200408

Total No of Deals :
Total of Deal Value ($ mn) :
Mean Deal Value ($ mn) :
Median Deal Value ($ mn) :
Deal Analysis - Private Equity Investment
Criteria:
Industry :Healthcare & Life Sciences
Deal Sub Type :Private Equity
Region :All
Period :01-Jan-10 To 08-Feb-16
Deal Value : GREATER THEN 10
Investor Type :All

# of Deals
Deal Value ($ mn)
Mean Value ($ mn)
Median Value ($ mn)
Screening Results
Date

29-Jan-16

20-Nov-15

9-Sep-15

2-Sep-15

8-Sep-14

22-May-14

13-May-14

26-Nov-13

25-Sep-13

14-Aug-13

12-May-13

29-Apr-13

11-Apr-13

19-Mar-13

28-Jan-13

14-Mar-12

18-Jan-12

28-Mar-11

47
2,220.26
47.24
33.45

tment

Healthcare & Life Sciences

47
2,220.26
47.24
33.45

Target

Manipal Health Enterprises Pvt. Ltd.

Global Health Pvt. Ltd.

Manipal Health Enterprises Pvt. Ltd.

Quality Care India Ltd.

Aster DM Healthcare Pvt. Ltd.

Aster DM Healthcare Pvt. Ltd.

Nova Medical Centers Pvt. Ltd.

Narayana Hrudayalaya Ltd.

Dr. Agarwal's Health Care Ltd.

Asian Institute of Gastroenterology Pvt. Ltd.

Sahyadri Hospitals Ltd.

Krishna Institute of Medical Sciences Ltd.

Kerala Institute of Medical Sciences

Vikram Hospital Pvt. Ltd.

HealthCare Global Enterprises Ltd.

Moolchand Healthcare Pvt. Ltd.

Sarvejana Healthcare Pvt. Ltd.

Ivy Health and Life Sciences Pvt. Ltd.

Copyright 2016 Mosaic Media Ventures Pvt. Ltd. All Rights Reserved

Overall
542
38,141.18
70.37
33.15

Buyer / Lender

Deal Value ($ mn)

TPG Asia Buyout Fund VI, PI Opportunities Fund I

Carlyle Asia Partners III LP

171

163.16

India Evolving Fund, India Value Fund IV

Advent International Corp.

107.4

105

Olympus Capital Holdings Asia

97.62

Olympus Capital Holdings Asia, India Value Fund

IV

65

New Enterprise Associates Inc., Goldman Sachs

(Principal Investments)

53.61

CDC Group Plc

47.21

ADV Opportunities Fund I LP

45

Quadria Capital Investment Management Pte. Ltd.

40

IDFC India Infrastructure Fund

India Advantage Fund Series III

37.41

36

OrbiMed Asia Partners I LP, Ascent India Fund III

33.45

Multiples Alternate Asset Management Pvt. Ltd.

33.15

Temasek Holdings Advisors India Pvt. Ltd.

23.98

Sequoia Capital India Growth Fund II

India Life Sciences Fund II LLC

Deutsche Investitions-und Entwicklungsgesllschaft

mbH (DEG)

entures Pvt. Ltd. All Rights Reserved

20.17

15

12.88

Business Description

Manipal Health Enterprises Pvt. Ltd. is engaged in

providing medical services and technologies. Its
offers plastic and cosmetic surgery, accident and
emergency critical care, bone marrow transplants,
bariatric surgeries, cancer care, dental
implantology, eye surgeries, heart interventions
and surgeries, in vitro fertilisation and
reproductive medicine, joint replacements, liver
transplants, minimal access surgeries, ortho spine
surgeries, and paediatric surgeries, neuro
surgeries, neuro spine surgeries, neurological
care and other surgeries. The company was
founded in 2010 and is based in Bangalore,
Karnataka. Manipal Health Enterprises Ltd.
operates as a subsidiary of Manipal Education and
Medical Group International India Pvt. Ltd.

Global Health Pvt. Ltd. owns and operates a chain

of multi-specialty hospitals under the brand name
Medanta - The Medicity. It offers dental surgery,
dermatology, ophthalmology, physiotherapy and
rehabilitation, respiratory, chest services,
endocrinology and diabetes, ENT and head neck
surgery, gastrointestinal surgery, bariatric
surgery, gynaecology and gynaec oncology,
mental health, peripheral vascular and
endovascular sciences, plastic, aesthetic and
reconstructive surgery, radiology and nuclear
medicine, rheumatology and clinical immunology,
emergency and trauma care, breast service. It
also offers medical institute including research
center, medical and nursing school. The company
was incorporated in 2004 and is based in New
Delhi, India.

Manipal Health Enterprises Pvt. Ltd. is engaged in

providing medical services and technologies. Its
offers plastic and cosmetic surgery, accident and
emergency critical care, bone marrow transplants,
bariatric surgeries, cancer care, dental
implantology, eye surgeries, heart interventions
and surgeries, in vitro fertilisation and
reproductive medicine, joint replacements, liver
transplants, minimal access surgeries, ortho spine
surgeries, and paediatric surgeries, neuro
surgeries, neuro spine surgeries, neurological
care and other surgeries. The company was
founded in 2010 and is based in Bangalore,
Karnataka. Manipal Health Enterprises Ltd.
operates as a subsidiary of Manipal Education and
Medical Group International India Pvt. Ltd.

Quality Care India Ltd. owns and operates a chain

of hospitals. It is engaged in providing
multispecialty healthcare services. The firm offers
services in the areas of cardiology and cardio
thoracic surgery, neurology and neuro surgery,
nephrology, general medicine and surgery,
urology, nephrology, orthopedics and medical
gastroenterology, surgery etc. The company was
founded in 1997 and is based in Hyderabad,
Telangana. with additional offices in
Secunderabad, Visakhapatnam, Jabalpur, Nagpur,
Pune, Bhubaneswar, Surat, Raipur and Raigarh.

Aster DM Healthcare Pvt. Ltd. (formerly known as

DM Healthcare Pvt. Ltd.) owns and operates multi
specialty hospital. Its services include cardiology,
cardiac surgery, oncology, orthopedics, spine
surgery, neurology, neurosurgery,
gastroenterology, hepatology, nephrology,
urology, plastic surgery and aesthetics. It also
offers clinical support services. The company was
incorporated in 2008 and is based in Cochin,
Kerala.

Aster DM Healthcare Pvt. Ltd. (formerly known as

DM Healthcare Pvt. Ltd.) owns and operates multi
specialty hospital. Its services include cardiology,
cardiac surgery, oncology, orthopedics, spine
surgery, neurology, neurosurgery,
gastroenterology, hepatology, nephrology,
urology, plastic surgery and aesthetics. It also
offers clinical support services. The company was
incorporated in 2008 and is based in Cochin,
Kerala.

Nova Medical Centers Pvt. Ltd. owns and operates

surgical care and fertility clinics. It offers medical,
surgical, imaging, and diagnostic services, as well
as day care medical facilities. The firm also
provides pathology laboratory and pharmacy
services. The company was founded in 2009 and
is based in Bangalore, Karnataka.

Narayana Hrudayalaya Ltd. owns and operates

hospitals. It is a multi-specialty healthcare
provider. It offers health care services in the
areas of cardiology, pediatrics, neurology, and
nephrology. The company also provides
transplantation services, including kidney, bone
marrow, and liver transplants. It also offers
nuclear medicine, as well as operates tele
medicine centers, imaging and radiology centers,
a dialysis unit, and a blood bank and laboratory.
Narayana Hrudayalaya Pvt. Ltd. was founded in
2000 and is based in Bangalore, Karnataka.

Dr. Agarwal's Health Care Ltd. owns and operates

eye care centers. It is engaged in providing eye
care services. The company offers cornea clinic,
retina, yoga for eye sight, glaucoma, oculoplastic
and orbit, pediatric and squint, contact lens clinic
and low vision aids, refractive clinic and
microbiological laboratory services. The firm also
trading optical frames and lens, pharmaceutical,
contact lens and related accessories. The
company was incorporated in 2010 and is based
in Chennai, Tamil Nadu.

Asian Institute of Gastroenterology Pvt. Ltd. is

engaged in providing health care services. It
offers gastroenterology, surgical gastroenterology,
hepatology, interventional radiology and surgical
intensive care services. The company was
founded in 1994 and is based in Hyderabad,
Telangana.

Sahyadri Hospital Ltd. operates as a chain of

multiple specialty hospitals in India. It provides
neurosurgery, neurology, hematology and blood
bank, oncology and oncosurgery, cardiology and
cardio thoracic surgery, critical care and internal
medicine, general and plastic surgery,
orthopedics, pediatrics, NT/ophthalmology,
rehabilitation, behavioral science, childcare,
guidance centre, nephrology and urology,
preventive health, anesthesiology, and radiology
services. The company was founded in 1994 and
based in Pune, Maharashtra.

Krishna Institute of Medical Sciences Ltd. is

engaged in providing healthcare services. The
company offers multispecialty treatment and
facilities for cardiology, urology, nephrology,
dermatology and gynecology. It also provides
diagnostic services. The company was founded in
1996 and is based in Secunderabad, Telangana.

Kerala Institute of Medical Sciences operates as a

multi-specialty hospital. It offers anaesthesia
services to surgical specialties and super
specialties both elective and emergency, cardiac
surgery, neurosurgery, paediatric surgery,
neonatal surgery, renal transplant surgery,
epidural anesthesia, management of chronic pain
and obstetric analgesia. The firm also offers
medical services in the areas of anesthesiology,
ayurveda, blood bank, cancer care, cardiac
surgery, cardiology, child and adolescent
psychiatry, critical care, dental surgery,
dermatology and cosmetology, emergency
medical, endocrinology and diabetes care, ear,
nose, throat (ENT), family medicine, fertility
clinic, gastroenterology, general surgery,
hepatobiliary-pancreatic and liver transplant. The
company was founded in 2002 and is based in
Thiruvananthapuram, Kerala.

Vikram Hospital Pvt. Ltd. is engaged in providing

health care services. It offers cardiology, cardiac
surgery, neurology, neuro surgery, nephrology,
urology, gastroenterology and hepatobiliary,
bariatric and metabolic surgery, spine surgery,
orthopaedics and trauma care services. The
company was founded in 2000 and is based in
Bengaluru, Karnataka.

HealthCare Global Enterprises Ltd. owns and

manages a network of cancer treatment centers
in India. It offers cancer care services including
chemotherapy, diagnostics services, imaging
services, research services and clinical trials
services. The firm offers services of clinical labs,
diagnosis, radiation oncology and surgical
oncology. The company was incorporated in 1998
and is based in Bengaluru, Karnataka.

Moolchand Healthcare Pvt. Ltd. own and operates

multi-specialty Moolchand Hospital in Delhi. It
provides healthcare services for women health
and maternity care, orthopedics, cancer, renal
care, heart problems and general services. The
hospital also provides diagnostic services. The
company is based in New Delhi, India.

Sarvejana Healthcare Pvt. Ltd. owns and operates

chain of hospitals under the brand name of
Sunshine Hospitals. It offers health care services
for anethesia, bariatric surgery, biochemistry,
blood bank, cardiology, cardio thoracic surgery,
clinical pathology, dentistry, dialysis, dietetics,
nutrition, dermatology, electrophysiology,
endocrinology, gynecology, hematology, medical
oncology, nephrology, neurology, orthopedics,
oncology, pulmonology, urology, plastic and
cosmetic surgery. The company was incorporated
in 2009 and is based in Secunderabad, Telangana.

Ivy Health and Life Sciences Pvt. Ltd. owns and

operates chains of hospitals. It offers oncology,
cardiology and cardiac surgery, nephrology,
urology, critical care, orthopedics and joint
replacement, trauma and neuro surgery services.
The firm also provides plastic/reconstructive and
cosmetic surgery including hair transplant, natal
intensive care unit (ICU), gynecology and in vitro
fertilization (IVF) services. The company was
founded in 2005 and is based in Mohali, Punjab.

Implied Enterprise Value ($ mn)

Percentage Sought (%)

603.61

27.5

359.19

31.46

146.6

79.5

385.58

25.47

130.42

41.42

17

84.48

50.77

157.65

28.06

162.91

17.25

96.43

21.65

56.59

31.5

EV / EBITDA

EV / Total Assets

19.11

4.24

39.88

6.09

12.01

2.48

NM

8.46

NM

5.94

24.77

3.15

13.32

2.17

18.89

2.39

38.51

9.63

2.59