TPG Growth, the middle market and growth-equity investment platform of leading global private investment firm TPG, has announced the acquisition of a 27.87% stake in Sri Lanka’s Asiri Hospital Holdings from Actis Investments Holdings, a leading emerging markets private equity investor.
According to a stock exchange disclosure filed by Asiri Hospitals Holdings Plc yesterday, a total of 317.085 million shares were traded at a price per share of Rs. 24.
Asiri is the largest multi-speciality private healthcare business in Sri Lanka controlled by Softlogic group led by Ashok Pathirage.
“We’ve seen significant growth opportunities in healthcare across the globe, and particularly in Asia, as individuals increasingly choose private medical treatment for the quality of care offered by these institutions,” said Vishal Bali, Senior Healthcare Advisor for TPG Growth in Asia, who will be joining the board of Asiri.
“Asiri’s management team is addressing this demand in Sri Lanka in a very meaningful way. We look forward to partnering with the Company to support their growth and help them continue this momentum.”
“Actis has been an excellent partner for us over the last few years, and we now look forward to partnering with TPG Growth as we look to further our market-leading position as a world class healthcare provider in Sri Lanka,” said Ashok Pathirage, Chairman and Managing Director of Softlogic/Asiri.
“This partnership will provide new and diverse experience to the Board as well as access to TPG’s global network and experience making significant investments in healthcare. This partnership will help us continue to build our business as well as expand and upgrade operations in Sri Lanka and, perhaps, in other regions in Asia,”.