Professional Services Inc. (PSI), the parent company of The Medical City, has announced the completion of a Mandatory Tender Offer on Sept. 20 by Universal Healthcare Services Pte. Ltd. (UHSPL) and Kambal Health Services Pte Ltd (KHSPL), affiliates of CVC Capital Partners.
Through its affiliates, CVC will own 63.94% of PSI, the latter said in a statement. The Medical City, meanwhile, is the largest healthcare network in the Philippines under a single brand.
CVC Capital Partners is a leading global private markets manager focused on private equity, secondaries and credit, with $140 billion in assets under management.
The investment alliance between The Medical City 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.
Chairman Jose Xavier Gonzales, from lead Philippine shareholder Fountel Corporation, welcomed the CVC investment, saying: “More than the capital infusion of Php12.7 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.”
Dr. Alfredo R.A. Bengzon, founding director and former President and CEO, returns as Chairman Emeritus.
According to Gonzales, “A joint foundation has been established in his name in partnership with his other legacy institution, the Ateneo School of Medicine and Public Health, to drive much-needed health policy reform and leadership development at the national and local government levels.”
Brian Hong, Managing Partner for Southeast Asia at CVC Capital, reiterated: “We are partnering with a management team led by President Eugenio 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.”
Hong also announced that Margaret A. Bengzon, who contributed to TMC’s growth as a former member of its leadership team, has been engaged to serve as Senior Advisor by its Singapore-based holding company.
“Margaret’s experience in health care with TMC will be useful as we build our portfolio in the region,” he said.