Nova IVF Fertility, one of the largest fertility chains in the country, has acquired Ahmedabad-based in-vitro fertilisation chain Wings IVF to expand its presence in western India.
Nova, owned by private equity firm TPG’s healthcare platform Asia Healthcare Holdings, didn’t disclose financial terms of the transaction. However, three people close to the development said the deal value was around Rs 120-150 crore.
The acquisition will expand Nova IVF’s footprint to 68 centres in 44 cities.
The deal comes more than two years after Nova acquired a majority stake in Southend Fertility IVF to grow its presence in the National Capital Region. Nova itself was acquired by Asia Healthcare in 2019.
Wings, founded by Dr. Jayesh Amin, has six treatment centres. Since its launch in 2014, it has expanded to Gujarat, Rajasthan, Bihar, and Delhi. It specializes in treating couples with recurrent implantation failures.
Dr. Amin said in a statement that one in every six Indian couples struggles with infertility. Through this partnership, the companies will bring in advanced technologies like regenerative therapy, which can help couples reduce their dependency on donor eggs.
Spark Capital was the advisor to the transaction.
Ritesh Pandey, Group CFO and head of business development at Asia Healthcare, said the IVF services market in India is powered by two national chains and multiple regional chains. “We see the forces of consolidation beginning to shape the sector, and in that context, Nova IVF Fertility and WINGS IVF coming together gives us an opportunity to strengthen our position in the North & West of the country," he said.
The IVF market in India is highly fragmented, with both domestic firms and a handful of foreign companies offering their services. Besides specialized IVF firms, Indian healthcare providers such as Cloudnine Hospitals, mainly focused on birthing, and Rainbow Hospitals, which chiefly provide pediatric services, also offer IVF services.
Indira IVF is one of the biggest players in the segment. The company is currently backed by TA Associates but the private equity firm is looking to exit. Blackstone, TPG Capital, Advent International, Bain Capital, and BPEA EQT have reportedly submitted non-binding offers for nearly a 60% stake in the IVF chain, valuing it at Rs 8,000-10,000 crore ($1-1.2 billion).
Besides Nova, there is Bourn Hall India, part of the UK-based healthcare services firm Bourn Hall International. Verlinvest recently acquired a controlling stake in the fertility chain Ferty9 Fertility Center.
