Indonesia: Quadria takes stake in Medikaloka Hermina

Quadria Capital, an investment fund providing growth capital to middle-market healthcare companies in south and southeast Asia, has taken a stake in Medikaloka Hermina, one of the largest private hospital groups in Indonesia.

Financial terms have not been disclosed.

This is Quadria’s third investment from its fourth investment vehicle, Quadria Capital Fund II.

“Hermina represents a great opportunity for Quadria to work with the leading hospital network in Indonesia,” said Quadria managing partner and co-founder Amit Varma.

“The management team and the medical professionals in Hermina have done a tremendous job in building a market-dominant platform. We look forward to bringing our network and expertise to transform Hermina into Indonesia’s largest multi-speciality care network.”

Founded in 1985 as a single maternity hospital with seven inpatient beds the group is now present in 26 cities. Hermina hospitals serve over 6 million outpatients and 375,000 inpatient admissions annually.

Hermina is amongst the earliest adopters to Indonesia’s universal healthcare coverage roll-out (JKN scheme administered by BPJS), with all of its hospitals participating in JKNs and half of its revenue comes from JKN patients.

The group IPOed in May 2018. It priced its Rp1.96bn (US$141 million) IPO at Rp5,000 per share guidance. Citigroup, Credit Suisse, DBS and Mandiri managed the deal. They were last seen at Rp3,160.