Quadria to invest $155m in India eye hospital
Quadria Capital has invested USD 155m in Maxivision Eye Hospital, a chain of 42 eye hospitals and vision clinics across five states in southern and western India.
The Singapore-based healthcare specialist will make an initial investment of about USD 75m for a significant minority stake, adding a further USD 80m over an unspecified timeframe. It is unclear if this will result in a control position.
Quadria described the transaction as one of the largest investments in India's broader eyecare industry, noting that total investment in the space amounted to USD 900m last year.
In July 2022, Kedaara Capital and General Atlantic invested about USD 188m in ASG Eye Hospital, setting up an exit for Investcorp. This followed TPG Growth and Temasek Holdings committing around USD 136m to another local chain Dr. Agarawl’s Eye Hospital.
Founded in 1996, Maxivision offers a full suite of eyecare services, including cataract surgery, laser-assisted lenticular treatments, treatments for retinal issues and glaucoma, and oculoplasty, as well as neonatal and paediatric eyecare.
The chairman and promoter is G.S.K. Velu, a prolific Indian medical sector investor and chairman of medical technology provider Trivitron Healthcare. Velu is also a major shareholder in Kauvery Hospitals, a chain of generalist hospitals in southern India that received USD 70m from IIFL Asset Management last March.
“Quadria’s investment into Maxivision underscores our ambition to invest in regional leaders of Asian healthcare, who offer full-service offerings within a single speciality to the wider population,” Sunil Thakur, a partner and head of South Asia at Quadria, said in a statement.
“Maxivision has successfully demonstrated its ability to improve lives and outcomes whilst achieving organic growth and maintaining industry-leading growth and profitability.”
Organised chains such as Maxivision are expected to gain share from standalone clinics, and Quadria sees an opportunity for the company to scale through acquisitions, particularly on India’s west coast. There will be a focus on tier-two and tier-three cities.
The investment coincides with Quadria exiting Vietnam’s FV Hospital to Singapore’s Thomson Medica Group for USD 381.4m. The private equity firm is currently raising its third flagship fund with a target of USD 880m.
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