A global consortium led by Arpwood Partners has acquired a majority stake in Sterling Addlife India Pvt Ltd, which operates the Sterling Multi-specialty Hospitals chain in Gujarat. The founder of Sterling Hospitals, Girishbhai Patel, now has a minority stake in the company. According to a statement, Patel will continue to be a mentor at Sterling Hospitals.
“ The partnership with Arpwood is aimed at the pursuit of medical excellence at Sterling Hospitals to serve Gujarat. I have high confidence that Arpwood will be a capable new custodian of Sterling,” Patel said.
Meanwhile, a spokesperson for Arpwood Partners said, “Our intent at Sterling Hospitals is to build on its legacy of trust with investments in high-calibre clinical talent, infrastructure upgrade, and patient service experience, and deliver quality medical care to patients.”
Sterling Hospitals will get a new CEO who will have the experience and a distinguished record at one of the largest national healthcare chains. Arpwood said the identity of the CEO will be announced soon.
Patel founded Sterling Hospitals in 2001, which today is the largest multispecialty hospital chain in the state. The company has hospitals in Ahmedabad, Vadodara, Rajkot and Gandhidham.
On the other hand, Arpwood Partners is a private equity firm focused exclusively on mid-market buyouts, providing solutions for shareholder transition in high-quality mid-market franchises. According to a statement, Arpwood aims to deliver on its objectives by bringing in experienced management talent and a culture of excellence in its portfolio companies.