Addlife Investments acquires majority stake of Sterling Hospitals from Actis

Ahmedabad, 13 December, 2013

Addlife Investments Private Limited, an Ahmedabad-based investment firm, has acquired majority stake of Sterling Hospitals, one of the high-end healthcare providers in Gujarat, from Actis, the global pan-emerging markets investor. While the entity from Gujarat is promoted by Mr. Girish Patel, the current Chairman of Sterling, he will continue as the Chairman and build the business and growing its operations in Gujarat and beyond. Actis invested in the Indian healthcare chain in 2006 with an aim to build a regional business providing medical services including oncology, neurosurgery and transplant surgery to patients across Gujarat.

As per the deal, Actis is in the process of selling its 82% shareholding in Sterling to Addlife Investments Private Limited. During the span of about seven years after Actis made strategic investment in the Gujarat largest chain of corporate hospitals, the healthcare service provider has expanded the footprint of the business from a single site to seven sites across the region, and invested significantly in expanding specialist surgery, including liver and bone marrow transplants.

Commenting on the takeover, Mr. Patel said, “Actis has helped Sterling professionalize, accelerate growth and create a pan- Gujarat healthcare platform. I intend to build on this foundation and turn Sterling into a leading healthcare player on a national scale”.

Actis’s Head of Asia, Mr. J.M. Trivedi, said, “Healthcare is an area of focus for Actis. Sterling epitomises our ability to help build best in class healthcare assets, by bringing in a professional management team and putting in place the appropriate systems and governance”.