TPG Growth buys 28-pct stake in Sri Lanka’s Asiri Hospitals

 

 

Dec 10, 2015 (LBO) – TPG Growth, a global private investment firm announced  it bought a 28 percent stake in Asiri Hospital Holdings Plc, a unit of Sri Lanka’s Softlogic group in a 7.6 billion rupee deal, a statement said.

“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, Vishal Bali, senior healthcare advisor for TPG Growth in Asia, who will be joining the board of Asiri was quoted as saying in the statement.

“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.”

“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,” Ashok Pathirage, Chairman and Managing Director of Softlogic group said.

“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.”

TPG Growth paid 7.6 billion rupees to buy 317 million shares of Asiri Hospital Holding at 24 rupees each.

“Since October of 2012 when Actis invested in Asiri, the Company has grown considerably and  expanded its operations,” Asanka Rodrigo, Partner at Actis said.