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

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ASG’s hospital count became two and a half times and revenue tripled under Investcorp’s ownership

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, “It gives us great pleasure to see that ASG has grown to become one of the most prominent eye care chains in India. Millions of people have had access to quality eye care through ASG over the past two decades. It was a pleasure working with ASG’s founder, Dr Arun Singhvi, and ASG’s leadership team and we wish them continued success in their next phase of growth.”

Tarek AlMahjoub, Head of UAE and Oman for Investcorp’s Private Wealth said, “At Investcorp, we established a history of investing in the healthcare sector globally. We expect ASG to continue benefitting from its expansion plans going forward as the healthcare space in India continues to grow. We have witnessed the hard work and passion of the entire ASG team and we wish them all the success.”

In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business. In the private equity space, Investcorp targets opportunities across the Healthcare, Software and Business Services, Financial Services and Consumer sectors. Its investments over the last four years include Wingreens, V-Ensure, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, and Safari Industries.

About Investcorp

Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes, infrastructure and insurance asset management. Since our inception in 1982, we have focused on generating attractive returns for our clients while creating long-term value in our investee companies and for our shareholders as a prudent and responsible investor.

We invest a meaningful portion of our own capital in products we offer to our clients, ensuring that our interests are aligned with our stakeholders, including the communities that we operate within, towards driving sustainable value creation. We take pride in partnering with our clients to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with an innovative, entrepreneurial approach. In January 2022, Investcorp issued its 2021 Responsible Business Report which outlines its Environmental, Social, and Governance (ESG) highlights for 2021 and specific initiatives the Firm implemented to meet its goals: https://www.investcorp.com/esg/.

Investcorp has today 13 offices across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, 2022, Investcorp Group had US $42.7 billion in total AUM, including assets managed by third party managers, and employed over 480 people from 50 nationalities globally across its offices.