Singapore's Quadria sells Vietnam healthcare firm; invests in India (updated)

Thomson Medical

12/07/2023 10:23

(Updates to combines India, Vietnam deals)
       BENGALURU/SINGAPORE, July 12 (Reuters) - Asian
healthcare buyout firm Quadria Capital said on Wednesday it was
selling a Vietnamese healthcare firm to Singapore's Thomson
Medical  THOS.SI  for $381.4 million and would invest up to $155
million in India's Maxivision Eye Hospital.
    The deals come at a time when healthcare assets are
attracting more interest as investors bet on the sector's
ability to weather a challenging economic environment.
    "We believe an impact-driven approach is fundamental to our
success in building meaningful businesses and delivering
superior financial returns," said Ewan Davis, partner and head
of Southeast Asia at Singapore-based Quadria Capital.
    It said it had agreed to sell its interest in Far East
Medical Vietnam Ltd to Thomson Medical in what it called
Vietnam's biggest healthcare transaction and Southeast Asia's
largest such acquisition since 2020.
    Quadria invested in the Ho Chi Minh City-based firm in 2017.
Far East Medical's healthcare facilities in Vietnam include FV
Hospital in Ho Chi Minh City and a network of primary and
specialist clinics, Thomson Medical said.
    In a separate statement Quadria said it would make an
initial investment of about $75 million for a minority stake in
Maxvision, and a further investment of up to $80 million for
more equity, but did not provide a timeline.
    The investment aims to "support Maxivision's ability to
scale and serve the growing demand for eye care in India," it
added, particularly in smaller cities still under-served by  
eye care providers.
    Maxivision offers eye care services to more than 5 million
patients in 42 centres across six states in India's south and
west, Quadria said.
    Founded in 2012, Quadria has assets under management in
excess of $3.4 billion and invests in healthcare in south and
southeast Asia.
    Its portfolio includes Vietnam's mother-and-baby retail
network Con Cung and India-based topical drugs maker Encube
Ethicals, its website shows.
    Singapore-listed Thomson Medical said its proposed
acquisition of Far East Medical would enable it to enter 
Vietnam's growing private healthcare market.

 (Reporting by Himanshi Akhand and Echha Jain in Bengaluru,
Yantoultra Ngui in Singapore; Editing by Clarence Fernandez)
 ((Yantoultra.Ngui@thomsonreuters.com;))