Novamed Expands Portfolio Through CHS’ Acquisition of Medical Associates Hospital
KINGSTON, Jamaica – Novamed Inc. has acquired Medical Associates Hospital through a St. Lucian vehicle known as Caribbean Health Systems (CHS) in partnership with First Rock Capital Holdings. This follows Novamed’s acquisition of the adjoining Knutsford Court Hotel, now rebranded ‘Summit’.
The shareholders of CHS on record are Novamed Inc, First Rock Real Estate Investments and Health Ventures Limited, with financing of the acquisition secured by Roots Investing. The group intends to transform private health care in Jamaica with massive expansion plans slated for the 64-year-old Hospital.
Medical doctor and businessman, Dr David Walcott, has been appointed the role of Executive Co-Chair and Managing director of Medical Associates Hospital, making him the youngest person to serve as Chair of a medical hospital in Jamaica. He is accompanied by Primary Care and Diabetology Medical Doctor, Dr Michael Banbury who was also appointed Co-Chair. Directors include Kirk-Anthony Hamilton, Kevin Donaldson, Ravi Rambarran, Ryan Reid and Douglas Halsall.
Dr Walcott joins Medical Associates as an accomplished medical doctor, businessman and investor. “I’m honoured to be part of a team leading this outstanding institution and hope to prudently steward the organisation towards greater heights of performance, purpose and patient-centred care,” Dr Walcott said.
Co-Chair Dr Michael Banbury
He will lead Medical Associates’ board of directors alongside primary care and diabetology medical doctor, Dr Michael Banbury who was also appointed co-chair. “I am pleased to be returning to Medical Associates as Co-Chairman. The hospital has tremendous potential for significant growth and expansion, and I am confident that the CHS team will make this a reality,” commented Dr. Banbury.
Novamed, which is the lead shareholder in CHS, is a healthcare and real estate investment firm designed to drive the adoption of world-class healthcare services and transform urban real estate throughout the Caribbean. Novamed has also had an appetite for growth through inorganic means, having taken controlling interest in Windward Medical Centre (InterMed Co) ahead of acquiring its stake in Medical Associates.
Since the acquisition of Windward Corporation, Novamed has led the funding of over $13 million for the facility that primarily serves a low-income community and has packaged over JM$100m towards healthcare in low-income communities. The medical doctor has spoken openly about his eagerness to begin work at Medical Associates. The move secures him another opportunity to develop Jamaica’s existing healthcare practices through knowledge gained over his years of service to both the local and regional industries. The post also allows him to engage fellow board members on innovative first world medical ideas for incorporation into the services offered by Medical Associates.
“Medical Associates has gone through a lot of changes over the past months, and I’m looking forward to helping lead this facility into the future,” Dr Walcott said.
Under the management of CHS, the Kingston-based hospital is slated to be transformed into the Caribbean’s largest private healthcare facility. The full-service healthcare facility is supported by a team of experienced and highly trained consultants, physicians and surgeons.