A consortium led by previate fairness participant Affinity Fairness Companions has offered its 100% stake in Malaysia’s Island Hospital to IHH Healthcare (IHH), a Kuala Lumpur-headquartered worldwide healthcare group.
The 100% sale at a price of RM4.2 billion ($966 million) contains Affinity’s 78% stake, with the rest of the shares belonging to the founder & CEO, Mark Wee, and senior docs of the hospital.
Based in 1996, Island Hospital (pictured) is a number one 600-bed healthcare supplier in Penang, Malaysia, with 119 specialists throughout 40 medical and surgical specialties. Island Hospital attracts round one in three inbound international sufferers to Malaysia, in accordance with a press release from Affinity. Medical tourism is likely one of the quickest rising elements of the Malaysian non-public healthcare market.
Below Affinity’s possession, Island Hospital expanded its authentic 300-bed facility, via the event of the adjoining Peel Wing throughout the pandemic. Further land has been acquired with approvals secured for future growth, a media announcement stated.
Since Affinity purchased the hospital in 2015 for an undisclosed quantity, Island Hospital expanded its medical and surgical choices via recruitment and investments in medical infrastructure, leading to a tripling of international affected person volumes. Throughout this era, profitability greater than tripled, pushed by mofd complicated instances, and better working effectivity from the doubling of mattress capability, in accordance with the announcement.
Island Hospital additionally invested in its core specialties of orthopaedics, gastroenterology and basic surgical procedure, and established new centres of excellence in cardiology and most cancers.
Rippledot Capital Advisors acted as the only real monetary advisor to the Affinity-led consortium on this transaction.
“Island Hospital’s evolution into a number one healthcare establishment that positively impacts the neighborhood, stakeholders, and serves as a beacon of medical excellence in Malaysia and past . . . I’m assured that Island Hospital will proceed to thrive underneath the IHH platform,” stated Tang Kok Yew, founding chairman and managing accomplice, Affinity Fairness Companions, in a press release.
Affinity Fairness Companions is likely one of the largest impartial non-public fairness corporations in Asia Pacific (Apac), investing in Asia Personal Fairness since 1998. Affinity has $14 billion of property and funds underneath administration, and is at the moment investing out of Fund V, a $6 billion fund. Affinity’s funding focus contains Korea, Australia, New Zealand, Southeast Asia, and Higher China.
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