Seattle healthcare company gets US$101 mn investment, expands in Asia
Columbia Pacific Management, a Seattle-based healthcare company, has received a US$101 million investment from one of the world’s largest trading companies, Tokyo-based Mitsui & Co. Columbia Pacific will use the funds to expand its network of hospitals throughout Asia and continue serving Asia’s rapidly growing middle class.
The company said in 2014 that it was planning to look for a buyer for its Asia branch, Columbia Asia, in the next three to four years as the company expands its network. Mitsui taking an equity stake in the company may be the first step in this expansion.
Columbia Asia has 27 hospitals and one clinic throughout the company’s hospital system, which includes facilities in India, Malaysia, Vietnam and Indonesia. With six more currently under development, the plan is to have 34 hospitals and clinics by 2018.
The sister company, Columbia China, announced in 2014 it was investing about US$200 million in building two new hospitals and also acquired another in Shanghai last year. Columbia Pacific Management says it plans to accelerate those kinds of acquisitions over the next 10 years.
Part of the new Mitsui investment will be used to fund a new clinic in Africa, creating Columbia Africa, the fifth arm of Columbia Pacific Management.
Mitsui & Co. is already a major health care investor in Asia. The conglomerate said it saw tremendous growth potential in the Columbia Asia platform, which is the only health care provider in Asia to operate hospitals in so many countries under a single brand.
With the investment in Columbia Asia, Mitsui will have two seats on the Columbia Asia board of directors and will play a role in the company’s operations. Mitsui plans to expand its hospital business as the core of its health care strategy and will look to form partnerships between Columbia Asia and some of the other health care companies in which Mitsui is an investor.
“We are thrilled to partner with Mitsui and share in its expertise in not just health care operations across Asia but its vast business operations in 65 countries on multiple continents,” said Nate McLemore, managing director Columbia Pacific Management. “Mitsui is one of the most sophisticated and respected investors in the world, and we are proud that the company is part of Columbia Asia going forward.”
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
