Dr. Agarwal's Group of Eye Hospitals has secured $45 million from Hong Kong-based private equity firm Adv Partners.
The exercise, which is described as one of the largest PE deals in the eye-care segment, is expected to help the healthcare firm expand its network of eye hospitals in India and abroad over the next four years.
Of the $45 million investment, an undisclosed sum will be utilised to give an exit to their existing investors, Evolvence India. As a result of the deal, Suresh Prabhala, the Singapore-based partner of Adv will be inducted into the board shortly.
Veda Corporate Advisors acted as the exclusive financial advisors to Dr. Agarwal's and its shareholders in the transaction.
"We have brought world class eye-care services to every doorstep in India. Our vision 2020, is to strengthen the brand and double the number of hospitals with footprints across India, Africa, Middle East and South East Asia," a statement quoting Dr.Amar Agarwal, Chairman and Managing Director, Dr Agarwal's Group of Eye Hospitals said.
The Chennai-headquartered hospital group's proposed network expansion will be through a mix of strategic joint ventures and Greenfield hospitals.
Its growth plans include expanding their hospital network in Africa (where they currently have 14 hospitals) and entering markets such as UAE, Sri Lanka, Vietnam and the Philippines. On the domestic front, the group will seek to consolidate its presence in existing states and will be setting up new hospitals in Kerala, Gujarat, New Delhi, Maharashtra and Punjab. The investment coming into the group will be reinvested to execute this indicative expansion plan.