Singapore: Luye Medical Group acquires Healthe Care for Asia expansion

Singapore-based healthcare group Luye Medical Group has completed its acquisition of Australian private healthcare group Healthe Care, according to a press release.

The acquisition, which was first announced in December 2015, saw the previously Archer Capital-owned Healthe Care change hands for $700 million. Archer Capital is an Australian private equity firm which specialises in mid-market leveraged buyouts.

“This is our largest acquisition so far,” said Choo Kin Poo, Group Vice President, Strategy Planning and Business Development, Operations at Luye Medical Group. He added, “As a medical group headquartered in Singapore with assets overseas, having Healthe Care on board will allow us to build on our business strategy and plans to expand in Singapore and Asia Pacific.”

“The acquisition of Healthe Care represents an important milestone in the development of Luye Medical Group. It has great strategy significance and extensive influence on the development of healthcare services and lays the foundation for Luye Medical Group and Luye Group as a market leader both internationally and in China,” said Liu Dianbo, Chairman of Luye Group.

A release noted that Healthe Care will continue to expand its business operations in Australia. It will also work together with Luye Medical Group to expand into markets like Singapore, China and other Asian countries.

China is one of the most important markets for Luye Medical Group, given an aging population and “emerging healthcare friendly policies”, the company said. China’s healthcare sector has a market size of approximately $280 billion, and its hospital income had a compound annual growth rate of 20 per cent from 2009 to 2013.

However, it noted that due to insufficient support from policymakers and the infrastructure itself, private hospitals have found it difficult to specialise and broaden its reach, which resulted in Chinese private healthcare providers only covering around 12 per cent of the total number of patients in the country.

According to the Statistical Communique on Development in Health and Family Planning of China in 2014, which was released by the National Health and Family Planning Commission, in 2014, there were 134.1 million patients in public hospitals, and 19.6 million patients in private hospitals.

Founded in 2005, Healthe Care runs 17 medical institutions in major cities and regions in Australia, which own 2,000 beds, more than 50 operating rooms and employ 5,000 people. It specialises in areas like oncology, cardiology, neuropsychiatry, orthopedics, rehabilitation, gynecology, and other general medical services.

Other than Healthe Care, Luye Medical Group has also acquired South Korean medical group JC Health Co Ltd, and is the largest shareholder in Singapore-based AsiaMedic Ltd.

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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.