US-based TPG Growth has acquired a 28% stake in Asiri Hospital Holdings (Asiri) from Actis, an emerging markets private equity investor.
Controlled by the Softlogic group led by Ashok Pathirage, Asiri is the largest multi-speciality private healthcare business in Sri Lanka.
Asiri has a network of four hospitals with about 570 beds, representing around 30% of the nation’s private sector capacity.
TPG Growth is the middle market and growth-equity investment platform of global private investment firm TPG.
TPG Growth managing partner Bill McGlashan said: "TPG is one of the leading investors in healthcare globally, with an accomplished team of investment professionals, operators and technical experts, who identify and execute on great opportunities in the sector.
"This network of experts, combined with the deep local relationships and experience of TPG Growth’s regional team, allows us to approach companies and challenges in a truly unique way, and unlock unprecedented opportunities for growth."
Established in 1980, Asiri has the pathology diagnostics services network model in Sri Lanka, and its nationwide network includes a central lab in Colombo, five satellite labs across the country, and more than 450 collection centres.
With more than 800 consultant doctors across several specialties, Asiri is specialised in neurology, cardiology and urology.
Actis partner Asanka Rodrigo said: "Since October of 2012 when Actis invested in Asiri, the company has grown considerably and expanded its operations.
"Asiri is well-positioned to continue its growth and play a major role in the development of private sector healthcare in Sri Lanka."
Actis earlier invested in South Asia Gateway terminals and Ceylon Oxygen, and aims to continue to look at investing in and partnering with high-quality businesses in Sri Lanka.