Caribbean Health Systems Limited (CHS) is the new owner of Medical Associates Hospital.
The transaction, which closed recently under a takeover bid, will see CHS taking over the operations of
the private hospital in St Andrew.
CHS is a St Lucian registered entity whose principals are Dr David Walcott, Ryan Reid, Douglas Halsall, Dr Michael Banbury, Kevin Donaldson and Kirk-Anthony Hamilton.
The shareholders of CHS on record are Novamed Inc, First Rock Real Estate Investments and Health Ventures Limited. The group intends to transform private health care in Jamaica with massive expansion plans slated for the 64-year-old hospital.
Walcott, who will lead the hospital as its executive co-chairman and managing director, said: “We see great potential for healthcare in Jamaica and plan to make Medical Associates a national icon of quality healthcare.”
He further added: “We are grateful to be the new owners of this operating asset and hope to prudently
steward the organisation towards greater heights of performance, purpose and patient-centred care”.
Banbury, who was the CEO at Medical Associates for many years and who led its turnaround to profitability, stated: “I am pleased to be returning to Medical Associates as co-chairman. Apart from being situated on very prime real estate, the hospital has tremendous potential for significant growth and expansion, and I am confident that the CHS team will make this a reality.”
The structuring and funding for the transaction was done by Roots Financial Group. The legal advisors to the transaction for CHS was Patterson Mair Hamilton, under Arthur Hamilton and Kimberly House.