KKR-backed IVI RMA Global, a US-based leader in infertility treatment, is set to acquire

KKR支持的美国不孕不育治疗领域的领导者IVI RMA Global即将收购

ART Fertility Clinics

艺术生育诊所

for $400-450 million, according to people familiar with the matter. The acquisition marks a significant step in IVI RMA's global expansion, adding India to its presence in over 15 countries and more than 190 clinical offices across the US, Europe and Latin America.

据知情人士透露，交易金额为4亿至4.5亿美元。此次收购标志着IVI RMA全球扩张的重要一步，将其业务扩展至印度，并在包括美国、欧洲和拉丁美洲在内的15个国家及超过190个临床办公室开展业务。

Both parties are in the final stages of documentation for a shareholders' agreement and are hoping to wrap up the transaction by June end.

双方都在起草股东协议的最后阶段，希望在六月底前完成交易。

As with private hospitals, the IVF industry in India too is witnessing consolidation as several private equity funds have been aggressive with acquisitions. In 2023, Swedish fund EQT Partners acquired a significant majority stake in Indira IVF, the largest provider of fertility services in India and top five globally in terms of annual IVF cycles, at a $1.1 billion ('9,000 crore) valuation..

与私立医院一样，印度的体外受精（IVF）行业也正在经历整合，因为几家私募股权基金在收购方面表现得非常积极。2023年，瑞典基金EQT Partners以11亿美元（900亿卢比）的估值收购了印度最大的生育服务提供商、全球年度体外受精周期数量排名前五的Indira IVF的绝大部分股份。

ART Fertility Clinics began in 2015 as IVI Middle East, an international arm of IVI RMA Global. In 2020, IVI RMA divested the business to Gulf Capital, which rebranded it as ART Fertility Clinics. Since then, the brand has rapidly grown, expanding across West Asia and India.

ART生育诊所成立于2015年，最初是IVI中东地区，隶属于IVI RMA全球的国际分支。2020年，IVI RMA将该业务出售给海湾资本，后者将其重新命名为ART生育诊所。自那时起，该品牌迅速发展，扩展至西亚和印度。

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With clinics in Abu Dhabi, Dubai and Al Ain in the UAE as well as 11 centres across India, ART Fertility has established itself as a high-performance network in reproductive medicine. The Indian expansion began in 2021, backed by a $30 million investment from Gulf Capital.

阿联酋的阿布扎比、迪拜和艾因均设有诊所，同时在印度也拥有11个中心，ART生育中心已在生殖医学领域建立了高效能的网络。其印度扩展始于2021年，并得到了海湾资本3000万美元的投资支持。

ART Fertility operates in big Indian cities including Mumbai, Noida, Ahmedabad, Chennai, Hyderabad, Gurgaon and Faridabad.

ART生育中心在包括孟买、诺伊达、艾哈迈达巴德、金奈、海得拉巴、古尔冈和法里达巴德在内的印度大城市开展业务。

Led by Suresh Soni, former co-founder and CEO of Nova IVF Fertility, ART Fertility reports a pregnancy success rate of 70% and has recorded over 5,000 successful pregnancies in under nine years.

由Nova IVF生育中心前联合创始人兼首席执行官苏雷什·索尼领导，ART生育中心报告的妊娠成功率为70%，在不到九年的时间里已记录超过5,000例成功妊娠。

According to sources, ART Fertility posted revenue of $100-120 million in FY25, with an estimated Ebitda of $35 million.

据消息人士透露，ART Fertility在25财年实现了1亿至1.2亿美元的收入，估计息税折旧摊销前利润（Ebitda）为3500万美元。

'For an Indian healthcare player, a $25-35 million ebitda which is borderline ebitda positive coming from the Middle East would add no value,' said a fund manager at a Mumbai-based private equity firm that operates a pan-India IVF chain. 'However, IVI being a US player where multiples are low, adding a Middle East business works well.'.

“对于一家印度医疗企业来说，来自中东的2500万至3500万美元的息税折旧摊销前利润（EBITDA），几乎是EBITDA盈亏平衡点，这并不会增加价值，”一位在孟买某私募股权公司工作的基金经理表示，该公司运营着一家覆盖全印度的试管婴儿（IVF）连锁机构。“然而，IVI作为一家美国企业，其市盈率倍数较低，增加中东业务则非常有效。”

IVI RMA trumped a rival bid by Temasek-backed Cloudnine Hospitals.

IVI RMA 击败了淡马锡支持的Cloudnine Hospitals的竞争性投标。

A KKR spokesperson declined to comment. IVI RMA and ART Fertility did not respond to queries.

KKR发言人拒绝置评。IVI RMA和ART Fertility未回应查询。

Moelis is the advisor in the transaction.

Moelis是这笔交易的顾问。

India is rapidly emerging as one of the world's fastest-growing markets for Assisted Reproductive Technology (ART). However, the sector has scope for expansion at 210 IVF cycles per million people, compared with 1,200 in the US and over 2,000 in Europe.

印度正迅速成为辅助生殖技术（ART）全球增长最快的市场之一。然而，该行业仍有扩展空间，每百万人中只有210个试管婴儿周期，而美国为1200个，欧洲则超过2000个。

Infertility affects approximately 15% of Indian couples, a figure expected to rise due to lifestyle factors such as poor diet, stress, late marriages, and pollution.

不孕不育影响着大约15%的印度夫妻，由于不良饮食、压力、晚婚和污染等生活方式因素，这一数字预计还会上升。

According to EY, India's IVF market is expected to grow from $793 million in 2020 to $1.45 billion by 2027, at a projected CAGR of 15-20%.

根据安永的数据，印度的体外受精市场预计将从2020年的7.93亿美元增长到2027年的14.5亿美元，预计复合年增长率为15-20%。

India sees around 300,000 IVF cycles annually, with projections suggesting this could grow to 500,000-600,000 cycles by 2030. About 30% of the market is controlled by 10-15 organised players, while the remaining is fragmented among smaller, unorganised clinics. Key players in India's fertility sector include Indira IVF, Nova IVF, Oasis IVF, Bloom Fertility Centre, Bengaluru-based Milann, Morpheus IVF, Ridge IVF, Akanksha IVF and Bourn Hall Clinic..

印度每年约进行30万例试管婴儿周期，预计到2030年可能增长至50万至60万周期。大约30%的市场由10至15家有组织的企业控制，其余部分则分散在较小的、无组织的诊所中。印度生育领域的主要参与者包括英迪拉试管婴儿中心（Indira IVF）、诺瓦试管婴儿中心（Nova IVF）、绿洲试管婴儿中心（Oasis IVF）、布鲁姆生育中心（Bloom Fertility Centre）、班加罗尔的米兰（Milann）、摩耳甫斯试管婴儿中心（Morpheus IVF）、里奇试管婴儿中心（Ridge IVF）、阿坎莎试管婴儿中心（Akanksha IVF）和伯恩霍尔诊所（Bourn Hall Clinic）。

Nova IVF, the second largest player in India, is owned by Asia Healthcare Holdings (AHH), the single specialty hospitals platform backed by GIC and TPG.

Nova IVF是印度第二大公司，隶属于亚洲医疗保健控股（AHH），这是一家由GIC和TPG支持的单一专科医院平台。

Similarly, homegrown PE fund Kedaara Capital owns a minority stake in Oasis Fertility, while Brussels-based fund Verlinvest owns a controlling stake in Ferty9 F, a premier chain of fertility clinics in the AP/Telangana region.

同样，本土私募股权基金Kedaara Capital持有Oasis Fertility的少数股权，而总部位于布鲁塞尔的基金Verlinvest则持有AP/特伦甘纳地区顶级生育诊所连锁Ferty9 F的控股权。

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