ImpactAlpha, February 4 – TPG Growth is acquiring a controlling stake in the hospital operator via its Evercare Health Fund, the $1 billion healthcare fund it took over from Abraaj and manages via its multi-billion dollar, impact-focused Rise Funds.
STS, which is part of the India-based Apollo Hospitals network, runs a 425-bed hospital in Dhaka and is building a 400-bed facility in Chittagong, in southeast Bangladesh. The operator primarily caters to low- and middle-income patients.
STS will become part of the Evercare network, which owns and operates the health facilities in the Evercare Fund portfolio.
The acquisition is Evercare’s first in Bangladesh and represents a geographic expansion of the fund’s commitment to improving access to quality and standardized healthcare in global growth markets.
Evercare’s portfolio includes more than 90 hospitals, clinics and diagnostic centers in Africa and South Asia. Its network of facilities have treated more than two million patients.
The Rise Funds and CDC Group, the U.K. development finance institution, also backed the deal.