Private equity firm Actis divests stake in Sterling Hospital to Chairman Girish Patel
UK-based private equity fund Actis said it would be exiting Sterling Hospital by divesting its 82% holding to the hospital's current Chairman Girish Patel. Financial details of the deal were not disclosed. In a statement, Actis said it would be selling its stake to the company promoted by Patel, Addlife Investments Pvt Ltd.
Actis said Patel will remain as the Chairman of the Gujarat-based hospital chain and will continue to build and grow the operations of the hospital. Patel said in a statement, "Actis has helped Sterling professionalise, accelerate growth and create a pan-Gujarat healthcare platform. I intend to build on this foundation and turn Sterling into a leading healthcare player on a national scale."
Actis invested in Sterling Hospital seven years ago. The private equity firm has more than $6 billion funds under management.
Information from the hospital's website revealed that Sterling Hospital was established as a multistage tertiary care hospital in 2001. Sterling Hospital operates seven multi-specialty hospitals across Gujarat. The tertiary care multi-specialty hospitals are found in Ahmedabad, Vadodara, Rajkot and Bhavnagar, while those in Mundra SEZ and Adipur are formed as high-end secondary care set-ups. The center in Ahmedabad is the company's prime healthcare provider and has 290 beds, 7 major operation theaters and more than 115 beds in ICU. In addition to the hospitals, Sterling also has a satellite center in Mehsana.
Sterling Hospital said in the website that the quality of service they offer draws patients from across India and other places in the world to their doors. The hospital said, "Over the years Sterling Hospitals has gained astounding success in the provision and advancement of tertiary healthcare in Gujarat. Its Pathology Department was ranked 2nd in India and 11th globally by EQAS, BIO-Rad (USA) in Immunoassay Quality Assurance. For three consecutive years, between 2007 and 2009, Sterling Hospital was honoured as the Best Hospital, and it garnered the title yet again for the fourth time in the year 2011."