EQT Partners invests in China Healthcare
EQT Partners has teamed up with the founder of China Healthcare and put in a cash offer to take the Singapore-listed company private. The deal values China Healthcare at S$80.4 million ($64 million).
The joint venture, namely Econ EQT Investment, is 51%-owned by Econ Investment Holdings, a holding company controlled by founder Chu-Po Ong. The remaining 49% is held by Hemma Holding, an EQT Partners subsidiary.
Econ EQT, which already owns 71.15% of China Healthcare, has offered to pay S$0.28 per share for the outstanding equity, according to a statement filed with the Singapore Stock Exchange.
China Healthcare owns and manages medicare centers and nursing homes in Singapore and Malaysia. In China, the group has a strategic 35% stake in an associate company that manufactures hospital equipment, exporting to more than 400 cities worldwide.
In Singapore, EQT last year invested in Classic Fine Foods through its EQT Greater China II fund, which launched in 2006 and has committed capital of $545 million. The private equity firm bought a 96% stake in the multinational importer and distributor of gourmet foods from London-based Vestey Group, with company management holding the remaining 4%.
EQT has raised nearly EUR18 billion ($23.7 billion) since its establishment and invested more than EUR10.8 billion in around 100 companies and exited close to 50. The private equity firm closed its sixth European buyout fund at EUR4.75 billion last October, with Asia Pacific LPs accounting for nearly one quarter of the capital, up from just 5% in the previous vehicle.
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