Singapore-based healthcare-focused private equity (PE) firm Quadria Capital has appointed Advay Capital to initiate the stake sale of its portfolio company Medica Superspecialty Hospital, two persons familiar with the development told DealStreetAsia.
Headquartered in Kolkata, the 400-bed superspecialty hospital is the largest hospital chain in eastern India owned and operated by Medica Synergie Pvt Ltd.
Besides managing a chain of hospitals, Medica Synergie offers integrated healthcare solutions along diverse verticals such as hospital architectural planning & building, public health and retail pharmacy.
Emails sent to Quadria Capital and Medica Synergie did not elicit any response.
In December 2013, Quadria Capital along with DEG and Swedfund had acquired a majority stake in Medica from ICICI Ventures for Rs 160 crore at a valuation of Rs 240 crore, per a report by The Economic Times.
The proposed transaction values the company at Rs 500-600 crore ($72-86m), the report further added.
The shareholders of the hospital are looking at a trade sale instead of a public listing, one of the sources said, adding that the proposal that the investment banker has prepared is likely to be launched over the next two weeks. “Listing Medica’s stake on the stock exchange may not bring satisfactory price valuation,” the person said.
Quadria Capital’s assets under management stand at over $1.5 billion. Currently, the firm has investments in 18 companies across the Asia-Pacific region.
Its other portfolio companies in India include HealthCare atHOME India, Krishna Institute of Medical Sciences, HealthCare Global Enterprises Ltd, among others.