TPG Capital Asia yesterday announced that it has fully acquired Healthscope's Asian pathology laboratories, including Singapore's Quest Laboratories, for a total of A$279 million (S$279 million).
Healthscope - an Australian private healthcare provider listed on the ASX - had 39 pathology laboratories across Singapore, Malaysia and Vietnam.
In Singapore and Vietnam, these laboratories operate under the brand Quest Laboratories, while in Malaysia, they are known as Gribbles Pathology.
Healthscope's Asian pathology operations had contributed Ebitda - a measure of operating profit - of A$18.2 million last year and A$9.6 million in the first six months of this year.
In Singapore, Quest Laboratories serves specialist doctors, general practitioners, as well as integrated healthcare providers with a full suite of laboratory tests.
"The healthcare sector is one of TPG's key investment areas and we look forward to leveraging Quest's core competencies to grow our pathology business across South-east Asia," said TPG senior adviser and incoming chairman of Quest Laboratories Richard Seow.
Quest's main laboratory in Singapore spans over 25,000 sq ft and has the largest fully automated sample management system in Singapore.
Its satellite laboratories in Paragon Medical, Thomson Medical Centre and Novena Medical service the key private hospitals, medical centres and specialist clinics.