KIMS Group Receives Investment of $200 Million from True North


Mumbai: In one of the largest healthcare transactions in India, the Kerala Institute of Medical Sciences (KIMS) will partner with True North, a leading private equity fund.

True North will invest over $200 million in the KIMS Group.This investment will be for the stake held by Ascent Capital Advisors India Pvt. Ltd. and OrbiMed Advisors Llc, and as a primary capital infusion to fund the growth plans of the KIMS Group across India and the Middle East.

True North will hold around 40 per cent stake in India. Dr. M I Sahadulla, Chairman of the KIMS Group, and his management team, with a board majority, will continue to run the Company both in India and the Middle East.

Commenting on the deal, Dr. Sahadulla said, “Started by a group of professionals, including doctors and management experts, our aim at KIMS has been to provide ethical, high quality healthcare with a focus on patient safety. Our goal is to ensure that the best facilities and expertise of international standards are made available to the people we serve. When considering the choices of an equity partner, we sought to join with a group that maintained high ethical values similar to ours, and with whom we could work collaboratively to provide the best of healthcare facilities at an affordable cost. Our interactions with Vishal Nevatia, Founder of True North and Satish Chander, Managing Director of True North coupled with their impeccable record along with positive feedback from their existing portfolio companies gave us great confidence to partner with the firm. Together, with a shared value system, we hope to continue our growth and to become one of the largest healthcare providers in India and the Middle East in the next 3 to 5 years.”

Satish Chander, Managing Director of True North, commented: “We believe that private equity has a key role in funding Indian healthcare services to address the sector’s supply-demand gap. True North has played an active part by investing in the sector and it continues to be a key focus area for us. We have had the opportunity to evaluate numerous organisations in this space and have made nine investments across our different funds. We have known Dr. M I Sahadulla and his team for several years and we truly admire their pursuit to build a healthcare service enterprise of the highest caliber. We see their flagship Trivandrum facility as a testimony to their focus on pursuing excellence in clinical care as well as customer service. We also respect the approach that they have taken to build this enterprise on a foundation based on the highest values and ethics, and we feel that this philosophy resonates very well with our principles. True North is very excited at the opportunity to partner with and support KIMS in its future growth aspirations. We are excited about the healthcare potential in India and the Middle East and believe that KIMS would be a good addition to our healthcare portfolio.”