Metropolis healthcare acquires Sanjivani Labs in an all-cash deal
Diagnostic company, Metropolis Healthcare has recently acquired Sanjivani Pathology Labs, Rajkot (Gujarat) in an all cash transaction. While the total amount has not been disclosed VC circle reports that this is an all-cash deal.
The aim of this takeover is to establish a stronger presence in western India, particularly the Gujrat market. Sanjeevani is reported to be Metropolis's largest laboratory acquisition in India to date, as confirmed by the statement of the company
Sanjeevani Pathology, which was founded in 1993, has four labs with a team of six senior pathologists, including founder and promoter Kirit Patel, in Rajkot, Gujarat.
To make its presence strong, Metropolis planning an expansion by either partnering or acquiring smaller brands in newer markets.
Metropolis, which started as a single lab in the 1980s, received its first external funding of Rs 35 crore from ICICI Venture in 2005. This was followed by a fresh funding of $85 million from private equity firm Warburg Pincus, giving an exit to ICICI Venture, reports VCCircle
Metropolis is backed by private equity fund KKR and a Carlyle Private Equity portfolio company.