Unaprime has acquired Tata Healthcare Fund’s 43.5% stake in Maharashtra-based Lokmanya Hospitals, according to Deep Mishra, the co-founder of the financial investment advisory company. In addition to this, Unaprime also purchased shares from other existing investors, increasing its total shareholding in the hospital company to 70%.
Mishra stated that the total consideration for the acquired stake was Rs 140 crore. He emphasized that Unaprime is committed to investing further to expand the hospital’s capacity and eventually plans to take the company public.
Lokmanya Hospitals operates five hospitals in Pune, Pimpri-Chinchwad, and Kolhapur, with a current capacity of 300 beds and plans to expand to 500 beds. The company reported a turnover of ₹130 crore for the fiscal year 2023-24 and has set a target of ₹500 crore over the next four years. With this investment, Unaprime, originally focused on investment banking, has diversified into the private equity asset management business.
Apart from Mishra, who has a background as a managing director at Everstone Capital, Unaprime’s other co-founders include Sudhir Dash, former chief executive of Investec, and Sunil Kumar Kolangara, a founding partner of the private equity firm Ascent Capital. Mohit Verma and Samir Khurana are also among the co-founders.
To facilitate the acquisition of Lokmanya Hospitals, Unaprime established a special purpose vehicle (SPV), Unaprime Healthcare LLP. This SPV includes investors like Rajeev Jain, managing director of Bajaj Finance, and Ravindranath Kancherla, founder of Global Hospital.
