Lincoln International advises Nova IVI on its sale to TPG Growth

Lincoln International advised on the sale of Nova IVI, India’s second largest provider of fertility treatment services, to TPG Growth.

Since its formation, Nova has aided in more than 25,000 pregnancies and has among the highest success rates across all key metrices in India. The company offers world’s most advanced and novel treatment methodologies in IVF like Vitrification, PGS, PGD, ERA among others. Nova IVI is positioned to continue to deliver accelerated growth in a market that is growing at about 20% every year. Goldman Sachs, NEA (now MegaDelta), GTI Mediventures (New York) and Amethyst (Oman) were the institutional investors in Nova IVI.

Nova is another acquisition for TPG Growth controlled healthcare platform, AHH (Asia Healthcare Holdings) which has acquired several single specialty focused healthcare providers. AHH was formed in mid-2016 with an aim to build Asia’slargest platform of diverse single specialty healthcare service providers in India and South Asia. With the acquisition of Nova, AHH would be the largest player in the mother and child care space in India.

“TPG and AHH are the leaders when it comes to creating innovative healthcare models and investments in India. We are excited to see Nova Fertility join the AHH platform, which has proven expertise in growing and scaling healthcare delivery systems. This will unlock Nova’s growth potential and strengthen our proposition in India’s fast-growing fertility segment,” said Naresh Rao, CEO of Nova.

Ankur Thadani, Director of TPG Growth commented, “Lincoln’s sector knowledge and relationships within the IVF space are excellent and this allowed us to build on our understanding of the IVF space. Lincoln was closely involved in day to day execution of the deal with Gaurav Marathe leading the negotiations between all the sellers and buyer. Apart from the seamless handling of several deal related matters in a very transparent and professional manner, another noteworthy contribution from Lincoln was in conceptualizing the transaction structure that was a win-win for all parties.”

Vishal Bali, CEO of AHH commented, “As a business, Nova will be a great addition to the AHH platform and our vision of building the region’s most valuable Women & Children’s healthcare delivery network. We believe women healthcare consumers need one destination of care and that gets well served through our service offerings of Motherhood Hospitals & Nova Fertility.”

He further added, “Nova offers a unique set of capabilities that fit well alongside our existing portfolio and we look forward to bringing our experience to bear as we continue to grow Nova’s footprints and enhance their operations.”

Gaurav MaratheLincoln India Head of Healthcare and India CEO commented, “We are delighted to have advised the shareholders of Nova on the sale to TPG Growth. We engaged with the management team at Nova much before the sale process which allowed us a deeper and richer understanding of Nova business and the IVF market in India. Nova is a unique asset operated by a world class management team and is rightly positioned to continue on its journey of extraordinary growth. We also believe that with the backing of TPG and its AHH platform under leadership of Vishal Bali, Nova’s management team will be best positioned to achieve the desired outcome of what this business is capable of delivering.”

Nova IVI has been sold to TPG Growth

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