TORONTO, CANADA / MUMBAI, INDIA – The Board of the Ontario Teachers’ Pension Plan (“Teachers”) today announced an agreement to acquire a significant majority stake in Sahyadri Hospitals Group (“Sahyadri”), the largest chain of private hospitals in the state of Maharashtra, from the Everstone group. Existing sponsor, Everstone Group, as well as key executives and founders will retain minority stakes in the company.
Sahyadri has 8 hospitals with c. 900 operating beds and 300 intensive care beds. In addition, the hospital chain plans to increase its capacity by more than 500 beds over the next five years. With 2,000 clinicians and 2,600 support staff in its network of hospitals, Sahyadri’s facilities are concentrated around the city of Pune, which is Maharashtra’s second largest city by population.
“We are delighted to acquire a majority stake in Sahyadri Hospitals, which is our first private equity buyout in India and our fourth major investment in the country in the past 12 months. We believe we can leverage our significant global experience in healthcare. sector to help build the company into a national healthcare provider in the years to come,” said Raju Ruparelia, Senior Managing Director, Private Equity, Asia-Pacific at Ontario Teachers’. “We look forward to partnering with the company’s founders, Dr. Charudutt Apte, Sadanand Bapat and Nitin Desai, along with the management team and Everstone to support the business as it enters its next stage. of growth.”
“It has been a great experience partnering with Everstone and executing the consolidation and growth playbook. We look forward to working with Teachers’ to further develop this base and expand to other parts of the Ontario region. Western India. Sahyadri as a brand is poised to take on a bigger role in the Indian healthcare delivery ecosystem, not only in terms of footprint but also in setting up some of the clinical practices. most advanced and exemplary in India. We believe Teachers’ is an ideal partner to help us achieve this goal,” said Abrarali Dalal, CEO of Sahyadri Hospitals.
“We welcome Teachers’ and look forward to our partnership as we strive to achieve our goal of making health care more accessible and affordable. This goal has been our guiding principle in establishing the Sahyadri brand. Today, not only are we known as the brand with the largest footprint in Maharashtra, but our clinical credentials remain unmatched,” said Dr. Charudutt Apte, Founder of Sahyadri Hospitals. He further adds, “I want to express my thanks to Everstone for walking side by side and supporting us to bring Sahyadri to where we are. It has been a wonderful trip.
“Sahyadri is the largest multi-specialty healthcare service provider in the Western India Corridor. Sahyadri’s unique hub and spoke model and best-in-class clinical capabilities have truly touched patients’ lives. This is a further demonstration of Everstone’s partnership model and playbook, implementing several operational improvements for patients and physicians, transforming the business and creating significant value for all stakeholders” , said Puncham Mukim, managing director of Everstone.
Sahyadri is the latest investment from Ontario Teachers’ Private Capital team in high performing healthcare companies. Recent investments include Asia Pacific Healthcare Group, New Zealand’s largest pathology network, Abano Healthcare, operator of one of the largest Transtasmanian dental groups, and Acorn Health, a leading US therapy provider. applied behavior analysis for children diagnosed with autism spectrum disorder. .
The transaction is expected to close in the fourth quarter of 2022 and is subject to customary closing conditions.
The Ontario Teachers’ Pension Board is a global investor with net assets of $242.5 billion as of June 30, 2022. We invest in more than 50 countries in a wide range of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture capital growth to provide income benefits to 333,000 active and retired members.
With offices in Hong Kong, London, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring deep expertise in sectors ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned a total annual net return of 9.6% since the plan’s inception in 1990. At Ontario Teachers’, we don’t just invest for a return, we invest to shape a better future for the teachers we serve, the businesses we support and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About Everstone Group
Everstone, headquartered in Singapore, is a leading investment manager with assets of approximately US$7 billion across private equity, climate impact, logistics, digital and venture capital. Everstone has a significant resource base across its seven offices in Singapore, Mumbai, Delhi, Bangalore, New York, Dubai and Mauritius comprising the best investments, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com and LinkedIn.
Ontario Teachers’ Pension Plan
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