TPG Growth, the mid-market and growth-equity investment platform of leveraged-buyout group TPG, has decided to acquire a 28 per cent stake in Sri Lanka’s Asiri Hospital Holdings from private equity firm Actis Investment Holdings.
The two companies didn’t disclose financial terms of the transaction in a press statement.
Actis had invested $32 million in Asiri Hospital, a multi-speciality private healthcare chain controlled by Ashok Pathirage-led Softlogic group, in October 2012.
Since Actis invested in Asiri, the company has grown considerably, said Asanka Rodrigo, partner at Actis.
As part of the deal, Vishal Bali, senior healthcare advisor for TPG Growth in Asia, will join the board of Asiri Hospital.
Founded in 1980, Asiri Hospital has a network of four hospitals with approximately 570 beds, representing about 30 per cent of the country’s private sector capacity.
Asiri also has a nationwide network of pathology diagnostics services that include a central lab in Colombo, five satellite labs across the country, and about 450 collection centers. The hospital chain employs 800 consultant doctors across specialties.
TPG Growth’s current and past investments are in companies across tech, retail and entertainment including Uber, Airbnb, e.l.f. Cosmetics, Angie’s Artisan Treats, Fender, SurveyMonkey, and Red Book Connect. It has offices in the US, China, India, Turkey, London and Singapore.
Ashok Pathirage, chairman and managing director of Softlogic, said TPG’s investment will help the company continue to build its business as well as expand and upgrade operations in Sri Lanka and, perhaps, in other regions in Asia.
Actis, which had previously invested in Sri Lankan firms South Asia Gateway Terminals and Ceylon Oxygen, invests exclusively in emerging markets. It has a portfolio of investments in Asia, Africa and Latin America and $7.6 billion of funds under management.
Softlogic operates in retail, healthcare, information and communications technologies, financial services, automotive and leisure sectors employing about 8,000 people.