NEWQUEST ACQUIRES MINORITY INTEREST IN KIDS CLINIC INDIA PRIVATE LIMITED

KUALA LUMPUR, July 28 -- NewQuest Capital Partners (NewQuest), the leading dedicated secondary private equity platform focused on the Asia-Pacific region, has announced acquiring a minority interest in Kids Clinic India Private Limited that operates as Cloudnine chain of hospitals across India.

This stake has been acquired through a combination of a primary investment and acquisition of a secondary stake from existing investors and other shareholders, based on a statement.

Cloudnine is India’s premium birthing centre for maternal, childcare and fertility care. The Company is headquartered in Bengaluru with 16 facilities spread across in Gurgaon, Noida, Chandigarh, Panchkula, Chennai, Mumbai and Pune.

Partner and Head of India and Southeast Asia at NewQuest, Amit Gupta said: “We believe that the healthcare segment is on the cusp of high growth and Cloudnine is well positioned to consolidate its market leading position under the stewardship of Raviganesh Venkataraman, Chief Executive Officer at Cloudnine.”

NewQuest made its investment in Cloudnine from its fourth flagship fund, which closed in late 2019 with US$1 billion in commitments. (US$1 = RM4.232)

The investment represents NewQuest’s third investment in India in the last six months. NewQuest’s other recent investments in India include Cosmos-Maya and KreditBee.

Meanwhile, Founder Chairman and Neonatologist at Cloudnine, Dr Kishore Kumar said: “We now welcome NewQuest as our investor partners during this next exciting phase of growth to deliver further technological advancement and public private partnership to make pregnancy and childbirth a safe and enjoyable experience for every mother in India.”

Allegro Advisors acted as exclusive Financial Advisor to Cloudnine and its shareholders.

For NewQuest, Induslaw acted as Legal Advisors, Alvarez & Marsal and Dhruva Advisors acted as Financial Due Diligence and Tax advisers, respectively, and Envint Global acted as the ESG diligence advisers.

More details at www.nqcap.com.

-- BERNAMA