OncoCare is a medical oncology clinic group with seven clinics at hospitals and medical centres whereas NHC is a multi-disciplinary cardiology group with three cardiology clinics in Singapore
Novena Heart Centre and OncoCare Medical to be acquired by Templewater. (Credit: TEMPLEWATER)
Private equity firm Templewater has agreed to acquire OncoCare Medical and Novena Heart Centre (NHC), the oncology and cardiology businesses of Luye Medical Group in Singapore, respectively.
The financial terms and other details of the transaction were not disclosed.
Luye Medical is a PAN Asia Pacific healthcare services company.
Templewater founding partner and CEO Cliff Zhang said: “This marks an important achievement for Templewater as our inaugural investment in the healthcare sector and our second investment in Southeast Asia.
“We remain committed to deploying capital into high-quality assets within the region, where we see tremendous value creation opportunities. We express our gratitude to the medical teams at OncoCare and NHC for their unwavering support.
“We look forward to the opportunity to collaborate with them in order to facilitate the continued expansion and success of these esteemed clinic groups.”
Founded in 2007, OncoCare is a medical oncology clinic group with seven clinics at hospitals and medical centres. It provides one-stop multi-disciplinary services, including diagnosis, cancer treatment, palliative treatment, and other professional services for local and foreign patients in Singapore.
NHC is a multi-disciplinary cardiology group with three cardiology clinics in Singapore. It offers extensive inpatient and outpatient treatments and has specialists in coronary intervention, heart rhythm management, heart failure, cardiac imaging, and cardio thoracic surgery.
OncoCare CEO Miah Hiang Tay said: “This partnership enabled us to grow to what we are today despite the tough environment when Covid pandemic hit the country.
“Moving into future with Templewater speaks volumes of our ambition as we target not just to be the biggest and the best oncology group in Singapore but also in the region.”
Hong Kong-based Templewater offers investment solutions across various asset classes like private equity, impact investing, and real estate. It focuses on mid-market control buyout opportunities in the Asia Pacific.