TPG Growth-backed Asia Healthcare Holdings acquires Nova IVI Fertility

Asia Healthcare Holdings (AHH), a healthcare operating platform founded by TPG Growth, had signed definitive agreements to acquire Nova IVI Fertility for an undisclosed sum, AHH said in a statement on Wednesday.

Nova fertility operates India’s second-largest network of IVF centres, with 20 units across 15 cities. AHH currently operates a chain of 12 women & children’s hospitals across India under the Motherhood brand. Between Motherhood and Nova, AHH plans to create the largest mother and child-focused healthcare platform in India.

Nova Fertility, started in 2011, established a standardised clinical and operating model through its collaboration with IVI. With 60 IVF and gynaecology specialists and 50 embryologists on board, the company performs more than 10,000 IVF treatments annually. Leveraging its experience of growing the Motherhood network, AHH team and leadership will work alongside the Nova Fertility team to build operating synergies and scale the network in the region. With a rise in women healthcare consumers in India, this integrated approach creates a formidable position for AHH, driven by both clinical excellence and geographic reach.  

“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 a proven expertise in growing and scaling healthcare delivery systems. This will unlock Nova’s growth potential and strengthen our position in India’s fast-growing fertility segment,” said Naresh Rao, CEO of Nova Fertility. “Vishal (AHH Executive Chairman Vishal Bali) and the TPG team know how to grow great businesses, and we look forward to partnering with them”

TPG Growth has been one of the most active investors in healthcare in India and south Asia in the last five years, with a strong thematic approach and commitment of close to $400 million across a variety of segments, including medical technology, delivery, life sciences and pharmaceuticals. The AHH platform, funded by TPG Growth, helps power multiple single specialty healthcare delivery companies through one management team. The platform is unique to Indian healthcare and unparalleled in the region.

“Nova is well positioned to be a leader in IVF & fertility care with its best-in-class clinical capabilities and brand pull among clinician and patient community. This acquisition strengthens our thesis of establishing AHH as a leader in building a scaled, transformative and integrated single specialty healthcare platform” said Ankur Thadani, operating partner at TPG.

Consistent with its global philosophy of deep engagement with founders and management teams, TPG partnered with AHH’s Bali to build a market leading franchise in single specialties across India and South Asia. AHH currently runs a network of 13 oncology hospitals under the name of American Oncology Institute (AOI), a network of 12 Women & Children hospitals under the Motherhood brand, and Ampath, a network of Pathology Diagnostics labs.

“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” said Bali. “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.”