30/8/2019 – Singapore Exchange (SGX) Catalist Board-listed healthcare company Clearbridge Health Limited has completed the acquisition of nine dental clinics in Singapore that operate under the brand Dental Focus.
This acquisition plan was first announced in the Singapore Stock Exchange (SGX) on May 24, 2019 whereby Clearbridge has proposed the bid price of S$3.3 million (about US$2.38 million).
It is also the first acquisition deal made after Clearbridge Health had raised S$11.34 million (about US$8.28 million) from a share placement exercise on July 29 that was intended to accelerate its growth plans in Asia’s healthcare market.
Clearbridge focuses on the delivery of precision medicine in Asia. The firm offers healthcare and healthcare-related services through its regional network of medical centres, clinics and medical healthcare systems. Its portfolio company currently include Biolidics Limited, Singapore Institute of Advance Medicine Holdings, among others.
Following the deal, Clearbridge will hold the majority stake of 51 percent in the 9 dental clinics while founder Joseph Seow Kok Siam will own the rest. But aside from the majority ownership, Clearbridge will also hold the first right of refusal to acquire the remaining six clinics, as well as ancillary dental service providers.
According to the company’s announcement in May, Dental Focus clinics were expected to have around US$1.9 million of aggregate book value and net tangible assets, in addition to US$800k of net profit. These valuations were based on the unaudited management accounts of those nine clinics.
With the addition of Dental Focus under Clearbridge’s portfolio companies, executive and CEO Jeremy Yee expects that it will further strengthen its medicine platform in Asia as well as bring a positive impact on the company’s financial performance by the end of 2019.
Moreover, the dental clinics may also help Clearbridge target more patients and accelerate the adoption of precision medicine. Yee added.