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Clearbridge Health acquires 85% stake in medical aesthetics clinic for S$5.5m
CLEARBRIDGE Health, the medtech investor formerly known as Clearbridge Accelerator, has paid S$5.5 million for an 85 per cent stake in two companies which collectively operate a medical aesthetics clinic in Tanjong Pagar.
Called Medic Surgical and Medic Laser, the two firms run a clinic named "Medic Surgery and Laser Clinic".
Of the S$5.5 million, S$2 million will be paid in cash and S$3.5 million will be satisfied by the issuance of 6.3 million new Clearbridge shares.
"The acquisition ... will allow us to tap the strong and growing demand for medical and aesthetics services in Singapore, and is in line with Clearbridge's growth strategy to acquire profitable and cash-generating businesses," said Jeremy Yee, executive director and chief executive of Clearbridge.
"We expect the acquisition to generate significant cost synergies and economies of scale as we will be able to deploy other wellness products and laboratory testing services within the group through the expanded network of clinics in Singapore, especially in the area of medical aesthetics."
Clearbridge now owns two medical centres/clinics in Singapore and one medical centre/clinic each in Hong Kong and the Philippines.