SINGAPORE – July 12, 2023. Quadria Capital (“Quadria”), one of Asia’s leading healthcare-focused private equity firms, announced today that, through an affiliated entity, it has entered into a definitive agreement for the sale of 100% of its interest in FV Hospital (“FV”) to Thomson Medical Group for a total consideration of up to USD381.4 million, marking the country’s biggest healthcare transaction to-date and Southeast Asia’s largest healthcare acquisition since 2020.
Quadria Capital invested in FV in 2017 with the vision to transform the hospital into a leading multidisciplinary tertiary care provider in Vietnam. Over the years, Quadria has supported the hospital in expanding its reach, developing new specialties, and attracting top talent to provide world-class treatments to over 250,000 patients annually. Today, with 1,600 full-time staff comprising over 200 doctors, FV Group provides patients with an extensive clinical offering across 36 medical specialties.
Through Quadria’s partnership, FV has developed several leading Centres of Excellence in specialties such as Oncology, Cardiology, Gastroenterology and Ophthalmology among others. FV’s Hy Vong Cancer Centre, one of the most advanced cancer centres in Southeast Asia, underwent an upgrade in 2018, which equipped the centre with a state-of-the-art Linear Accelerator, CT simulations, and the latest generation of spectrophotometer systems, facilitating access to the most advanced treatment plans. A strategic partnership with HealthCare Global Enterprises (HCG), the largest oncology provider in India, has enabled FV to further enhance its use of therapeutic technology and provide training to doctors, nurses and technicians, which has significantly improved clinical outcomes. Since 2018, the Hy Vong centre has provided treatment to over 35,000 cancer patients.
Ewan Davis, Partner and Head of Southeast Asia at Quadria Capital, said: “At Quadria Capital, we believe that an impact-driven approach is fundamental to our success in building meaningful businesses and delivering superior financial returns, and we are thrilled to have been able to deliver on both fronts with FV Hospital. We are privileged to have been a part of FV’s growth story, contributing to the advancement of healthcare services in Vietnam. The hospital’s achievements, such as its state-of-the-art facilities, adoption of cutting-edge technologies, and robust clinical outcomes, are a testament to our collective efforts and commitment to excellence.”
Dr Jean-Marcel Guillon, Founder and CEO at FV Hospital, said: “We would like to express our appreciation for the support and collaborative partnership we have had with Quadria. Together, we have embarked on a journey that has helped propel FV to its current position as a leading healthcare provider in Vietnam. With the support of Thomson Medical moving forward, I am incredibly excited for the next phase of FV’s growth journey. Together, we will continue to chart a path of continued success and shape the future of healthcare in Vietnam.”
Quadria has developed a proprietary Impact Measurement and Management (IMM) framework to fully integrate ESG and impact into its portfolio management process – from origination to exit. The framework is aligned to some of the globally recognised frameworks, metrics and best practices, and helps articulate the impact thesis by generating an impact score card at the pre-investment stage and integrating impact at the ownership and exit stages.
Through Quadria’s active engagement, FV enhanced access to care for patients and improved the quality of services provided by increasing patient volume by 20% and doctor base by 25%. During the COVID-19 pandemic, FV played a critical healthcare role in the local communities, performing more than 75,000 PCR tests and administering over 95,000 vaccines.
FV has strengthened its ESG management systems and processes over time, and has taken steps to manage its environmental sustainability by focusing on energy management, waste management, and water management initiatives.
The proposed transaction remains subject to shareholder and regulatory approval. Assuming all conditions are met, the transaction is expected to close later this year.
Citigroup Global Markets Singapore Pte. Ltd and Freshfields were advisors on the transaction.
About Quadria Capital
Founded in 2012, Quadria Capital is an Asia healthcare-focused private equity firm with assets under management of over US$3.4 billion, maximising returns by investing in the high growth healthcare sector of some of the world’s fastest-growing economies in South Asia and Southeast Asia, including Healthcare Delivery, Life Sciences, Medical Technology and Associated Healthcare Services subsectors. The firm aims to create significant and sustainable shareholder value by supporting strong, professionally run, stable and scalable healthcare organisations to address the critical and undersupplied healthcare needs in Asia.
About FV Hospital
FV was founded by Dr. Jean-Marcel Guillon in 2003 with a specialist team of French physicians who shared a vision of bringing world-class healthcare to Vietnam. Located in Ho Chi Minh City, FV provides a clinically perfected, standardised approach to treatment protocols through its Centres of Excellence in areas such as oncology, cardiology and gastroenterology. It is the first JCI accredited hospital in South Vietnam, which it received for the third time in 2022. FV is known for its international standard of care, commitment to clinical quality and patient service.
Investor Relations Contact
Gerald Ng, Head of Investor Relations