By Mar-Vic Cagurangan
Guam Regional Medical City today announced the retirement of its CEO, Alan Funtanilla, while the Guam hospital’s Philippine-based parent company, The Medical City, is expecting an organizational revamp following its acquisition by a Luxembourg-based investment firm.
The Medical City announced this week that CVC Capital Partners Asia V put in a $4.5 billion investment fund and will own at least a 61.71% equity stake in the hospital.
“The aforementioned transactions are for TMC’s Philippine business only,” The Medical City said in an announcement posted on its website.
The Medical City said it expects to distribute all of the equity interests it holds, directly or indirectly, in Guam Healthcare Development Inc. to its existing shareholders.
“The entry of CVC marks a promising new chapter for TMC. In recent few years, TMC, along with the global healthcare sector, has been significantly impacted by a range of challenging factors, including the Covid-19 pandemic, delayed reimbursements from the government, and the public’s apprehension to visit the hospitals,” The Medical City said.
“CVC has a strong track record in investing in healthcare businesses in the region to support their growth strategies, including Phuong Chau International Hospital in Vietnam, HealthCare Global in India, Soho Global Health in Indonesia and Yikang Pharmacy in China," The Medical City said.
The hospital administration said CVC’s investment vehicles, Universal Healthcare Services Pte. Ltd. and Kambal Health Services Pte. Ltd. have expressed their intention to conduct a mandatory tender offer to acquire up to 2,391,789 common shares, or 44.15 percent of the total issued and outstanding common shares, of The Medical City's Professional Services Inc.
It is currently not clear how the CVC acquisition will affect the GRMC.
Located in Dededo, GRMC opened in July 2015 and became the first private hospital in Guam.
In November 2021, GRMC announced that it would be acquired by Blue Continent Healthcare Guam Medical City,
The Guam Healthcare Development Inc. said it has entered into an agreement to sell its physical assets and operations to Blue Continent but the proposed acquisition fell through due to the buyer's inability to sell its bond.
In a press release, GRMC said the announcement of Funtanilla’s successor will be forthcoming soon.
“Mr. Funtanilla has had a remarkable career in healthcare spanning almost 40 years, with nine years of dedicated service to GRMC. He initially served as the chief nursing officer, later became the CEO for the past two years,” GRMC said.
“Under Mr. Funtanilla's leadership, GRMC has consistently delivered high-quality care and patient satisfaction, earning numerous awards for excellence throughout its eight years of operation, including three accreditations and a Gold Seal of Approval for ‘Advanced Primary Stroke Center’ from The Joint Commission, multiple recognitions in stroke and cardiology from the American Heart Association, voted ‘Best Off-Base Medical Service in the Pacific’ in 2022 and 2023 by Stars and Stripes readers, and more,” the Guam hospital said.