Buyout firm Sylvan Group acquires 4 Singapore healthcare firms for $140.5 mln

Kolon Industries

16/02/2022 01:41

By Anshuman Daga
    SINGAPORE, Feb 16 (Reuters) - Singapore-based The Sylvan
Group, backed by members of the Hyundai and Rockefeller
families, said on Wednesday that it had bought majority stakes
in four Singapore healthcare and pharmaceutical firms for $140.5
million.
    Kyungsun Chung, co-founder and a managing partner of Sylvan,
an impact investor, said in a statement the investments were
made from its Sylvan Asia Growth Fund I, which has already
raised about half of its targeted $400 million from investors.
    Chung, a grandson of the founder of Korea's Hyundai Group
conglomerate, told Reuters the fund aims to raise the remaining
$200 million by around the second half of 2023.
    Impact investments generate positive, measurable social and
environmental impact, as well as financial returns.
    Sylvan's acquired companies are Juniper Biologics, which
develops therapies in cancer and gene therapy, and Artemis
Health Ventures, a provider of orthopaedic services. Radiology
and imaging services firm DX Imaging and Juniper Therapeutics
are the other two acquisitions.
    Chung, 35, said the fund's focus areas include healthcare,
renewable energy and education sectors - all of which have been
targets of cash-rich private-equity firms.
    "We are investing into mid-size companies that either have 
strong potential social impact through their businesses or could
improve much more by changing their value chains or have
solutions for social and environmental problems," he said.
    Sylvan has received backing from the likes of Singapore's
United Overseas Bank, Korea's Hanwha Life Insurance and Kolon
Industries.
    "One of the reasons a lot of family-controlled conglomerates
in Asia are working with us is because they also see the
importance of adapting to this new changing environment, which
is basically all about sustainability," Chung said.
    Founded in 2019, Sylvan's strategy involves taking majority
stakes in mid-size, profitable companies and making leveraged
buyouts.

 (Reporting by Anshuman Daga; Editing by Sherry Jacob-Phillips)
 ((anshuman.daga@tr.com;))