Fortis Global Healthcare Holdings Pte Ltd, a company owned by Malvinder Mohan Singh and Shivinder Mohan Singh, has making strategic investment of a A$100 million in Dental Corporation, Australia and New Zealand’s largest operator of dental practices.
Dental Corporation, one of Australia’s fastest-growing companies, was founded in October 2007 to acquire and partner with high-quality general and specialist dental practices. In the past 30 months, the company has enjoyed strong growth fuelled by increasing demand for dental services, a lack of leadership in a fragmented market of more than 10,000 dentists, and Dental Corporation’s successful business model. Dental Corporation’s business model is focused on providing business administration services including human resources, accounts payable, payroll, marketing, IT, finance, supplier relations and operations, enabling each practice to focus on clinical dentistry and patient care.
Consequently, Dental Corporation’s revenue has grown more than fourfold from A$40.3 million in FY08 to A$182.6 million in FY10, despite the global financial crisis. It now owns 135 practices located across Australia and New Zealand. The company was named the winner of the inaugural Business Review Weekly ANZ Award for fastest growing private business (turnover > A$100 million category) in 2009 and was announced as a finalist in 2010.
Malvinder Mohan Singh, executive chairman of Fortis Global Healthcare, said, “Dental Corporation is a premier dental care brand in Australia and in an industry which is highly fragmented and individualistic. Their model of business partnership with principal dentists is a significant point of differentiation driving the success of the business and its rapid growth, while being the most effective way to manage high performing professionals.” He further added “Fortis Global Healthcare is a strategic investor in this business and shall look to contribute to its growth. We believe there are tremendous opportunities for Dental Corporation’s expansion, both in Australia and beyond, and we will support the company’s management and professionals in realising such growth.”
Mark Evans, executive chairman and co-founder of Dental Corporation, said, “The investment by Fortis is a fantastic outcome for our business and follows an extensive process to introduce the best strategic partner with the vision and financial strength to assist us to deliver our long term growth plans. The Fortis investment will allow us to continue to expand in Australia and New Zealand and should present opportunities in Asia through the Fortis network.”
Fortis’ latest acquisition, the second in two months, marks an important step in achieving the Singh family’s vision of creating a premier global healthcare group outside India. In November, Fortis Global Healthcare completed the acquisition of Hong Kong based Quality Healthcare.
Fortis Global Healthcare is the family’s international vehicle, spearheading the creation of a global integrated healthcare platform. It intends to build and aggregate healthcare businesses and assets across all healthcare segments including diagnostics, primary care and hospitals. The objective is to create an integrated healthcare business, leveraging of synergies and scale, driven by quality medical professionals and infrastructure and providing patient-centric care and healing.
In addition to Fortis Global Healthcare, the family also owns a majority stake in the Indian-listed Fortis Healthcare Ltd, a leading hospital chain in India.