Following the transaction, IndiaRF has become the majority shareholder of Ivy. The deal marks IndiaRF’s maiden investment in the healthcare sector and the first of its kind in the regional hospitals segment in North India.
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As part of the transaction, IndiaRF shall acquire Ivy’s NABH certified facilities at Mohali, Amritsar, Khanna, Hoshiarpur and Nawanshahr.
The transaction also includes a sizeable infusion of growth capital which will help further improve the breadth and quality of patient care services offered by Ivy’s existing facilities as well as expand its footprint to other cities in Punjab and adjoining regions.
Founded by Gurtej Singh and Dr Kanwaldeep Kaur in 2008, Ivy has grown to become the largest corporate chain of NABH-certified hospital facilities in Punjab.These facilities have a combined capacity of nearly 800 beds and offer comprehensive multi-specialty care and procedures for patients, not just from Punjab but also from neighbouring areas of Himachal Pradesh, Haryana and Jammu.The Ivy network treats over 300,000 patients a year. Ivy has demonstrated resilient growth over the last few years, despite facing challenges posed by the COVID-19 pandemic.“Post Covid, there’s significant emphasis on providing localised healthcare in the form of multi-speciality regional hospital networks, deepening insurance penetration has further augmented this shift as patients are increasingly looking for high quality healthcare closer to home,” said Shantanu Nalavadi, MD of IndiaRF.
“Consequently, these networks are also witnessing significant investor interest. Ivy clearly stands out as truly aligned with this theme. Ivy has demonstrated its prowess as a regional healthcare provider catering to all segments by providing quality medical services at affordable prices,” Nalavadia added.
“We were the initial movers in this space who believed in the vast untapped potential for quality healthcare in the region.. I believe that the vast experience and resources available with IndiaRF will empower Ivy with cutting edge technologies, thereby bringing huge benefits to the patients of the region” Gurtej Singh, chairman and managing director of Ivy said.
IndiaRF promoted by Piramal Enterprises and Bain Capital, invests capital from its $629mn maiden fund along with its co-investors in businesses that have fundamentally strong growth prospects.