EQT Mid-Market Asia III fund, the private capital investment arm of Swedish-based EQT, announced that it will invest in Singapore-headquartered private healthcare provider Health Management International (HMI).
As part of the investment plans, the EQT arm will back HMI’s organic growth plans including capacity expansion as well as potential acquisitions, per a statement.
Financial terms of the deal were not disclosed.
Prior to this current investment, EQT and HMI’s management backed an offer to privatise the company in July 2019, at a valuation of S$ 611 million ($449 million). Following the action, the company was delisted from the Singapore Exchange (SGX) on 24 December 2019.
According to EQT Partners partner and investment advisor to EQT Mid-Market Asia Brian Chang, “Going forward, the joint focus will be on scaling HMI’s operations in the region with its differentiated, passionate and hands-on approach while continuing to deliver high-quality healthcare to its customers.”
Founded in 1998, HMI is a regional private healthcare provider with a presence in Singapore, Malaysia and Indonesia. It has two tertiary hospitals in Malaysia, namely Mahkota Medical Centre in Melaka City and Regency Specialist Hospital in Johor.
HMI also operates Singapore’s private one-stop ambulatory care centre StarMed Specialist Centre and a General Practice (GP) clinic chain OneCare Medical.
HMI is known to have more than 500,000 patients per year with more than 200 practicing doctors and 1,800 staff.