PE Fund Investments
Baring Asia to acquire 60% in Indira IVF for Rs.6,000-Cr; TA Associates to exit
Press Release Business Standard
Baring Asia, through BPEA Private Equity Fund VIII (BPEA EQT), is to acquire an about 60% stake in Udaipur-headquartered Indira IVF, the largest provider of fertility services in India, from TA Associates and the company's founders (Dr. Ajay Murdia and family) for INR 6,000 crore. Founded in 1988 as a single clinic, Indira IVF has scaled to a pan-Indian network of 116 centres across 20 states. The promoters will retain a significant minority stake and continue to lead the company. The deal will help strengthen Indira IVF's R&D capabilities and technology, while broadening its footprint across India and exploring expansion into neighbouring markets. BPEA EQT was advised by JSA (legal), Lincoln International, Price Waterhouse & Co LLP (transaction and tax, operational DD), Deloitte (financial and tax DD, structuring, ESG), and Awelin (digital). The selling shareholders were advised by Goldman Sachs and J.P. Morgan.
From the Venture Intelligence PE-VC Deal Database: In Apr-19, Indira IVF had raised over USD 150 M from TA. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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