Quadria to exit Vietnam's FV Hospital via $381m trade sale

The deal will see Singapore-listed Thomson Medical Group acquire 100% of FV from Quadria. The private equity firm bought the hospital in July 2017 for an undisclosed sum with support from Neuberger Berman Private Equity and Germany’s DEG.

FV – signifying “Franco-Vietnamese” – was founded in 2003 by a group of French physicians with a view to bringing world-class healthcare to Vietnam. It has evolved into a full-service provider for patients locally, as well as from Cambodia. There are 36 areas of specialisation, including oncology, cardiology, ophthalmology, orthopaedics, maternity, and gastroenterology.

There were slightly less than 200 operating beds as of end-2022, down from around 220 at the time of acquisition. The staff now numbers more than 1,600, including over 200 doctors. This compares to 950 staff and 130 doctors at the time of acquisition.

Assets include an outpatient clinic known as FV Saigon Clinic and American Chiropractic Clinic (ACC), a business consisting of four clinics across Vietnam. ACC was acquired in 2022 to allow for expansion into chiropractic services and the development of sports medicine.

Expanson work currently underway will extend the cancer centre and introduce a bone marrow transplant unit. The new facilities will also host areas of activity including IVF and dialysis, while extending outpatient services in cardiology, urology, maxillo-facial and gastroenterology.

Quadria claims to have supported FV in expanding its reach, developing new specialities, and attracting top talent. The private equity firm said it helped FV enhance access to care for patients, improve the quality of services provided, increasing patient volume by 20% and increasing the doctor base by 25%.

“The hospital's achievements, such as its state-of-the-art facilities, adoption of cutting-edge technologies, and robust clinical outcomes, are a testament to our collective efforts and commitment to excellence,” Ewan Davis, a partner and head of Southeast Asia at Quadria, said in a statement.

Revenue and profit came to VND 1.9trn and VND 271.4bn (USD 81.5m, USD 11.5m) for the 12 months ended December 2022, according to a filing. Thomson Medical noted that no independent valuation was conducted on the business for the purposes of the acquisition.

Singapore-based Quadria, a healthcare specialist has significant experience in building out hospitals, including Hermina Hospitals, one of the largest hospital chains in Indonesia, and Singaporean medical centre operator MWH Holdings. It is currently raising its third flagship fund with a target of USD 880m.

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• Topics
• Southeast Asia
• Healthcare
• Trade sale
• Vietnam
• Quadria Capital