IMC PE unit invests in Singapore's Q&M Dental
Heritas Helios Investments (HHI), a healthcare PE fund seeded by Singaporean conglomerate IMC, has acquired a 10% stake in Q&M Dental Group from existing shareholders for S$30 million ($24 million).
Q&M will issue 63 million new ordinary shares to HHI within a two-year option period for a minimum of S$0.48 apiece, according to a statement.
Some of Q&M's major shareholders have agreed to make a partial exit to the private equity fund. They include Quan Min Holdings, which is Q&M's controlling shareholder.
The strategic partnership enables Q&M to leverage IMC's strong presence, experience and resources in the region to achieve further growth in Singapore, Malaysia and China, said Chin-Siau Ng, the company's CEO.
Founded in 1996, Q&M has 51 dental clinics, five dental centers and one mobile clinic in Singapore. The firm, which already operates clinics in Shanghai and Malaysia, is building its presence in overseas markets. It has so far invested in two healthcare groups in China.
IMC has interests spanning industrial supply chains, offshore oil and gas services, financial services, lifestyle-real estate and social entrepreneurship. The healthcare vehicle is managed by Heritas Capital Management, a corporate investment arm owned by IMC.
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