Actis invests $ 32m in Asiri

Actis, emerging markets private equity firm, recently confirmed an investment of $ 32m in the Asiri Group, a 604-bed private hospital group.

Asiri is one of Sri Lanka's leading private hospital chains, with three hospitals in Colombo and two in Matara.

Healthcare is a key focus for Actis as emerging market consumers increasingly seek high quality medical products and services. Actis' South Asia team has gained extensive experience in the sector with investment in the largest hospital chain in Gujarat, Sterling Add-Life; clinical research company Veeda and India's leading generic pharmaceutical company, Glenmark Pharmaceuticals.

Head of South Asia at Actis J M Trivedi said, "The rise of lifestyle diseases and increasing household income has created a demand for high-quality healthcare provision which supplements government led services. Asiri is a premium private healthcare provider with an excellent reputation, carefully built-up over many years by its management team, led by Managing Director of Asiri, Ashok Pathirage."

Pathirage said, "Asiri is committed to providing its customers with compassionate medical care whilst giving them access to modern equipment. Patient care is our utmost priority and this investment by Actis will enable us to expand and improve our services, while building our reputation as the country's leading hospital chain."

Director at Actis, Asanka Rodrigo said, "We are looking for quality investment opportunities in Sri Lanka and are delighted to be partnering with Ashok and Softlogic. The Government's and private sector healthcare already compares well with its emerging market peers and Asiri is the clear leader in the country due to its best-in-class doctors, staff and infrastructure; it makes a great addition to our portfolio."