Nova Specialty Surgery has acquired a majority stake in Excel Hospitals Pvt Ltd, which runs a hospital in Kanpur, for an undisclosed amount. Nova Specialty is a subsidiary of Bangalore-based Nova Medical Centers, which is backed by GTI Capital Group, Goldman Sachs and New Enterprise Associates (NEA).
Suresh Soni, chairman and CEO, Nova Specialty Surgery, said, “We have aggressive expansion plans for Nova, both nationally and globally and are pleased to announce our entry into Kanpur. This acquisition will prove beneficial to both parties (Excel Hospitals and Nova) in terms of effective healthcare management and knowledge building.”
He added that Nova is on track to achieve its commitment of setting up 25 centers across India and the Middle East by 2012.
As part of the first phase of its expansion plans, Nova will begin the renovation of the hospital and in the interim will run operations of the hospital.
This is the third acquisition of a hospital by Nova Medical as a group this year. In February, it acquired Helios Hospitals and last month acquired undisclosed majority stake in Ahmedabad-based Pulse Lifecare Pvt. Ltd. Pulse is an in vitro fertilisation (IVF) and women care hospital. It specialises in treatments like In-vitro fertilisation, endoscopy, fetal medicine, general gynae, orthodontia facilities etc.
There has been five acquisitions in the hospital space this year since January while last year nine M&A deals had happened in the mid market hospital space, according to VCCEdge, the financial research platform of VCCircle.
(Edited by Prem Udayabhanu) Leave Your Comment