China’s Cedarlake Huarong invests in Singapore’s Novena Lifecare
Chinese asset manager Cedarlake Huarong Group has made its first healthcare investment in Singapore, injecting an undisclosed amount in Novena Global Lifecare Group. The investment is expected to help Novena Global to expand through organic growth and make acquisitions in China’s fragmented healthcare and aesthetics sector, according to a 2 January announcement. Also, the investment is an initial commitment that is expected to increase as the expansion plan gains momentum.
Founded by former investment bankers and cousins Terence and Nelson Loh, Novena Global is a Singapore-based integrated healthcare and medical aesthetic group with more than 100 points of sales in the region, including Singapore, Hong Kong, Taiwan, Korea, Indonesia, India, Malaysia, China, and also Spain.
Its business targets three key areas, namely preventive care through health screenings, nutrition and supplements; predictive care through DNA testing to identify potential susceptibilities to illness; and rejuvenative care through aesthetic medical services.
In November, the company acquired four eye-care clinics in Singapore and a majority stake in Taiwan’s Hexin Group, which is the third largest healthcare screening provider in Taipei. It is also looking at a listing on the Taiwan Stock Exchange to raise $150 million and use the funds to grow organically and through acquisitions.
The company plans to further expand its chain of clinics in gateway cities in China offering medical aesthetics, stem cell treatments, skin and body care products, health screenings, DNA testing and post-natal care.