Singapore: Beverly Wilshire Medical Centre finally finds a buyer

In a canny deal to acquire a medical aesthetics group that has long been on the market at a knockdown price, investment holding company JCG Investment is to take a majority stake in Malaysia-based medical aesthetics group Beverly Wilshire Medical Centre for up to M$15.3m (US$3.7m).

Founded in 2012, Beverly Wilshire Medical Centre Group specialises in medical aesthetic treatments. It manages and operates two fully licensed Ministry of Health of Malaysia medical centres and two licensed clinics. It also recently incorporated the Beverly Wilshire Medical Academy and Research Centre (BWARC) which focuses on medical research.

It has been up for sale for at least the past two years. It was originally to be bought by Singapore-listed healthcare company China Medical International (CMIG) in 2017 for S$7m (US$5.1 million). But that deal fell through.

“This acquisition of Beverly Wilshire Medical Centre Group is part of JCG’s overall strategic plan to rebuild our health business,” said JCG interim executive chairman and chief executive Ang Kok Huan “We have always believed that the company has the potential to expand its medical aesthetics and healthcare business as the medical aesthetics and healthcare businesses remains an industry segment in Greater China and Southeast Asia with strong growth potential”.

At the same time, Ng Tian Sang, chairman of Beverly Wilshire Medical Centre Group, will be appointed a non-executive chairman of JCG. He has also committed to subscribe for a private cash placement of up to S$1m into JCG. Howard Ng, his son, will also be appointed an executive director of JCG.