Altair Capital, the ASEAN affiliate of Japanese buyout firm Polaris Capital Group, has picked up a significant minority stake in Singapore-based multi-disciplinary private specialist healthcare group Beyond Medical Group.
Financial details of the transaction were not disclosed. This is the eighth investment from Altair Capital’s inaugural $100-million fund.
The firm typically writes cheques of up to $25 million, according to Altair Capital partner Gary Ng.
Founded in 2013, Beyond Medical has 16 centres in Singapore across various specialties such as cardiology, gastroenterology, orthopedics, urology, and plastic surgery, according to a statement.
“The driving force behind this transaction is growth. This is an opportunity to create value by combining Beyond’s competitiveness and strengths in the healthcare services space with Altair’s knowledge and depth of expertise in strategic management within the Southeast Asia landscape,” said Ivan Lee, chairman of Beyond Medical Group, adding that the company will expand into more services for multiple specialist offerings.
“We believe that Beyond can expand beyond specialist care services to become an integrated healthcare provider,” said Ng.
From five clinics a few years ago, Beyond Medical’s growth has demonstrated a strategy that fits into Altair Capital’s investment theme, Ng told DealStreetAsia. The progress of the business is also buoyed by an aging population in Singapore and increased spending on healthcare in the country, he added.
Prior to Beyond Medical, Altair Capital invested in a contract manufacturer of personal and home care products. Other portfolio companies include operating and investment platform Xcelerate, automotive marketplace Carro, grocery retail store chain TF Value Mart, engineering and construction group TEE International, automobile auction services provider Motto, and print media solutions provider PrintLab which the private equity firm exited in 2019.
Altair Capital does both buyout and significant minority investments across Southeast Asia. Ng told DealStreetAsia in 2020 that the firm had closed its debut ASEAN fund at around $100 million.