Templewater Announces Entering into Definitive Agreements to Acquire OncoCare Medical and Novena Heart Centre

24 October 2023, Singapore
Private Equity

(24 October 2023, Singapore)

  • Templewater to acquire OncoCare Medical (“OncoCare”) and Novena Heart Centre (“NHC”) leading oncology and cardiology private clinic groups in Singapore.
  • Led by Dr. Miah Hiang Tay and Dr. Peter Ang, OncoCare operates a network of seven clinics in Singapore.
  • NHC operates three clinics in Singapore and has a team consisting of five cardiologists and a visiting surgeon.

Templewater, a leading private equity firm specializing in mid-market control buyout opportunities across the Asia Pacific, is pleased to announce today the execution of definitive agreement to acquire OncoCare Medical (“OncoCare”) and Novena Heart Centre ("NHC"), a prominent Pan-APAC healthcare services company.

OncoCare, established in 2007, is a premier private medical oncology clinic group in Singapore, currently operating seven clinics strategically located at renowned hospitals and medical centers. Led by Dr. Miah Hiang Tay and Dr. Peter Ang, OncoCare boasts a network of 13 specialist oncologists, catering to both local and international patients.

NHC, also founded in 2007, is one of the largest multi-disciplinary cardiology groups in Singapore, operating three state-of-the-art cardiology clinics at prime locations in Singapore. With a strong roster of five cardiologists covering most subspecialties, NHC provides comprehensive inpatient and outpatient services.

Cliff Zhang, Founding Partner and CEO of Templewater, expressed his enthusiasm for this milestone acquisition, stating, "This marks an important achievement for Templewater as our inaugural investment in the healthcare sector and our second investment in Southeast Asia. We remain committed to deploying capital into high-quality assets within the region, where we see tremendous value creation opportunities. We express our gratitude to the medical teams at OncoCare and NHC for their unwavering support. We look forward to the opportunity to collaborate with them in order to facilitate the continued expansion and success of these esteemed clinic groups."

Simon Chuk, Partner at Templewater leading the transaction, added, "After an extensive eighteen-month search and evaluation process within the healthcare services space, we are fortunate to have reached agreements with these market-leading providers. We extend our gratitude to the dedicated doctors for their tremendous efforts throughout the negotiation. As an active shareholder, Templewater is committed to supporting the doctors with our capital and resources to facilitate the continued expansion of their practices in the region."

Dr. Miah Hiang Tay, CEO of OncoCare, said, “First of all, on behalf of my team at OncoCare, I would like to thank the seller for their belief in us when they invested in us in 2017. This partnership enabled us to grow to what we are today despite the tough environment when Covid pandemic hit the country. Moving into future with Templewater speaks volumes of our ambition as we target not just to be the biggest and the best oncology group in Singapore but also in the region.”

Dr Kenneth Ng, Founding Partner of NHC, added, “We look forward to partnering with Templewater as we work together to grow and deliver leading edge, world class healthcare to our patients.”



Jason Li

Investor Relations
+852 3187 5000


About Templewater Group

Founded in 2018, the Templewater Group (“Templewater”) is an alternative asset management firm headquartered in Hong Kong. Templewater provides investment solutions to institutions, entrepreneurs, and family offices across various asset classes including private equity, impact investing, and real estate.

Templewater’s private equity strategy focuses on mid-market control buyout opportunities in the Asia Pacific. With a team boasting global direct investments and buyout experience across sectors, Templewater actively partners with management teams to implement value creation tools and best practices, helping portfolio companies achieve their full potential. The firm currently manages capital on behalf of leading institutional investors.

In addition to private equity, Templewater has an impact investing strategy that focuses on growth capital for next-generation decarbonization technologies in the energy transition sector. By building mission-driven companies that deliver attractive financial returns while making positive social, environmental, and technological impact. Templewater contributes to the advancement of sustainable solutions.

To learn more about Templewater, please visit www.templewater.com


About OncoCare

Founded in 2007, OncoCare is one of the largest private medical oncology specialist centers in Singapore with seven clinics located at Singapore's premier hospitals and medical centers. It brings together medical oncologists with various sub-specialty and palliative specialist to provide a one-stop multi-disciplinary services, including diagnosis, cancer treatment, palliative treatment and other professional medical services for local and international patients in Singapore.

To learn more about OncoCare, please visit www.oncocare.sg


About NHC

Founded in 2007, NHC is one of the largest and fastest growing multi-disciplinary cardiology group practices in Singapore with three clinics located at Singapore's premier hospitals and medical centers. With specialists in coronary intervention, heart rhythm management, heart failure, cardiac imaging, and cardio thoracic surgery, NHC offers patients collaborative expertise within the same practice which ensures the best possible care and outcome for patients.

To learn more about NHC, please visit www.novenaheartcentre.com.sg

Contact Us

Thank you for getting in touch,
we always try our best to respond as soon as possible,
you can expect a reply in at most 48 hours
Please try again! Something went wrong while submitting the form.