Mayapada Hospital in Bandung, Indonesia.
US private equity firm Bain Capital plans to invest $157 million in Sejahteraraya Anugrahjaya, which runs the Mayapada hospital chain backed by Indonesian billionaire Tahir.
Boston Bain Capital will invest in Mayapada Hospital through its subsidiary BCCS Maverick Holdings, subscribing for $32 million worth of new shares and $125 million worth of bonds, according to a regulatory filing filed by Sejahteraraya with the Indonesian Stock Exchange this week.
Tahir is actively expanding Mayapada Hospital. In June, he teamed up with Indian billionaire Prathap Reddy’s Apollo Hospitals to build a hospital on the island of Batam, less than an hour’s ferry ride from Singapore.
The hospital, to be named Mayapada Apollo Batam International Hospital, will be built on a three-hectare site within a special economic zone and will be managed by Tahir’s Mayapada Group. Sejahteraraya said it plans to invest up to 2 trillion rupees ($128 million) in the hospital.
In October, the Jakarta-listed company opened its seventh Mayapada Hospital (another joint venture with Apollo Hospitals) in Nusantara, Indonesia’s proposed new capital of East Kalimantan. Sejahteraraya aims to double its bed capacity to more than 2,200 by 2027 and operate up to 12 hospitals.
Other companies have also been increasing investment in Indonesia’s healthcare industry. In August, Luxembourg-based private equity firm CVC Capital Partners agreed to buy an additional 45% stake for 16.6 trillion rupees from billionaire Mochtar Riady’s cash-strapped Lippo Karavachi (Lippo Karawaci) controls Siloam Hospitals, which is listed in Indonesia. Saratoga Investama Sedaya, backed by tycoon Edwin Soeryadjaya, also acquired Brawijaya Hospital in Jakarta.
Tahir’s net worth is estimated to be $5.2 billion Forbes Instant data. Apart from healthcare, the Mayapada Group is also involved in banking and real estate.
