Everstone Sells Rubicon to General Atlantic, Acquires IDFC-Backed Sahyadri Hospitals
Posted On: 02 Apr 2019 | Source(s): Everstone Capital, Asian Venture Capital Journal | Author(s): Holden Mann
India- and Southeast Asia-focused private investment group Everstone Capital has agreed to exit its controlling stake in India-based pharmaceutical developer Rubicon Research to global growth equity firm General Atlantic, reportedly generating a 4.5x return multiple and 92% IRR on the transaction. Separately, Everstone has agreed to acquire a majority stake in Sahyadri Hospitals, an India-based hospital chain. The transaction will consist of both primary and secondary components. Sahyadri is backed by India-focused private investment firm IDFC Alternatives, which invested in the company in 2008 and 2012. Additional financial details of the transactions were not disclosed.