TPG Capital Asia, the Asian investment platform of global alternative asset firm TPG, announced that it has completed its acquisition of Quest Laboratories Pte Ltd, one of the leading independent, private medical laboratories in Singapore.
The acquisition forms part of TPG’s A$279 million (S$279 million) purchase of Healthscope Limited’s Asian pathology laboratories in 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”.
“We are pleased to complete the acquisition of this premier laboratory-of-choice to private healthcare practitioners and patients in Singapore. 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 Southeast Asia,” Richard Seow, TPG Senior Advisor and incoming Chairman of Quest Laboratories, said.
Quest Laboratories is the first full-service private laboratory to be dually accredited by the College of American Pathologists and the Singapore Accreditation Council.
The company serves specialist doctors, general practitioners, as well as integrated healthcare providers with a full suite of laboratory tests.
Its main laboratory in Singapore, which spans over 25,000 square feet, has the largest fully automated sample management system in Singapore with the capability to provide consistently accurate and reliable results.
Quest’s satellite laboratories located in Paragon Medical, Thomson Medical Centre and Novena Medical service the key private hospitals, medical centres and specialist clinics.
In Vietnam, Quest Laboratories operates two laboratories in Ho Chi Minh City in a women’s and children’s private hospital and in the central urban district.
TPG’s investment in Quest Laboratories builds on the firm’s strong healthcare foundation in Asia and across the globe. It is also a result of the firm’s global interest in the sector, accompanied by deep expertise and geographical exposure, having invested across a range of businesses—from pharmaceutical companies to healthcare services.
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Investments in Asia have included Manipal Hospitals in India, United Family Healthcare in China, Novotech and Healthscope in Australia, and the Jetanin Institute for Assisted Reproduction in Thailand.
TPG’s latest investment in Quest Laboratories comes alongside its investments in businesses that are headquartered out of Singapore including PropertyGuru, TE Asia Healthcare, and Parkway Holdings (now part of IHH Healthcare). – AsiaPEVC.com