Singapore's Quadria sells Vietnam healthcare, would invest upto $155 million in India

Asian healthcare buyout firm Quadria Capital said on Wednesday it was selling a Vietnamese healthcare firm to Singapore's Thomson Medical for $381.4 million and would invest up to $155 million in India's Maxivision Eye Hospital.

"We believe an impact-driven approach is fundamental to our success in building meaningful businesses and delivering superior financial returns," said Ewan Davis, partner and head of Southeast Asia at Singapore-based Quadria Capital.

Details of the investment

It said it had agreed to sell its interest in Far East Medical Vietnam Ltd to Thomson Medical in what it called Vietnam's biggest healthcare transaction and Southeast Asia's largest such acquisition since 2020.

Quadria invested in the Ho Chi Minh City-based firm in 2017. Far East Medical's healthcare facilities in Vietnam include FV Hospital in Ho Chi Minh City and a network of primary and specialist clinics, Thomson Medical said.

In a separate statement Quadria said it would make an initial investment of about $75 million for a minority stake in Maxvision, and a further investment of up to $80 million for more equity, but did not provide a timeline.

The investment aims to "support Maxivision's ability to scale and serve the growing demand for eye care in India," it added, particularly in smaller cities still under-served by eye care providers.

Maxivision offers eye care services to more than 5 million patients in 42 centres across six states in India's south and west, Quadria said.

Founded in 2012, Quadria has assets under management in excess of $3.4 billion and invests in healthcare in south and southeast Asia.

Its portfolio includes Vietnam's mother-and-baby retail network Con Cung and India-based topical drugs maker Encube Ethicals, its website shows.

Singapore-listed Thomson Medical said its proposed acquisition of Far East Medical would enable it to enter Vietnam's growing private healthcare market.