Fortis Global to buy 30% in Aussie firm

Fortis Global Healthcare Holdings will acquire a 30 per cent stake in Australia’s leading dental clinic chain Dental Corporation for about Rs 450 crore.

This is the second acquisition for the company, a family venture of Malvinder Mohan Singh and Shivinder Mohan Singh, the billionaire brothers who own majority stake in India’s second-largest private healthcare provider, Fortis Healthcare Ltd.

The company, set up recently to drive the overseas healthcare expansion plans of the Fortis group, completed the acquisition of Hong Kong-based Quality Healthcare in November.

Malvinder Mohan Singh said the acquisition was in tune with his objective to build a global integrated healthcare platform. Fortis will have two representatives on Dental Corporation’s board and will be part of its expansion plans in Australia and New Zealand.

The company said Fortis will also leverage the competency of Dental Corporation to bring in the concept of dental franchises to India.

Dental Corporation, with annual revenues of over Rs 820 crore, is one of Australia’s fastest-growing companies. Founded in October 2007 to acquire and partner with high-quality general and specialist dental practices, 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, according to a company press release.

Dental Corporation’s business model is focused on providing business administration services, including human resources, accounts payable, payroll, marketing, information technology, finance, supplier relations and operations, enabling each practice to focus on clinical dentistry and patient care.