Temasek-backed healthcare firm HCG acquires majority stake in BACC
HealthCare Global Enterprises (HCG), an Indian cancer treatment specialist backed by Temasek Holdings, has acquired a majority stake in Bangalore Assisted Conception Centre (BACC), a leading provider of fertility care. Details of the transaction were not disclosed.
HCG provides cancer care treatment, imaging and laboratory services, clinical trials and research services. It has 23 oncology centers in India and two overseas. Temasek invested INR1.3 billion ($24 million) in March, facilitating the exit of Evolvence India Life Sciences Fund, a vehicle managed by 3 Logi Capital.
BACC, which was started in 1990 and operates four fertility centers, has been recently rebranded as Milann - The Fertility Center. The company claims to have had over 15,000 patients successfully conceive. It also runs CREST, the only training centre for embryologists and fertility specialists in India.
"We are delighted to partner with one of the country's most accomplished fertility specialists, who has contributed immensely in the field of infertility treatment ," said Dr. B.S. Ajaikumar, chairman and CEO of HCG, in a statement. "We will build upon this expertise to help establish the nation's leading fertility care provider."
HCG is one of several examples of Indian healthcare firms that have attracted private equity investment in recent times as GPs look for ways to tap the country's growing middle class. Singular specialty healthcare companies have been of particular interest by virtue of their low capital expenditure and ease of scalability, often through acquisition.
Earlier this month India Value Fund-backed Manipal Health Enterprises invested INR400 million ($7.27 million) in another infertility specialist, Ankur Healthcare. The company was subsequently renamed as Manipal Ankur Andrology and Reproductive Services (MAARS).
Last year, India Value Fund said it would commit about INR10 billion ($179 million) to Manipal Hospitals over a three-year period, enabling the healthcare provider to more than double its hospital bed capacity - part of which would come through acquisitions.
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