HK-based private equity firm to acquire Luye Medical's health units in Singapore
Templewater will acquire an oncology and a cardiology group from Luye Medical.
Hong Kong-based private equity firm Templewater will acquire OncoCare Medical and Novena Heart Centre (NHC) from Luye Medical Group.
OncoCare is an oncology group operating seven clinics across renowned hospitals and medical centres in Singapore.
On the other hand, NHC is a cardiology group operating three clinics at Singapore's prime locations. Their team consists of five cardiologists and a visiting surgeon.
"After an extensive eighteen-month search and evaluation process within the healthcare services space, we are fortunate to have reached agreements with these market-leading providers… As an active shareholder, Templewater is committed to supporting the doctors with our capital and resources to facilitate the continued expansion of their practices in the region," Simon Chuk, partner at Templewater, said.
Templewater did not disclose the financial terms of the deal.
UBS acted as the sole financial advisor to Luye Medical Group for this transaction.