HMI Group Strengthens Specialist Offering, Acquires Majority Stake in Eagle Eye Centre

25 January 2022 | Tuesday | News

- The acquisition bolsters HMI Group's offering of complete one-stop healthcare services and capabilities to patients in Singapore and the region - The partnership strengthens HMI Group and EEC's market position in Southeast Asia, and positions HMI Group for continued growth, synergies, and expansion

Health Management International Pte Ltd (HMI Group), a growing regional private healthcare provider with presence in Singapore, Malaysia and Indonesia, has acquired a majority stake in Eagle Eye Centre Pte Ltd (EEC), the largest private ophthalmology chain in Singapore.

"With our investment, we will partner with EEC and work closely with the EEC doctors to grow the business locally and in the region," said Ms Chin Wei Jia, Group Chief Executive Officer of HMI Group. "This is a significant step in expanding HMI Group's portfolio into the specialist medical services as we strive to provide one-stop healthcare services both within and outside of hospitals."

Founded in 2006, EEC started out as a one-stop specialist eye care facility, and was amongst the first to offer comprehensive ophthalmic care with services in all eye subspecialties under one roof. Today, EEC operates a chain of seven ophthalmology centres in Singapore together with 17 resident eye specialists. EEC offers a full suite of ophthalmic subspecialties including Cornea and Anterior Segment; Ocular Immunology and Uveitis; Cataract; Refractive Surgery; Glaucoma; Medical and surgical Retina; Neuro-Ophthalmology; Paediatrics and Strabismus; and Oculoplastic.

Delivering convenience and value

The EEC acquisition complements the Group's Singapore strategy, which focuses on providing quality and patient-centred healthcare services outside of hospitals that are convenient and delivers value. Furthermore, it will accelerate HMI Group's journey to capture the growing global trend of day surgery procedures, especially in developed markets, as medical skills and technology continue to advance. In Singapore, about 50% of surgical procedures can be performed in day surgery setting.

"With HMI Group's expertise and reach in the region, we will continue to enhance access to high quality healthcare services for the people we serve. Through our investments in non-hospital settings, we are better prepared to deliver care in the future of health. HMI Group has a unique opportunity to use the momentum for change created by the COVID-19 crisis to accelerate the transformation of outpatient care," Ms Chin said. "We will also have the collective experience and extensive track record of Dr Julian Theng, Dr Lim Wee Kiak, and EEC's team of highly skilled sub-specialised ophthalmologists, to provide comprehensive optometric and ophthalmic care. We look forward to supporting EEC's growth ambitions and are excited to welcome the team into the HMI family."

Expanding into specialist eye centres also enhances HMI Group's portfolio of primary care clinics and ambulatory care centres in Singapore. EEC recently built operating theatres and day procedure suites in King Albert Park and Royal Square Novena to perform common day surgery procedures such as Cataract and LASIK procedures outside of a hospital setting. The EEC acquisition is HMI Group's second in 2021. In September, HMI Group acquired a majority stake in OneCare Medical, a chain of 25 primary care clinics in Singapore. Through organic growth and the 2 new acquisitions, HMI Group's EBITDA has grown about 70% since HMI Group de-listed in December 2019 in a management buy-out together with EQT, a global investment firm, to now become one of the largest privately held healthcare providers in Southeast Asia.

"Joining HMI Group presents a strategic opportunity for us to extend our ophthalmic services not just locally but regionally. We are thrilled to have found a purpose-driven, like-minded partner in HMI Group. With a common heart in a patient-centric approach to healthcare, while trusting us to continue leading in the ophthalmic medical management of EEC, our collective aim is to make a positive impact in our communities as we grow together," said Dr Julian Theng, Group Chairman and Medical Director of EEC. "We are optimistic about the further development of our business while tapping on synergies across the Group to better serve our patients."

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