Malaysia's Ekuinas makes healthcare investments
Ekuinas, a private equity firm backed by the government of Malaysia, has invested a total of MYR79.8 million ($18.1 million) in two companies that support the healthcare sector.
The investment in MediExpress Group and PMCare gained Ekuinas a 60% stake in each company, according to a statement. Ekuinas plans to merge MediExpress and PMCare under a single holding company, and to assist the companies with the development of a technology platform to help with regional expansion.
Both companies operate in the third-party administrator (TPA) sector, processing medical claims for consumers, health organizations and payment providers. MediExpress primarily serves insurance companies and small to medium enterprises, while PMCare focuses on larger corporate clients.
This is the first investment by Ekuinas in the healthcare sector. The firm has identified the sector as one of its six targets for investment, and hopes that by combining MediExpress and PMCare it can create the biggest TPA provider in Malaysia and capture 40% of the market in the country.
Ekuinas pursues growth capital and buyout opportunities across a range of sectors, including consumer products and services, and educational services. Last year the firm paid a total of MYR124 million to acquire mobile payment platform Tranglo and private school chain Tenby Educare. It also restructured its food service portfolio, exiting its stake in the Burger King franchises for Singapore and Malaysia for MYR74.6 million.
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