As one of the pioneers in the private nursing home industry in Singapore, Econ was founded in 1987 and was one of the leading providers of elderly care in Singapore and Malaysia with over 1,000 beds and market leadership positions in both Singapore and Malaysia. The Company also owned West Point Hospital, the only private hospital in Western Singapore, and also the only hospital licensed by the Ministry of Health to provide both acute and convalescent care in a 24-hour setting.
EQT invested in Econ on the basis of its market leading position, the strong demand in Asia for private elderly care driven by an aging population and changing socio-economic dynamics and Econ's high care quality. During EQT's ownership, Econ expanded its operations in Malaysia via the addition of a new nursing home in Taman Perling. Econ also maintained its leadership position in Singapore with stable topline growth and being a regular winner at the annual Asia Pacific Eldercare Innovation Awards.
EQT, together with its co-investors, sold their combined 49% stake in Econ EQT Investment Pte. Ltd., parent company of Econ, to Mr. Ong Chu Poh, founder of Econ Healthcare. Prior to the transaction, Mr. Ong owned the remaining 51% stake in Econ.
Key events during EQT's ownership
- Expanded Malaysian presence by opening a flagship purpose built 199-bed nursing home in Taman Perling, Johor Bahru, Malaysia in 2014.
- Maintained relatively healthy occupancy levels of above 80% and 90% at Singapore and Malaysian homes respectively, amidst an increasingly competitive market in Singapore.
- Added 90 beds at Buangkok View home (total 296 beds) and successfully renewed lease at Yio Chu Kang home for a further two more years.
- ECONLIFE! Hub won "Best Wellness Programme", while PhysioWorks was a finalist for the "Best Rehabilitation Programme“ at the 3rd Eldercare Innovation Awards 2015.