Manipal Hospitals, India's second largest hospital chain by bed capacity, entered into a definitive agreement on June 3 with Multiples Private Equity Fund for a 100 percent acquisition of Bengaluru based multi-specialty Vikram Hospital.
The financial details of the deal were not disclosed.
The latest acquisition will add the tenth hospital operated by Manipal in Bengaluru.
The announcement comes close on the heels of its acquisition of the India operations of Columbia Asia Hospitals in April 2021.Set up in 2009, Vikram Hospital is a 200-bedded high end tertiary care facility located in the heart of Bengaluru on Millers Road, known for its clinical expertise in the fields of Cardiac and Neuro Sciences.
With this latest addition, Manipal Hospitals now has 27 hospitals spread across 14 cities, more than 7,300 beds and a talented pool of 4,000 doctors and over 11,000 employees. The Hospital Group is also scouting to expand its footprint in eastern India and to further enhance its presence in the existing geographies.
“We are delighted to welcome Vikram Hospital into our network. Manipal Hospitals has been the top ranked healthcare provider in Bengaluru for over two decades and this addition is reiteration of our commitment to meet the healthcare needs of the city and the region," said Dr Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG) said
"There are two greenfield hospitals that are currently under construction and once they are complete in the next 24 months, our network of 12 hospitals with over 2,300 beds would be best placed to provide ease of access and comprehensive care to everyone across this fast growing city,” Pai said.
“We are very pleased that we are handing over this marquee asset to an extremely worthy Manipal Hospital Group," said Renuka Ramnath, Founder, Managing Director and CEO of the Private Equity Firm Multiples said
Allegro Capital acted as financial advisors while PwC served as financial and tax diligence advisors and Trilegal as legal advisors for Manipal Hospitals on this deal.