Templewater, a private equity firm, is buying Luye Medical Group’s oncology and cardiology businesses in Singapore.

The Hong Kong-based firm will acquire OncoCare Medical and Novena Heart Centre, according to an announcement on Templewater’s website on Tuesday (Oct 24) confirming an earlier Bloomberg News report. Financial terms of the deal were not disclosed.

Templewater and Luye Medical were nearing a deal for a 51 per cent stake, valuing the businesses at about S$460 million including debt, people familiar with the matter have said.

“After an extensive 18-month search and evaluation process within the healthcare services space, we are fortunate to have reached agreements with these market-leading providers,” Simon Chuk, the partner at Templewater leading the transaction, said in the statement. The deal is the firm’s first in the healthcare sector and its second in South-east Asia, according to founding partner Cliff Zhang.

Luye Medical is part of Luye Life Sciences Group, which was founded in 1994, according to its website. Luye Medical owns and operates around 30 facilities across Australia, China and Singapore via subsidiaries Luye Medical International and Luye Medical China.

OncoCare is one of the largest private oncology practices in Singapore with seven clinics offering services for cancer patients including radiotherapy, CT scans and MRI imaging, its website shows. Novena Heart Centre offers cardiac services including coronary intervention, heart failure management and cardiac imaging via three clinics in Singapore, according to its website. 

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Templewater was founded in 2018 by Zhang and Investec Group, its website shows. The spin-off of Investec’s Asia principal investments division into Templewater was completed in 2021.

UBS Group was sole financial adviser to Luye Medical on the transaction, according to the statement. BLOOMBERG