Asia Healthcare Holdings (AHH), a healthcare operating platform founded by TPG Growth, has acquired Nova IVI Fertility, India’s second largest network of infertility centres.
Asia Healthcare Holdings, the platform backed by TPG Growth and Temasek Holdings, is all set to acquire Nova IVI Fertility, in a deal said to be worth $100 million, ET first reported in September last year.
Nova IVI provides assisted-reproductive therapy treatments such as intrauterine insemination (IUI), in vitro fertilization (IVF) and andrology services with 20 centres across 15 cities.
Nova IVI Fertility was formed in 2012 when Nova Pulse IVF, a division of Nova Medical Centers, formed a technical partnership with IVI, a Spanish chain of IVF clinics. Nova Medical Centers was founded by GTI Group and Reddy in 2009.
AHH will buy stakes from existing private equity investors and promoters including founder Mahesh Reddy.
Goldman Sachs Group Inc. and New Enterprise Associates together hold about 51% in Nova IVI, New York-based fund GTI Group has about 15% and the promoters the remainder.
AHH’s portfolio currently consists of Cancer Treatment Services International, a network of single-specialty cancer hospitals, and Bengaluru-based Rhea Healthcare, which operates a network of hospitals for women and children under the ‘Motherhood’ brand.
Sheares Healthcare, owned by Temasek, invested $50 million in AHH last year to acquire a minority stake.
About 75% of India’s IVF market is controlled by the top 500 clinics and the rest are held by unorganised entities.
The main IVF service providers in India include Indira IVF, Southend Fertility & IVF, Bloom Fertility Centre, Bengaluru-based Milann, Morpheus IVF, Nova IVI Fertility, Ridge IVF, Akanksha IVF, Bourn Hall Clinic and Jaipur-based Shivani Fertility and Mother Care.
About 10-15% of married couples in India or 27.5 million couples who are actively seeking children suffer from infertility, according to a report by advisory firm EY. The increasing marital age, growing number of working women and rising alcohol and tobacco consumption are found to be the key risk factors.
