TPG buys India-focused CTSI for $33m
TPG Capital has bought a majority stake in Cancer Treatment Services International (CTSI), a US cancer treatment chain focused on India and South Asia. AVCJ understands that the firm paid $33 million for a 65% interest.
TPG made its investment from TPG Growth III fund, its latest global middle market and growth equity investment vehicle, which closed last April at $3 billion. The GP plans to assist CTSI as it grows to meet the needs of India's rising population of cancer patients.
"CTSI is in a position to address a real and growing need for quality cancer care in India, where a million new patients are getting diagnosed with the disease every year," said Matthew Hobart, partner at TPG Growth, in a statement. "They are bringing diverse capabilities in oncology diagnostics and treatment from the US to markets where there is a significant demand and not enough supply."
Founded in 2006, CTSI owns and operates a network of cancer treatment facilities, primarily in India and South Asia. Its flagship hospital is the American Oncology Institute (AOI) in Chennai, a 300,000-square-foot facility that offers a range of support services for cancer patients. The company has a strategic partnership with GE Healthcare, which provides radiology equipment and has invested in AOI.
TPG Growth covers a broad range of industries, with particular focus on large emerging market such as China and India. Co-founder Jim Coulter recently told Bloomberg that TPG's "single focus" is on India, with the firm planning to invest $3 billion in distressed assets in the country over the next three years. Recent investments in the country include a $150 million round for microfinance lender Janalakshmi Financial Services earlier this month.
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