Jobfit and Fullerton unite to fund major healthcare expansion
Jobfit Health Group is one step closer to becoming Australia's largest occupational healthcare provider with Singapore-based Fullerton Healthcare becoming a major shareholder on 15 October 2013.
The investment provides the capital to bolster Jobfit's expansion plans, which will see its national footprint of 24 centres increase significantly throughout Australia and New Zealand. The partnership also opens the door to the Asian market.
With Fullerton on board, Jobfit is now targeting an annual turnover of $100 million within three years.
Fullerton Healthcare is one of Southeast Asia's leading corporate healthcare providers with a network of 1,600 medical clinics and 600 hospitals. The group provides quality integrated healthcare solutions to over 7,000 businesses and continues to grow their medical networks across the Asia-Pacific region.
Existing shareholder and Managing Director Steven Harvey will lead the expansion, while former shareholder Dr Christopher Kelly will become a non-Executive Director of the group.
The change in ownership structure will not impact on the day-to-day operations and Jobfit will retain its name and brand.
Jobfit Health Group Managing Director, Steven Harvey, said he was pleased to welcome Fullerton Healthcare on board and is excited by the opportunities it delivers for the group.
"Fullerton is a highly regarded healthcare provider in Asia and will provide access to healthcare resources, a significant client base and expertise in Asian markets," Mr Harvey said.
"Despite vast global interest, Fullerton was deemed the most suitable partner for Jobfit due to their enthusiasm to expand into Australia and New Zealand, strategic fit, commitment to high quality healthcare and information technology initiatives, and their entrepreneurship.
With Fullerton's backing, we are now in a unique position to become one of the largest and most trusted providers of occupational healthcare in Australia, New Zealand and beyond, consolidating and expanding our services into all markets to ensure our clients have access to the full suite of medical services."
Fullerton Healthcare Group CEO and co-founder Dr Michael Tan said the group saw huge potential in Jobfit due to its strong business performance and solid leadership.
"The existing Jobfit management team will form part of a growing global management team, with Steve's role set to grow within the Australasian region as he oversees the Australia and New Zealand expansion," Dr Tan said.
"While Australia and New Zealand will remain a key focus, we see a real opportunity to take Jobfit's core services and unique and innovative health technology and professional health services to the Asian region.
"We're very pleased to be a part of this Australian success story and look forward to supporting Jobfit during this next exciting phase."