03/30/2008 11:32 PM | Staff ReportDubai: Dubai International Capital LLC (DIC), the international investment arm of Dubai Holding, on Sunday said, it has acquired of a significant stake in the True Group, a leading provider of wellness services in South East Asia.The investment will support the group’s international expansion drive into new markets.
The True Group was established in 2004 as Singapore’s largest wellness centre at Pacific Plaza in the heart of Singapore’s downtown shopping area.
Following the True Group’s early success in Singapore, the group has expanded rapidly across South East Asia and has become one of the largest fitness, yoga and wellness groups in the region.
Sameer Al Ansari, executive chairman and CEO of DIC, said, “We view this acquisition as an important milestone in the evolution of Dubai International Capital Emerging Markets as it demonstrates our ability to operate even in the most challenging mergers and acquisitions and credit market conditions and reinforces our position as a partner of choice for such well-run businesses.”
DIC’s investment in the True Group will enable further growth of the group’s operations throughout South East Asia, the Indian subcontinent and the Middle East.
Patrick Wee, Founder and CEO of the True Group commented, “This collaboration makes it possible to grow to 100 centres in the next 5 years across new territories.”
Healthcare: Euromedic bid
Dubai International Capital (DIC) and private-equity firm Bridgepoint plan to bid jointly for healthcare group Euromedic International for about £700 million ($1.4 billion), the London Times said on Sunday.
DIC and Bridgepoint hired UBS AG to advise on an approach for the European firm, which is owned by private-equity house Warburg Pincus, the newspaper reported, without citing anyone.
DIC and Bridgepoint already have a relationship in the healthcare sector after Bridgepoint sold Britain-based Alliance Medical to DIC for Â£600 million last year.