Navis buys majority stake in Thai hospital operator
Navis Capital Partners has invested an undisclosed sum for a majority position in NP Medical, owner and operator of S-Spine, a spine and nerve specialty hospital in Thailand.
The private equity firm said it was committed to growing the company alongside chief neurosurgeon, Dittapong Boonampol (pictured), who established the hospital in 2017. It plans to develop complementary capacities around musculoskeletal services, while exploring M&A options and institutionalising operations.
S-Spine advocates using minimally invasive procedures to address the root cause of pain rather than simply treating symptoms. It has capacities in some advanced techniques in this vein, including a spinal surgery method called PSLD which benefits from faster recovery, lower risks, smaller incisions, less blood loss, and better cosmetics.
Navis observes that back and neck pain are among the most common major ailments in Thailand and represent a fast-growing market. The opportunity is believed to be underpinned by demographic and social trends around ageing, lifestyle changes, patient awareness, and chronic muscle pain and inflammation commonly known as office syndrome.
“We see great potential in S-Spine and the continued growing demand in spine, nerve and skeletomuscular care services as well as related specialties in Thailand and possibly neighbouring countries,” David Ireland, a senior partner at Navis, said in a statement.
“With the strong medical expertise and team, led by Dr. Dittapong, we believe that S-Spine will play an important role in treating the next generation of patients in a safe, highly effective manner that leads to superior medical outcomes and faster recovery periods at competitive price levels.”
S-Spine represents Navis’ fourth transaction this month. It led a USD 38m Series C round for Eton Solutions, a US software provider for family offices expanding into Singapore, and made an investment of undisclosed size in Vietnam snack maker Dan-D Foods. Meanwhile, footwear industry supplier Texon, acquired in 2016 at a valuation of USD 75m to USD 125m, was sold to a UK strategic for USD 237m.
Navis raised USD 900m last year for its eighth pan-regional growth and buyout fund and currently manages about USD 5bn in private equity capital. Earlier this week, the GP launched a credit unit that will provide financing to companies in Asia that require growth capital but are reluctant to bring in equity investors.
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