PE fund Somerset picks up minority stake in Cyrix Healthcare for Rs 140 crore

Healthcare-focussed PE firm Somerset Indus Capital has picked up a minority stake in Kochi-based healthcare solutions provider Cyrix Healthcare for Rs 140 crore.

The transaction involved both primary and secondary capital. While some investment has gone to the company to aid its expansion, the transaction also saw promoters selling a small part of their stake to the PE firm, according to sources briefed on the subject.

The 20-year-old Cyrix Healthcare, founded by Ajithkumar and Joy K. John, with a pan-India footprint, is one of India’s leading providers of maintenance and service solutions for medical equipment. It operates in eight Indian states and has an established presence in the Middle East across Kuwait, Saudi Arabia, and UAE. With a team of 1,000 plus trained biomedical engineers, the company serves private hospitals, clinics, nursing homes, and diagnostic centres, sources added.


The transaction is expected to enhance Cyrix’s footprint in the equipment servicing space in the public as well as private healthcare infrastructure sector, they said.

Advay Capital Advisors were the financial advisors to Cyrix and its promoters on the transaction. The Chennai-headquartered investment bank has advised on about 80 transactions with a combined value of around $ 7.5 billion.