Spark acted as the exclusive financial advisor on the transaction.
Spark is pleased to announce that Promoters of WINGS IVF have entered into a strategic partnership with Nova IVF Fertility. Nova will also infuse primary capital into the Company for growth and consolidation. Promoters will continue to hold a significant minority stake in the Company post the transaction. The financial contours of the transaction remain undisclosed.
WINGS IVF is the largest IVF service provider in Gujarat. The Company has 6 owned and operated centers across Gujarat, Rajasthan, Delhi and Patna. WINGS IVF is a pioneer in own-egg pregnancies, with ~65% success rate in own egg pregnancy, among the highest in the industry. Known for its industry leading clinical and ethical IVF treatment protocols, the Company was founded by Dr Jayesh Amin, an industry veteran with 15+ years of experience in the areas of Obstetrics & Gynecology, infertility & IVF and surrogacy treatment. Dr Amin is currently the Joint Secretary of Indian Fertility Society (2022-24).
With this transaction, Spark has successfully closed over 25 transactions in healthcare and lifesciences sector, aggregating ~USD 1 Bn, demonstrating its deep domain expertise in the sector.
Dr Jayesh Amin, Promoter & Clinical Director, WINGS IVF remarked, “Fertility treatments in India are poised for rapid growth due to changes in lifestyle preferences of women in the reproductive age. WINGS has been at the forefront in adopting as well as developing most advanced IVF techniques across all its centers. We are excited to continue our excellence journey as own eggs IVF pregnancy experts in India. We are excited to partner with like-minded professionals at Nova and build the largest Pan-India IVF platform driven by strong ethos and values. Also, it has been an absolute pleasure working with Spark and we truly value their deep domain knowledge and sector expertise. Would like to specially mention about their undivided senior-level attention in every step of the transaction."
Mr. Shriraj Rawal, COO, WINGS IVF remarked, “We are extremely excited to partner with Nova in its quest to provide a platform which is built on ethics, trust and technology. WINGS IVF started its journey in 2013 and has witnessed a ~20x growth since then. Being part of the larger Nova platform will allow WINGS to leverage Nova’s technological advances for best patient outcomes. Spark team was outstanding in their endeavor to search for the right partner for us and we appreciate their untiring efforts, relationship-based approach and high quality of unbiased advice.”
Mr. Virendra Pandey, Director & Head, Healthcare & Lifesciences, Spark remarked, “We are very happy to deliver a successful strategic outcome, which would most definitely help WINGS achieve greater heights in the IVF industry. The transaction outcome is a testament to inherent strengths of WINGS and its impeccable reputation in the industry. It’s been a truly satisfying experience with WINGS, Dr. Amin, Shriraj and the team. We sincerely thank them for the opportunity and wish them all the success in the years to come. Thanks to team Nova and team AHH for their vision and all the support and we wish them a great journey together.”