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PROFESSIONAL Services Inc. (PSI), the parent company of The Medical City, announced the completion of a Mandatory Tender Offer on September 20, 2023 by Universal Healthcare Services Pte. Ltd. (UHSPL) and Kambal Health Services Pte Ltd (KHSPL), affiliates of CVC Capital Partners.
Through its affiliates, CVC will own 63.94 percent of PSI. CVC Capital Partners is a leading global private markets manager focused on private equity, secondaries and credit, with $140 billion in assets under management.
The investment alliance between The Medical City and CVC seeks to expand Philippine health care capacity by augmenting resources for its five Philippine hospitals and 60-strong clinic network, the largest in the country.
Chairman Jose Xavier Gonzales, from lead Philippine shareholder Fountel Corporation, welcomed the CVC investment, saying that “More than the capital infusion of P12.7 billion, CVC’s global health care partnerships will facilitate TMC’s own aspirations to move the needle globally in precision medicine, while elevating Filipino health care practice as a true patient partner.”
Brian Hong, Managing Partner for Southeast Asia at CVC Capital, reiterated that, “We are partnering with a management team led by President Eugenio Ramos that built a well-recognized leading brand in the Philippines across the whole spectrum of health care, from hospitals to clinics to the home, manifesting excellence from primary to subspecialty care practice.”
Dr. Alfredo R.A. Bengzon, founding director and former President and CEO, returns as Chairman Emeritus. According to Gonzales, “A joint foundation has been established in his name in partnership with his other legacy institution, the Ateneo School of Medicine and Public Health, to drive much-needed health policy reform and leadership development at the national and local government levels.”
Hong also announced that Margaret A. Bengzon, who contributed to TMC’s growth as a former member of its leadership team, has been engaged to serve as Senior Advisor by its Singapore-based holding company. “Margaret s experience in health care with TMC will be useful as we build our portfolio in the region.”
The Medical City (TMC) is the largest healthcare network in the Philippines under a single brand. Owned and operated by Professional Services, Inc., TMC is composed of a flagship hospital, TMC Ortigas, in Pasig City, Metro Manila; four hospitals in the provinces of Iloilo, Laguna, Pampanga, and Pangasinan; and close to 60 stand-alone clinics nationwide.
PSI subsidiaries include the following: The Medical City Iloilo Hospital, Inc., operating The Medical City Iloilo in Molo, Iloilo City; South Luzon Medical Hospital and Medical Center, Inc., operating The Medical City South Luzon in Santa Rosa City, Laguna; The Medical City Clark, Inc., operating The Medical City Clark in the Clark Freeport Zone, Pampanga; The Medical City Pangasinan, Inc., operating The Medical City Pangasinan in Dagupan City, Pangasinan; Proser Health Services, Inc., operating outpatient ambulatory clinics in Metro Manila, Luzon, and Visayas, under the brand The Medical City Clinic; and Medical Arts Tower Inc., a 19-floor building located in the TMC Ortigas complex. MATI houses close to 300 clinics for doctors affiliated with and accredited by TMC.
TMC is also present in the US territory of Guam, through PSI’s wholly owned and operated Guam Regional Medical City (GRMC), the first and only private hospital in Guam.
PSI and its subsidiaries are collectively referred to as TMC Group.
Image credits: judgefloro via Wikimedia CC0
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