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Mumbai: Metropolis Healthcare Ltd, which operates a chain of pathology laboratories in India and abroad, on Thursday said that private equity firm Warburg Pincus Llc has sold its entire 27% stake in the company.

The promoter family, which bought the stake back from the PE firm, did not disclose the size of the deal. Warburg Pincus has exited profitably, a Metropolis Healthcare statement said.

Warburg Pincus had acquired the stake from domestic private equity firm ICICI Venture Ltd in 2010 for $85 million.

Metropolis Healthcare is leading multinational chain of pathology laboratories with presence in UAE, Sri Lanka, South Africa, Kenya, Mauritius and Ghana.

Ameera Shah, managing director and chief executive officer at Metropolis Healthcare, said Warburg Pincus has sold its shares for handsome returns after nearly five years of support.

“The shares have been acquired by me and my family, and we are very excited about the new phase of growth in Metropolis and the industry. The company is now supported by eminent independent directors and I am backed by other marquee investors, including KKR and eminent industrialists," Shah said.

She said the relationship with Warburg Pincus has been mutually beneficial, adding that the company with the new shareholding structure “will be on an even more aggressive path".

Niten Malhan, managing director, Warburg Pincus India Pvt. Ltd, said the decision to invest in Metropolis in 2010 was based on the firm’s thesis that demand for and growth trends in medical diagnostics will continue and that Metropolis was well positioned to benefit.

“We are pleased to have partnered Metropolis during its critical growth phase. Metropolis, through its innovative vision and focused business acumen, has now metamorphosed into one of India’s leading pathology specialists and has created immense value for all its partners," Malhan said.

Warburg Pincus has invested more than $50 billion in more than 720 companies in more than 35 countries around the world. Metropolis has 125 laboratories across India and six other countries in the emerging markers, with over 750 collection centres, supported by more than 3,500 people.

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