Navis seals healthcare deals in Indonesia, Vietnam
Navis Capital Partners has closed two Southeast Asia healthcare deals, with agreements to buy Indonesia-based medical devices distributor Tawada Healthcare and Vietnam’s Hanoi French Hospital.
Founded in 1999, Tawada distributes X-ray machines, ultrasound machines, laboratory equipment, orthopedic instruments and laparoscopy towers for the likes of Carestream, Siemens, Drager, Samsung, Medtronic, Abbott Vascular, Smith & Nephew and Baxter Healthcare. It has a network of 13 offices and warehouses, over 320 employees and more than 2,000 healthcare institutions as customers.
The medical equipment industry in Indonesia is estimated to be worth about $1 billion per year. It is tipped to see compound annual growth of 15-20% over the next five years due to the rollout of a government-backed universal healthcare and insurance scheme as well as growing health awareness among an increasingly affluent population.
Navis plans to help Tawada capitalize on this growth through capital expenditure, upgrading systems and processes, and hiring additional staff. It will also look for potential M&A opportunities.
Hanoi French Hospital is the first international private healthcare facility in Vietnam's capital. The hospital, which opened in 1996, employs 50 full-time doctors - 15 of them expatriates - 80 consultants and 20 rotational doctors, covering 20 healthcare specialties. It is well known for its obstetrics, gynecology and pediatrics practices.
The company recently won approval from Vietnam's Health Ministry for an expansion plan that will see the addition of 100 beds, taking the total to 170. Construction is expected to be completed in the second half of 2018.
"The hospital has a very clear growth plan to provide world-class health care services in Hanoi and the Northern region of Vietnam and we look forward to partnering with the Hospital and the team throughout this important expansion and beyond," said David Ireland, a senior partner at Navis, in a statement.
Malaysia-headquartered Navis is currently investing its seventh pan-Asian fund, which closed in 2014 at the hard cap of $1.5 billion alongside a Shariah-compliant parallel vehicle. The vehicle targets mid-market buyouts in Southeast Asia excluding India.
The private equity firm has now announced four deals in the space of a month, following an agreement to acquire a controlling stake in Macau-based footwear component supplier ISA Industrial and the purchase of French luxury furniture brand Christian Liaigre Group, alongside Symphony International Holdings.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.