o3 Capital acted as the exclusive financial advisor to Sabine Hospital & Research Centre for a majority stake sale to CX Partners and a consortium of investors.

Sabine Hospital & Research Centre was incorporated in 2016 with a single facility in Kochi and now operates 241 beds, including 60 NICU beds across 2 facilities in Kerala. Sabine Hospitals has a unique integrated model where it offers a complete suite of mother and child healthcare services, including IVF and other fertility treatments, birthing, newborn care and other gynaecological procedures at each of its units. Conducting close to 6,000 IVF cycles and around 3,000 deliveries every year, it attracts patients from the Maldives, Oman & Bangladesh and others. The hospital was founded by Dr. Sivadasan Sabine, a leading fertility clinician with a stellar academic profile, who played a pioneering role in making procedures such as IVF accessible to the mass markets of Kerala.

CX Partners invests across healthcare, financial services, consumer products and services, and IT/outsourced services. It has 29 portfolio companies and $1bn of assets under management across its funds and co-investors. Prior portfolio companies in the healthcare space include Natco Pharma Ltd, Thyrocare Technologies Ltd and Healthium Medtech.

With this investment, the CX-led investor consortium aims to propel Sabine Hospitals to the forefront of the fertility and mother & child landscape of South India, leveraging its brand strength, team of expert doctors, and deep understanding of the market. The group is also in active discussions for various inorganic opportunities in order to enable a faster ramp-up in chosen markets.

Dr. Sivadasan Sabine, Founder and Chairman of Sabine Hospital & Research Centre, said, “CX Partners and the consortium of investors share our vision of making high-end fertility, birthing and neonatal care affordable and accessible to the most remote towns of India. The investment of $50mn validates our strong clinical fundamentals, business practices and also recognised the immense need for better fertility, mother and childcare in India. We are now all set to embark on the next phase of growth with renewed passion.”

Vivek Chhachhi, Managing Partner at CX Partners, said, “Sabine Hospital and Research Centre provides accessible healthcare at affordable costs. Their world-class fertility treatments cater to the growing medical needs of people. While upholding the utmost ethical standards and clinical excellence, the organisation has demonstrated remarkable growth, with a CAGR of 25% over the last three years. We see the potential in further expanding Sabine Hospitals to adjacent markets, drawing upon our experience investing in healthcare, attracting high-quality professional leadership, and putting in place systems to manage growth.”

On the transaction, Mohit Khullar, Managing Director at o3 Capital said, “Sabine Hospitals follows a truly differentiated model of mother and child care, with each of its units capable of providing the entire gamut of services, from fertility treatment to newborn care. It is our pleasure to have contributed to Dr. Sabine’s vision of providing accessibility to fertility treatments and mother & child care at affordable pricing to the mass market. We wish CX Partners and the investor consortium the best as they help scale up the business to make it a dominant player in South India.”

This marks o3 Capital's 12th deal closure in the Healthcare & Lifesciences space in the last 18 months. The deal reiterates o3 Capital’s strong credentials in the Healthcare & Lifesciences segment (61 deal closures to date) and our ability to consummate deals across single specialty segment within the healthcare space.