TPG Growth, the $7 billion growth equity investment platform of private equity firm TPG, has acquired Rhea Healthcare Pvt. Ltd. (RHL), a closely held company promoted by the family members of noted film actor Mammootty.

On Tuesday, TPG announced a $33 million investment for a significant majority stake in Rhea Healthcare, which operates a network of mother and child care centres in India under the ‘Motherhood’ brand.

Mammootty and his son Dulquer Salmaan are directors at Bangalore-based Rhea Healthcare. The network’s leader, Dr. Mohammed Rehan Sayeed, was trained at the Cleveland Clinic, a leading US non-profit academic medical centre, according to the company statement.

“This latest investment reinforces our sector focus on healthcare in India and globally," said Puneet Bhatia, managing director and country head for TPG in India.

Motherhood has built a network that offers state-of-the-art technology, including high-end neonatal intensive care units, and a team of experienced gynecologists, neonatologists and pediatricians, said the statement.

“Motherhood was built to provide specialty care in the mother and child segment, as the current generation of first-time parents are increasingly looking for a safer and more comfortable birthing experience," said Dr. Rehan Sayeed. “We look forward to partnering with TPG Growth to expand our footprint across India and enhance the treatment options we offer to patients."

“Motherhood is an early entrant in a space that we believe is prime for growth. The company has already built an impactful network and, working together, we can increase the availability of high-quality gynecological and neonatal care across the country," said Vish Narain, partner at TPG Growth in India.

TPG Growth’s investment in Motherhood is the latest in a series of healthcare investments the fund has made in India and the region. In April 2016, TPG Growth invested in Cancer Treatment Services International (CTSI), a network of single-specialty facilities across India, and in December 2015, TPG Growth invested in Asiri Healthcare, Sri Lanka’s leading hospital and diagnostics chain.

TPG Growth invested in Sutures India in 2013. Sutures exports to more than 90 countries. TPG Growth’s investments in healthcare companies, including Motherhood, across India and Sri Lanka now total nearly $250 million, said the statement.

By partnering with TPG Growth, Motherhood will gain access to TPG’s global network of healthcare experts.

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