Manipal Hospitals, the second largest hospital chain in India, today announced that they have entered into a definitive agreement with Multiples Private Equity Fund for a 100% acquisition of Bengaluru based multi-specialty hospital, Vikram Hospital, making this its 10th hospital in the city. The announcement comes close on the heels of its acquisition of the India operations of Columbia Asia Hospitals in April 2021.
Set up in 2009, Vikram Hospital is a 200 bedded high end tertiary care facility located in the central business district and is best known for its clinical expertise in the fields of Cardiac and Neuro Sciences.
Commenting on the deal, Dr Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG) said “We are delighted to welcome Vikram Hospital into our network. Manipal Hospitals has been the top ranked healthcare provider in Bengaluru for over two decades and this addition is reiteration of our commitment to meet the healthcare needs of the city and the region. There are two greenfield hospitals that are currently under construction and once they are complete in the next 24 months, our network of 12 hospitals with over 2,300 beds would be best placed to provide ease of access and comprehensive care to everyone across this fast growing city.”
Sharing her views on the transaction, Renuka Ramnath, Founder, Managing Director and CEO of the Private Equity Firm Multiples said “We salute the doctors, the outstanding management team and the staff of Vikram Hospital who built an iconic hospital in the city of Bengaluru. We are very pleased that we are handing over this marquee asset to an extremely worthy Manipal Hospital Group. With this larger canvas our doctors will have the ability to have a deeper impact on the healthcare needs of the city.”
With this latest addition, Manipal Hospitals now has 27 hospitals spread across 14 cities, more than 7,300 beds and a talented pool of 4,000 doctors and over 11,000 employees. The Hospital Group is also scouting to expand its footprint in eastern India and to further enhance its presence in the existing geographies.
Allegro Capital acted as financial advisors while PwC served as financial and tax diligence advisors and Trilegal as legal advisors for Manipal Hospitals on this deal.