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BIZCHINA / Overseas Investment |
Martin Currie, SIG Asia invest $10m in Jiamei DentalBy Hu Yuanyuan (China Daily)
Updated: 2007-08-07 11:19 Jiamei Dental Medical Management Group, the country's largest privately owned chain of dental clinics, got a $10 million capital boost yesterday from private equity firms Martin Currie and SIG Asia. "The money will be used to expand our outlets in the Yangtze Delta, Pearl River Delta and Bohai Bay area," said Liu Jia, chairman of Jiamei Dental. Established in 1993, Jiamei Dental has over 60 clinics in Beijing, Dalian, Shanghai, Shenyang and Nanjing. "We plan to increase our clinics to 100 by the end of this year, and to open another 200 next year," said Liu, adding that most of the new clinics will be in Shanghai, Beijing, Guangzhou and Shenzhen. The company expects to wrap up its second round of capital-raising, targeting a further $40 million, before the year is out, Liu said. "That money will be from another two firms," Liu said, declining to reveal their names. Although Jiamei Dental is reportedly mulling over a listing plan on the NASDAQ, Liu said it doesn't have a timetable for going public. "What we'll do for now is consolidate our resources. When the time is ripe, we will go public." Dental services are expected to be one of the fastest growing chain businesses in the country in the future, after retail and hospitality. As living standards improve, more Chinese want dental check-ups and cosmetic work done. That's creating more demand for dentists - and especially private services. "We invested in Jiamei Dental because of its management team and brand value," said Shifeng Ke, director of Martin Currie, a private equity firm based in Edinburgh, Scotland, managing $28.3 billion. "Most private dental clinics are in the metropolises and key second-tier cities, so they have very low market penetration and that means huge potential," he said. He said the private equity company focuses on China's healthcare services sector, including hospitals and community centers. |
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