CARE Hospitals Group Acquisition, Valuation, Funding & Investors

CARE Hospitals Group was acquired by Blackstone for $1.1B in October 2023, a 3.2x multiple on $340M of revenue.

CARE Hospitals Group acquisition price

$1.1B

Acquired by Blackstone · Oct 2023

CARE Hospitals Group revenue at acquisition

$340M

Last twelve months · Oct 2023

CARE Hospitals Group revenue multiple at acquisition

3.2x

EV/Revenue · Oct 2023

CARE Hospitals Group EBITDA multiple at acquisition

14.6x

EV/EBITDA · Oct 2023

CARE Hospitals Group Overview

About CARE Hospitals Group

CARE Hospitals Group is a corporate hospital chain in India with facilities in Hyderabad, Bhubaneswar, and Vijayawada, specializing in cardiology, neurology, and orthopedics. It manages over 2500 beds across multiple centers, providing emergency services, super-specialty treatments, and outpatient departments.


Founded

1997

HQ

IndiaHyderabad

Status

Acquired

Customer focus

B2C

Revenue model

Services

Revenue

$340M (Oct 2023)

Valuation

$1.1B (acquired Oct 2023)

CARE Hospitals Group Acquisition

CARE Hospitals Group was acquired by Blackstone for $1.1B on 31 October 2023.

The acquisition price implies a 3.2x revenue and 14.6x EBITDA multiple on $340M of revenue.

Before the acquisition CARE Hospitals Group had raised $30M across 1 funding round.

Blackstone, the global private equity firm, acquired approximately 73% stake in Quality Care India Ltd (QCIL), the holding company that owns CARE Hospitals, for $800 million from Evercare, a platform of TPG RISE funds, with TPG retaining a 25% stake. CARE Hospitals is a South Indian hospital chain operating across multiple cities with a strong reputation for clinical outcomes and medical ethics. Following the acquisition, Blackstone and TPG jointly used CARE Hospitals as a vehicle to acquire an 80% majority stake in KIMS Health, Kerala's leading hospital chain, for $400 million (with Blackstone investing $300 million and TPG investing $100 million), buying out True North's 61% stake while founder Dr. M. I. Sahadulla retained 20% ownership. The combined transaction, valued at approximately $1 billion, marked Blackstone's maiden entry into India's healthcare sector and created one of India's largest hospital platforms with 23 facilities across 11 cities, approximately 4,000 beds, and the fourth-largest hospital group position in India. The deal faced initial regulatory scrutiny when rival bidder Max Healthcare challenged the transaction in the Bombay High Court, but a court-appointed arbitrator rejected Max's claims in July 2023, clearing the path for completion.

CARE Hospitals Group acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
31 Oct 2023PE buyout$1.1B3.2x14.6x

CARE Hospitals Group Funding History

CARE Hospitals Group has raised a total of $30M across 1 funding round.

CARE Hospitals Group funding rounds

CARE Hospitals Group funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2016Undisclosed stageBritish International Investment$30MCARE Hospitals Group, headquartered in Hyderabad, India, is a specialist healthcare provider operating facilities across central, western, and south-eastern India. British International Investment (BII, formerly CDC Group) invested in CARE Hospitals (via Touch Holdco 3 Private Limited) together with a consortium including the Abraaj Group and Medtronic around 2016. The investment aimed to support healthcare delivery with expected impact on access and services. BII's broader health investments focus on growth sectors creating jobs, with total assets reaching £4.8bn by 2016-2017 and supporting 1,245 businesses, including in health.

Who has invested in CARE Hospitals Group?

1 investor has backed CARE Hospitals Group across its funding rounds, including British International Investment.


CARE Hospitals Group Investors

Investors in CARE Hospitals Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by CARE Hospitals Group

CARE Hospitals Group has acquired 2 companies to date.

Last acquisition by CARE Hospitals Group was on July 30th 2022. CARE Hospitals Group acquired United CIIGMA Hospital for $51M.


Latest Acquisitions by CARE Hospitals Group

United CIIGMA Hospital
CARE CHL Hospitals
Description
United CIIGMA Hospital is an Aurangabad-based super-specialty facility offering cardiology, neurology, orthopedics, and oncology services alongside diagnostics and ICU care. Part of the CIIGMA Group, it features advanced cath labs and modular operation theaters. Established in 2014, the 200-bed hospital serves Maharashtra residents through telemedicine and outreach camps.
CARE CHL Hospitals is an Indore-headquartered chain operating multispecialty facilities across central India, including sites in Bhopal, Jabalpur, and Ratlam. The network provides cardiology, orthopedics, oncology, neurology, and transplant services with 1,200 beds total. CARE CHL Hospitals integrates advanced diagnostics like PET-CT scanners and serves 500,000 outpatients yearly under the CARE Hospitals brand.
HQ CountryIndiaIndia
HQ City
Aurangabad
Indore
Deal Date30 Jul 20224 Jul 2022
Valuation$51M$5M
EV/Revenue
EV/EBITDA

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CARE Hospitals Group Competitors

CARE Hospitals Group competitors include listed companies like Thomson Medical, Rhoen Klinikum, Dr. Sulaiman Al Habib Medical Services and HealthCare Global Enterprises, and private ones like Shulan Health and Kerala Institute of Medical Sciences.

Public and private companies comparable to CARE Hospitals Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Thomson MedicalSingaporeSingaporePublicly listed$330M$53M$1.1B5.8x
Rhoen KlinikumGermanyGermanyPublicly listed$2B$122M$1.1B0.3x
Dr. Sulaiman Al Habib Medical ServicesSaudi ArabiaSaudi ArabiaPublicly listed$410M$110M$1.1B-
HealthCare Global EnterprisesIndiaIndiaPublicly listed$263M$44M$1.1B4.3x
Shulan HealthChinaHangzhouPrivate--$1.2B-
Kerala Institute of Medical SciencesIndiaIndiaPrivate$118M-$1.3B10.6x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Thomson Medical$330M$53M6.0x5.8x37.2x28.9x
Rhoen Klinikum$2B$122M0.3x0.3x5.4x5.4x
Dr. Sulaiman Al Habib Medical Services$410M$110M3.1x-11.7x-
HealthCare Global Enterprises$263M$44M4.6x4.3x27.2x22.6x
Terveystalo$1.5B$266M1.2x1.2x6.7x6.8x
Clinica Baviera$348M$98M2.9x2.7x10.3x9.4x
Life Healthcare Group$1.5B$55M0.8x0.8x23.9x5.2x
Med Life$594M$84M2.7x2.1x19.1x15.1x

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Common questions about CARE Hospitals Group

When was CARE Hospitals Group founded?CARE Hospitals Group was founded in 1997.
Where is CARE Hospitals Group headquartered?CARE Hospitals Group is headquartered in Hyderabad, India.
Is CARE Hospitals Group publicly listed?No, CARE Hospitals Group was acquired by Blackstone in October 2023.
Who acquired CARE Hospitals Group?CARE Hospitals Group was acquired by Blackstone in October 2023.
How much was CARE Hospitals Group acquired for?CARE Hospitals Group was acquired for $1.1B in October 2023, a 3.2x revenue multiple.
How much funding has CARE Hospitals Group raised?CARE Hospitals Group has raised $30M across 1 funding round.
What was CARE Hospitals Group's last funding round?CARE Hospitals Group's last funding round was a $30M undisclosed-stage round in February 2016.
Who are CARE Hospitals Group's investors?CARE Hospitals Group's investors include British International Investment.
Which companies are comparable to CARE Hospitals Group?Companies comparable to CARE Hospitals Group include Thomson Medical, Rhoen Klinikum, Dr. Sulaiman Al Habib Medical Services, HealthCare Global Enterprises, Shulan Health and Kerala Institute of Medical Sciences.
How many companies has CARE Hospitals Group acquired?CARE Hospitals Group has acquired 2 companies, including United CIIGMA Hospital and CARE CHL Hospitals.
What was the largest acquisition by CARE Hospitals Group?The $51M acquisition of United CIIGMA Hospital in July 2022 is the largest acquisition CARE Hospitals Group has made to date.

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