Investcorp sells its stake in leading eyecare hospital chain, ASG Eye Hospital

Investcorp sells its stake in leading eyecare hospital chain, ASG Eye Hospital

Bahrain – Investcorp, a leading global alternative investment firm, announced that it has sold its stake in ASG Eye Hospital (“ASG” or the “Company”), the second largest eye care hospital chain in India, to General Atlantic and Kedaara Capital.

Investcorp invested in ASG in 2017 and has worked closely with its founder and management team to drive significant expansion and revenue acceleration by implementing several value enhancement initiatives. During the period Investcorp was an investor in ASG, ASG successfully executed a domestic expansion strategy, entering new and under-served markets in India. As a result of these initiatives, the number of hospitals operated by ASG in India has increased two-and-a-half fold and revenues have tripled since Investcorp’s investment. Earlier this year, ASG won the bid to acquire Vasan Eye, a large eye care hospital chain in India. This acquisition will expand ASG’s footprint in South India.

Investcorp sold its shareholding as part of a growth capital funding round of INR 15 billion, marking India’s biggest private equity funding in the eye care space and one of the largest private equity transactions in the single specialty healthcare industry in the country.

Commenting on the exit, Gaurav Sharma, Head of Private Equity India at Investcorp, said,