Bain, KKR, KV Asia shortlisted for Malaysia’s Avisena Healthcare stake sale as valuation hits US$368 million: sources

[SINGAPORE] Bain Capital, KKR and KV Asia Capital have been shortlisted to buy a minority stake in Avisena Healthcare in a deal that could value the Malaysian healthcare firm at about RM1.5 billion (US$368 million), two people with direct knowledge of the matter said.

Binding bids are due by the end of July, the people said, asking not to be named publicly because the talks are private. The stake on offer is about 20 to 25 per cent, worth about RM300 million to RM400 million, they added.

KKR and Bain are among the world’s largest global investors. KV Asia is a South-east Asia-focused private equity firm that invests in mid-sized companies across the region.

The deal comes as healthcare assets in South-east Asia draw strong investor interest due to rising incomes, ageing populations and growing demand for private medical care.

Malaysia’s Sunway Healthcare raised RM2.9 billion in an initial public offering this year, the country’s biggest listing in nine years. TPG has hired banks to explore options for Asia OneHealthcare, including a potential sale or IPO.

KKR and Bain declined to comment. Avisena and KV Asia did not immediately respond to requests for comment.

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Avisena Healthcare began as a small medical facility in Shah Alam in 1996. It later became DEMC in 2001 before a 2018 rebranding, and it now includes Avisena Specialist Hospital, Avisena Women’s & Children’s Specialist Hospital and Avisena Renal Care, according to its website.

Avisena serves more than 250,000 local and international patients a year, has five medical facilities and more than 75 resident specialists across 60 specialty areas, its website showed. REUTERS