Evercare platform, CDC expand to Bangladesh
Evercare and CDC Group (CDC) have recently announced an agreement to acquire a controlling interest in STS Holdings Ltd (STS).
The investment, made through the Evercare Health Fund, includes financing from CDC Group, the United Kingdom’s impact investor and Development Finance Institution, and support from The Rise Funds.
STS joins the Evercare network of hospitals that operate across South Asia and Africa and will provide immediate additional scale to the Evercare platform, significantly increasing the number of patients served. The transaction is expected to close in the first half of 2020.
Founded in 2005, STS operates a 425-bed multi-disciplinary hospital in Dhaka with healthcare providers across 29 specialties and is currently developing a new, 400-bed facility in Chittagong.
STS aims to improve the lives of the community it serves by treating communicable and non-communicable diseases through its secondary and tertiary care facilities.
STS’ facility in Bangladesh was the first hospital to receive Joint Commission International (JCI) Accreditation in 2008, an international stamp for excellence in clinical practices in patient care and safety and remains the only JCI-Accredited hospital in the country.
“Evercare exists to serve emerging markets that need access to quality, comprehensive care that seeks to improve patient outcomes while reducing costs and increasing efficiency,” said Andrew Currie, Chief Operating Officer of Evercare.
“STS’ strong foothold in the Bangladesh market, quality facilities and services, and strategic and operational alignment with the Evercare network make it a perfect complement to our growing platform in Africa and South Asia.”
“As we seek to improve health outcomes for patients, Evercare and CDC are the right partners to help expand our work in Bangladesh,” said Bob Kundanmal, Chairman of STS.
“They will provide the expertise and resources required to strengthen our model and drive enhanced specialist services and quality health outcomes in the underserved market in Bangladesh.”
As part of the Evercare platform, STS will continue to strengthen the healthcare infrastructure in Bangladesh by providing premium care via its state-of-the-art facility and expert patient providers.
By being able to tap into the cross-regional Evercare platform and capabilities, STS will seek to streamline procurement, enhance clinical capabilities and optimize its operations, ultimately strengthening its quality of care.
In addition to its existing hospital, STS’ new Chittagong facility will further expand their reach.
“There is a clear need to improve the quality and availability of healthcare in emerging markets, including Bangladesh. With the latest diagnostic, medical and surgical facilities and commitment to education and research, STS has the potential to drive positive, measurable and sustainable impact for individuals across Bangladesh,” said Matthew Hobart, Managing Partner of Healthcare Investing for The Rise Funds.
Srini Nagarajan, Managing Director and Head of Asia CDC Group said, “Investing our capital to improve people’s lives goes to the heart of CDC’s mission. Our commitment to STS Holdings Ltd represents just this. We have deep experience in Asian healthcare and look forward to working alongside STS’ quality management team, TPG and Evercare to expand its network of hospitals and further strengthen patient care. We plan to invest up to $2 billion in Asia over the coming years and Bangladesh will play a key role in this.”