GLOBAL private markets manager CVC Capital Partners is set to own 63.94% of The Medical City’s (TMC) parent firm after the completion of a mandatory tender offer.
CVC is set to take the controlling stake in Professional Services Inc. (PSI) as its affiliates Universal Healthcare Services Pte. Ltd. and Kambal Health Services Pte. Ltd. completed the tender offer on Sept. 20.
“The investment alliance between TMC and CVC seeks to expand Philippine health care capacity by augmenting resources for its five Philippine hospitals and 60-strong clinic network, the largest in the country,” TMC said in a statement on Wednesday.
The deal is expected to infuse fresh capital into TMC.
“More than the capital infusion of P12.7 billion, CVC’s global health care partnerships will facilitate TMC’s own aspirations to move the needle globally in precision medicine, while elevating Filipino health care practice as a true patient partner,” TMC Chairman Jose Xavier Gonzales said.
CVC is focused on private equity, secondaries, and credit. It has $140 billion in assets under management.
“We are partnering with a management team led by TMC President Eugenio Jose F. Ramos that built a well-recognized leading brand in the Philippines across the whole spectrum of health care, from hospitals to clinics to the home, manifesting excellence from primary to subspecialty care practice,” said Brian Hong, CVC managing partner for Southeast Asia.
TMC claims to be the largest healthcare network in the country under a single brand. Its network consists of TMC Ortigas in Pasig, four hospitals in the provinces of Iloilo, Laguna, Pampanga, and Pangasinan, and about 60 standalone clinics nationwide.
The hospital group also has a presence in the United States territory of Guam through PSI’s wholly owned and operated Guam Regional Medical City, which is said to be the first and only private hospital in Guam. — Revin Mikhael D. Ochave