(Reuters) – Templewater, a private equity firm based in Hong Kong, announced on Tuesday its acquisition of Luye Medical Group’s oncology and cardiology businesses in Singapore.
The financial details of the deal were not disclosed.
In a statement, Templewater disclosed that it will be purchasing OncoCare Medical and Novena Heart Centre from Luye Medical, a Pan-Asian healthcare services company.
“This is a significant milestone for Templewater, as it represents our first foray into the healthcare sector and our second investment in Southeast Asia,” said Cliff Zhang, the founding partner and CEO of Templewater.
According to the statement, OncoCare currently operates a network of seven clinics in Singapore, while Novena Heart Center has three clinics in the city-state and boasts a team of five cardiologists and one visiting surgeon.
Established in 2018, Templewater primarily focuses on mid-market control buyout opportunities in the Asia Pacific region. In addition to private equity, the firm also offers investment services across various asset classes, including real estate.
UBS served as the exclusive financial advisor to Luye Medical for this transaction, as stated in the press release.
(Reporting by Nilutpal Timsina in Bengaluru and Yantoultra Ngui in Singapore; Editing by Christian Schmollinger and Muralikumar Anantharaman)
