Secondary Buyout • Healthcare Services

TPG Acquires Manipal Hospitals

On February 26, 2015, private equity firm TPG acquired healthcare services company Manipal Hospitals from True North Co.

Acquisition Context
  • This is TPG’s 10th transaction in the Healthcare Services sector.
  • This is TPG’s 12th transaction in India.

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M&A Deal Summary

Date February 26, 2015
Target Manipal Hospitals
Sector Healthcare Services
Buyer(s) TPG
Sellers(s) True North Co.
Deal Type Secondary Buyout
Advisor(s) Allegro Capital Advisors (Financial)
Tatva Legal (Legal)

Target Company

Manipal Hospitals

Bengaluru, India
Manipal Hospital is a provider of healthcare services in India with a strong presence across South India. Manipal is among India’s largest chains of hospitals with over 1,800 beds. Manipal Hospital was founded in 1942 and is based in Bengaluru, Karnataka.
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Buyer Overview 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


Deal Context for Buyer #
Overall 243 of 453
Sector: Healthcare Services 10 of 25
Type: Secondary Buyout 23 of 76
Country: India 12 of 27
Year: 2015 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-23 PowerPlan

Atlanta, Georgia, United States

PowerPlan, Inc. is a provider of asset-centric accounting, tax, budgeting and analytics software solutions for asset-intensive businesses. PowerPlan was founded in 1994 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-16 Life Time

Chanhassen, Minnesota, United States

Life Time operates sports, athletic, fitness, and family recreation centers offering premium amenities and services in a resort-like setting. Life Time was founded in 1992 and is based in Chanhassen, Minnesota.

Buy $4.0B

Seller Profile 1

SELLER

True North Co.

Mumbai, India

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

True North Co. is a private equity firm focused on making investments in growing middle-market companies operating in India. The Firm looks to invest a minimum of $50 million per transaction. Sectors of interest include consumer, healthcare, financial services, infrastructure services, and IT. True North does not invest in start-ups or early-stage companies. True North Co. was formed in 1999 and is headquartered in Mumbai.


Deal Context for Seller #
Overall 9 of 22
Sector: Healthcare Services 1 of 2
Type: Secondary Buyout 2 of 3
Country: India 9 of 19
Year: 2015 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-19 Syngene International

Bengaluru, India

Syngene International is a custom research and manufacturing organization, which supports R&D programs from lead generation to clinical supplies. Syngene International was founded in 1993 and is based in Bengaluru, Karnataka.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-11 Music Broadcast Pvt.

Mumbai, India

Music Broadcast Pvt. Ltd. launched the first 24-hour private FM station in India (Bengaluru) in 2001. It broadcasts under the brand name Radio City 91.1 FM, India's first and leading hit music FM radio brand. When IVFA tuned up with MBPL, it had stations in 4 key cities Bengaluru, Mumbai, Delhi and Lucknow.

Sell -