Hong Kong-based private equity firm Templewater is acquiring Luye Medical Group’s IPO-LUEY.SI oncology and cardiology businesses in Singapore, the company said on Tuesday.

Financial terms of the deal were not disclosed.

Templewater said in a statement it will buy OncoCare Medical and Novena Heart Centre from Luye Medical, which is a Pan-Asian healthcare services company.

“This marks an important achievement for Templewater as our inaugural investment in the healthcare sector and our second investment in Southeast Asia,” said Cliff Zhang, founding partner and CEO of Templewater.

OncoCare operates a network of seven clinics in Singapore, while Novena Heart operates three clinics in the city-state and has a team consisting of five cardiologists and a visiting surgeon, according to the statement.

Founded in 2018, Templewater focuses on mid-market control buyout opportunities in Asia Pacific, according to the statement. Besides private equity, it also provides investment services across other asset classes including real estate.

UBS was the sole financial adviser to Luye Medical for this transaction, according to the statement.

Reuters