo for Apollo Gleneagles in Kolkata.
The company is said to be competing with another strategic suitor too, the Thailand-based Bumrungrad, for the stake in Manipal. There were other suitors too private equity funds such as Apax Partners, Actis and Sequoia. ICICI Venture is another venture fund bullish about healthcare services, and have already backed four hospitals through its special purpose vehicle I-Ven Medicare.
