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KV Asia exits Singapore nursing home business

30th April,

KV Asia Capital has exited its 100% interest in Singaporean nursing home services provider Orange Valley Healthcare to a local media company for about S$164 million ($117.5 million).

The private equity firm acquired Orange Valley in 2014 for an undisclosed sum. According to a statement from the buyer, Singapore Press Holdings (SPH), the company’s net asset value was S$71 million as of the end of last month. KV Asia’s debut fund, which closed at $263 million in 2013, aimed to write equity checks of $25-75 million.

“Orange Valley has been providing Singaporeans with a one-stop comprehensive eldercare service for more than 20 years,” Karam Butalia, executive chairman of KV Asia, said in a separate release. “We trust that SPH will help solidify its position as the pre-eminent provider of high quality nursing care in Singapore, and bring its holistic and integrated healthcare service to a higher level.”

Founded in 1993, Orange Valley operates nursing homes across Singapore and provides ancillary services, including catering, physiotherapy, rehabilitation and medical equipment supply. It also offers adjacent care services such as home care and respite care. During the KV Asia investment period, its nursing home portfolio decreased from six facilities with about 1,000 beds to five facilities with about 900 beds.

KV Asia was founded in 2010 by Karam Butalia, the former global head of Standard Chartered Private Equity, and Vibhav Panandiker, another SCPE alumnus, but more recently a managing director with J.P. Morgan. The firm focuses on Southeast Asian companies across healthcare, consumer, financial and manufacturing sectors. Recent activity includes the acquisition last year of Malaysian hypermarket chain TF Value-Mart.