Southeast Asian healthcare provider HMI Group raises $52.5m from founding family, EQT

Photo by Irwan iwe on Unsplash

Editor’s note: This story was updated to note that the investment is being made by a vehicle backed by EQT and HMI’s founding family, and not by the private equity firm alone.

Singapore-headquartered healthcare services provider Health Management International (HMI) has secured $52.46 million in financing from a vehicle backed by its founding family and private equity firm EQT.

EQT and Nam See Investment, which represents the HMI founding family, had successfully launched a S$611 million ($448 million) privatisation bid for the hospital operator in 2019, when it was listed on the Singapore Exchange (SGX).

The privatisation bid was launched by PanAsia Health Limited, which is more than two-thirds owned by Nam See and EQT. HMI was delisted in Dec. 2019.

According to HMI’s latest filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), it allocated nearly 116 million shares — a combination of ordinary and preference stock — in December 2021 to PanAsia Health for an aggregate consideration of S$71 million ($52.46 million).

EQT had in Jan 2020 announced an unspecified investment in HMI through its Mid Market Asia III fund to help scale its platform in the region “organically and by exploring potential future acquisition opportunities.”

PanAsia Health owns nearly 99% of HMI, according to DealStreetAsia – DATA VANTAGE.

HMI is a regional private healthcare provider with a presence in Singapore, Malaysia and Indonesia. It owns and operates two tertiary hospitals in Malaysia and a healthcare training centre, a primary care clinic chain with 25 locations, and a private one-stop ambulatory care centre in Singapore.

In December, it announced the acquisition of a majority stake in OneCare, a chain of 25 primary care clinics in Singapore. HMI had first invested in OneCare in 2018.

The healthcare provider said it will further expand its Singapore presence by opening and acquiring more private primary care clinics. It also plans to broaden offerings at StarMed Specialist Centre, a one-stop day-surgery and multidisciplinary medical centre in which it holds a majority stake.

HMI’s expansion in Singapore follows the city-state’s efforts to strengthen primary healthcare services offered by general practitioners and family doctors, and integrate them with hospital and specialist services.

The healthcare market in Singapore has been growing at a fast clip, driven by a population that is ageing, and using more healthcare services. At the same time, the government has been advocating for better health management and chronic care outside hospitals.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.