Medical device and technology provider Trivitron Healthcare has formed a joint venture with Apax Partners-backed Apollo Hospitals to set up a national dental treatment chain called Alliance Dental Clinic, G S K Velu, founder and managing director of Trivitron, told VCCircle.
Although he did not share further details, a source privy to the development said Apollo Hospitals owns majority stake in the 70:30 JV with Trivitron.
Additionally, the venture is looking to raise up to Rs 75 crore through private equity funding for inorganic expansion that would include acquiring mom-and-pop dental clinics across the country.
Initially, the alliance will focus on the south Indian market but will later expand to northern and western India.
I-banking firm Veda Corporate Advisors is believed to be advising the venture.
Earlier this week, Trivitron made a strategic investment in Kiran Medical Systems Ltd for an undisclosed minority stake. Under this deal, Trivitron will get entry into Kiran’s imaging product portfolio and will have access to over 160 countries where Kiran already has a presence, thus increasing its global footprint with a complete range of equipment, consumables, accessories and apparels in the global imaging diagnostics market.
Trivitron Healthcare operates as a medical technology solution provider in India and abroad. The company has a strategic partnership with Hitachi Medical Systems and also offers consultancy services for setting up hospitals, nursing homes, clinical laboratories and research centres. Founded in 1997, Trivitron is headquartered in Chennai, with operations in the Middle East, South and South-East Asia and Africa.
In June 2011, Narayana Hrudayalaya said that it was looking for $15 million in PE funding to expand its network of dental clinics. The company currently owns around 30 dental clinics and it aims to scale up to 200 in three years’ time.
Also, in January this year, Fortis Healthcare International Pte, the Singapore-based holding company owned by India’s billionaire brothers Malvinder and Shivinder Singh, acquired 30 per cent stake in Australia’s largest dental care chain Dental Corporation Holdings Ltd, for a little over Rs 450 crore (A$100 million).
