Investment to enhance Radiant’s ability to provide health care
solutions amid industry consolidation
MUMBAI, India–(BUSINESS WIRE)–
Leading hospital management company Radiant Life Care (“Radiant” or the
“Company”) and global investment firm KKR today announced the signing of
a definitive agreement under which KKR will invest approximately US$200
million to acquire a 49% stake in Radiant. Working together, KKR,
Radiant’s management team and the Company’s promoter, Abhay Soi,
Chairman and Managing Director of Radiant, will expand the Company’s
footprint across India to make high-quality health care services more
accessible to customers across the country and from overseas.
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Radiant develops and operates high-end, state-of-the-art quaternary care
facilities in India. The Company refurbishes hospitals and enhances
their operations through initiatives such as the introduction of
high-end specialty services, recruitment of experienced medical
professionals, reengineering processes, capacity expansion and by
modernizing facilities for improved care giving and patient experiences.
Radiant’s facilities include BLK Super Speciality Hospital (“BLK”) in
New Delhi and the Nanavati Super Speciality Hospital in Mumbai, both of
which have been rebuilt and re-launched since being acquired by the
Company. Radiant is one of the few established companies managing
hospitals in the leading metropolitan areas of Mumbai and Delhi that
offer high-end quaternary care, including vital organ transplants. Its
hospitals offer some of the largest bone marrow transplant units in the
world.
KKR’s investment in Radiant continues the firms’ partnership, as KKR has
previously extended financing to Radiant to support the Company’s
growth. KKR makes the proposed investment from its KKR Asian Fund III.
Abhay Soi said, “As a student of finance, I once dreamt of working for
KKR, and therefore partnering with them today is a watershed moment for
me. KKR has been a long-term partner to Radiant and we are very excited
to deepen our relationship with the firm, which shares our vision for
health care excellence in India. KKR has more than two decades of
experience investing in and working alongside health care companies, and
with their expertise, we look forward to expanding our business. I
welcome Sanjay and Nikhil on our board and the immense value they bring
to us.”
Sanjay Nayar, Member of KKR and CEO of KKR India, said, “This is an
exciting time for health care in India given the growing demand for
superior medical treatment. In this industry, scale and operating
leverage are increasingly important, and Radiant has a unique
opportunity to acquire assets during a time of industry consolidation.
KKR is focused on providing long-term capital solutions to experienced
health care partners like the Radiant team to continue their work to
deliver high-quality care and services.”
Nikhil Srivastava, Director at KKR, added, “We are impressed with the
work of Abhay and his team in creating efficient and high-quality
centers of medical care. Radiant has seen strong growth over the past
five years. We look forward to supporting the next phase of growth and
expansion.”
KKR has invested more than US$3 billion through its private equity
practice in India since 2006. The firm is extensively engaged in the
operations and strategies of its portfolio companies to provide
resources and advice to accomplish shared goals. KKR’s private equity
portfolio in India includes, but is not limited to, Aricent, Bharti
Infratel, Avendus Capital, Cafe Coffee Day, Emerald Media, Magma
Fincorp, Max Financial Services, and SBI Life. In addition to a strong
private equity practice, KKR is highly focused on credit, capital
markets and real estate opportunities in India.
About Radiant Life Care
Radiant is in the business of developing/redeveloping hospitals to
provide high end quaternary care. Presently, Radiant has two iconic
facilities in its portfolio namely: BLK Super Specialty Hospital, Delhi
and Nanavati Super Specialty Hospital, Mumbai.
Radiant forayed into healthcare in 2010 with the re-development and
commissioning of BLK, a 650-bed hospital, one of the largest private
sector hospitals in Delhi and NCR. BLK is now being expanded into a
1600-bed quaternary care hospital. Besides this flagship hospital,
Radiant collaborated with the Nanavati Hospital Trust in 2014 to take
over the operations of Nanavati, a 350-bed multi-specialty hospital.
Over the next four years, Radiant plans to transform Nanavati into a
1000 bed state-of-the-art quaternary care institute.
About KKR
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners’ capital and brings opportunities to others through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and
on Twitter @KKR_Co.
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Media:
Radiant Life Care:
Parul
Chhabra, +91-98-1085-5410
parul.chhabra@blkhospital.com
or
KKR:
KKR
Asia Pacific:
Anita Davis, +852-3602-7335
Anita.Davis@kkr.com
or
KKR Americas:
Kristi
Huller / Cara Kleiman, +1-212-750-8300
Media@kkr.com
or
Edelman
(for KKR India)
Siddharth Panicker, +91-9820-857-522
siddharth.panicker@edelman.com
Source: KKR