Quadria Capital may buy ICICI Venture’s majority stake in Medica Synergie

Asian healthcare sector-focused private equity firm Quadria Capital is close to acquiring ICICI Venture’s majority stake in Kolkata-based Medica Synergie Pvt Ltd for Rs 160 crore, according to media reports.

Medica Synergie, which was founded in 2006, owns and operates hospitals and retail pharmacy outlets in Kolkata. Mumbai-based ICICI Venture, which is one of country’s largest home-grown private equity players, had reportedly invested around Rs 68 crore in the company in 2007.

If the deal goes through, this investment would be made from Quadria’s second fund which recently made first close at $107 million and targeting a final close at $300 million.

Earlier this year, Quadria Capital founded by Amit Varma, Abrar Mir and William Costello acquired Milestone Religare Investment Advisors Pvt Ltd which is an equal joint venture between Milestone Capital and Religare.

Through this, Quadria, which focuses its investment on healthcare delivery space, built a significant healthcare portfolio.

Milestone Religare from its Rs 434 crore India-Build-Out-Fund-I has till now invested in six companies in sectors like healthcare education, credit research, food and agri industries. The healthcare portfolio of this fund includes oncology hospital chain HealthCare Global Enterprises Ltd (HCG) and Kerala Institute of Medical Sciences (KIMS) among others. VCCircle contacted Varma to confirm this report but he declined to comment.

Healthcare delivery sector has seen some big deals this year with Kids Clinic, which runs Cloud Nine, raising $16 million from Sequoia Capital, Ivy Health and Life Science raising $12 million from DEG and Fortis Healthcare raising $100 million from IFC.

(Edited by Joby Puthuparampil Johnson)

Leave Your Comment(s)