CAL advises Hemas on hospital sale to Asiri
Capital Alliance Partners Limited (“CAL”) has advised Hemas Hospitals (Pvt) Ltd on the sale of its subsidiary Hemas Southern Hospital (Pvt) Ltd (“Hemas Southern”) to Asiri Hospital Holdings PLC (“Asiri”), a giant in the healthcare sector with a chain of hospitals and laboratories around the country.
Following the acquisition of Hemas Southern, the Asiri chain adds yet another healthcare facility to its portfolio, expanding its presence to another city in Sri Lanka.
Commenting on the transaction, the Managing Director of Hemas Hospitals Dr. Lakith Peiris said, “With the assistance of CAL, who functioned as our financial advisors, we identified Asiri Group of Hospitals as the best fit due to their capability of providing high quality patient care. We are pleased that Asiri is taking on our exceptional team and are confident that they will continue to develop the hospital and take it to greater heights. We thank the staff, medical community and our loyal patients and wish the team and Asiri every success in the future”.
CAL’s advisory in terms of the divestment enables Hemas to focus on the growth strategy of its remaining hospitals. Hemas Thalawathugoda and Wattala are now positioned to evolve into state-of-the-art medical and healthcare facilities, specializing in providing critical healthcare services. The renewed focus will also enable Hemas Labs to be positioned amongst the most technologically advanced laboratories in Sri Lanka, servicing local as well as foreign markets.
Vishnu Balachandran, the Executive Vice-President and Head of Capital Markets stated, “We are pleased with the efforts of our team in the overall implementation of the transaction, which was completed in a short span of time, whilst securing the best outcome for our client. This further accentuates CAL’s stance as the market leader in the Sri Lankan M&A space, with multisector expertise, as an advisor that brings to the table an unparalleled value addition for our clients’ businesses.”
Acclaimed by the Australian Council of Healthcare Standards International (ACHSI), Hemas Southern is the only hospital outside of Colombo to be felicitated with this international accreditation. Amongst many accolades, Hemas Southern was named the ‘Best Private Hospital in the Southern Province’ for 2 consecutive years at the ‘Dakshina Suwaviru’ awards by the Provincial Health Department, which has raised the bar in clinical outcomes among provincial hospitals.