Clermont Group

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Clermont Group
Company typePrivate
IndustryPrivate equity
PredecessorSovereign Global
Founded2006 (2006)
FounderRichard Chandler
Headquarters
Singapore
,
Singapore
ProductsInvestments, Healthcare, Private equity, Public equity
Number of employees
55
Websitewww.clermont.com/home

The Clermont Group is a Singapore-based conglomerate that includes both operational businesses and financial investments. Headed by founder and chairman, Richard Chandler, Clermont was established in 2006 following the demerger of the (US$6 billion NAV) investment portfolio Chandler held with his brother, Christopher, which had operated as Sovereign Global since 1986.[1]

Richard Chandler has a long history of advocating for corporate governance, and has compiled his corporate governance principles in his publication, Goodness of Business.[2]

Introduction[edit]

The Clermont Group has two divisions – Clermont Holdings and Clermont Capital.

Clermont Holdings builds operating businesses in healthcare, financial services and technology.

Clermont Capital seeks opportunities in public and private equity markets, combining value investing with identifying economic cycles, often investing in volatile markets.

In 2018, the Clermont Group opened a new office in Ho Chi Minh City. The chairman and Founder of the Clermont Group, Richard Chandler, met with the Deputy Prime Minister of Vietnam in December 2018 to discuss areas for co-operation in developing financial services businesses within the country.[3]

Clermont Holdings[edit]

Clermont Holdings includes wholly owned subsidiaries and significant minority holdings.

Healthcare[edit]

Hoàn Mỹ Medical Corporation, Vietnam[edit]

Hoàn Mỹ Medical Corporation is the largest private healthcare group in Vietnam, comprising 14 hospitals and six clinics, and was acquired by Clermont in 2013.[4][5] Substantial investment, extensive training, enhanced operational procedures and the acquisition of leading-edge medical equipment has since transformed Hoàn Mỹ.[citation needed]

Older facilities have been upgraded, new wings have been built and clinical standards have been raised. Hoàn Mỹ's hospitals are now recognized as among the best in their respective provinces. Further hospitals have been acquired and integrated into the group.[6][7]

Operating procedures have been standardized to ensure consistent service and treatment quality throughout the network. The group has been recognized by the industry and Government for its achievements. Hoàn Mỹ was awarded 'Vietnam Hospital of the Year' by Frost & Sullivan in 2016 and 2017[8] and received ‘Third Class Labour Medal’ from the President of Vietnam in 2017.[9][10][11]

The Medical City, The Philippines[edit]

The Medical City is a network comprising a healthcare complex, four hospitals and 40 clinics in Manila and in other parts of the Philippines.

The Medical City serves 50,000 inpatients and 500,000 outpatients a year, with a medical staff which includes 1,500 doctors. Its healthcare complex has linked twin towers which house 800 beds and 280 doctors’ clinics.[12]

The Clermont Group has held a significant minority investment in The Medical City since 2013.[13]

magniX, Seattle, USA[edit]

magniX develops and manufactures power-dense, energy efficient electric motors, and is working towards the goal of all-electric aircraft. In 2017, the company launched the magni5, a prototype electric motor capable of creating over five kilowatts of power per kilogram of weight, a ratio that makes it viable for flight, with a max rating of 3,000 rpm. It creates 350-horsepower while weighing just 110 pounds.[14][15][16]

magniX is headquartered near Seattle, USA, and has engineering facilities in Seattle and Australia. magniX has developed proprietary technology in the form of a powerful electrical propulsion system designed for light aircraft. The company plans to unveil a full electric Cessna 208 Caravan by summer 2019.[17] The company flight tested an all electric Cessna 208 in May 2020.[citation needed]

Clermont Capital[edit]

Clermont Capital allocates capital globally to investments in both public and private equities, and has been an active investor in global markets since 1986.[18]

Clermont Capital is an investor in emerging markets. Its predecessor, Sovereign Global, was among the first portfolio investors when Brazil and Russia opened to foreign investment in the 1990s. Sovereign was notable for its corporate governance campaigns promoting greater corporate transparency and minority shareholder rights in Russia and South Korea.[19] One of its largest investments was investing into Japanese bank stocks in the early 2000s. It has also owned stakes in Indian businesses such as Housing Development Finance Corp., India's largest mortgage lender, as well as ICICI Bank and UTI Bank.[20]

In 2017, Clermont invested in ICICI Lombard, along with other investors, Warburg Pincus and IIFL Asset Management. It also invested in Indiabulls Pharmaceuticals, taking a 9% stake.[21][22]

OakNorth Bank, United Kingdom[edit]

OakNorth is a young UK bank that lends between £500,000 to £30 million to businesses and property developers. The bank gained regulatory approval in early 2015.[23] The bank's fintech platform works by automating the use of the kind of credit analysis normally used for larger corporate loans.[24][25]

In October 2017, OakNorth announced that it had secured investments from The Clermont Group and others which valued the bank in excess of $1bn. The following month, it was announced that GIC, a Singaporean sovereign wealth fund, had also purchased a c.10% stake. The combination of the two investments made it the largest UK fintech raise.[26][27]

In February 2019, it was announced OakNorth has raised $440 million from Japan's SoftBank Vision Fund and the Clermont Group. The financing will be used to expand the bank's SME loan origination and credit capabilities in the US.[28][29][30]

References[edit]

  1. ^ "New Zealander Richard Chandler: Forbes Lister And The Big Player In Equity Markets". International Business Times AU. 18 May 2015. Retrieved 5 December 2018.
  2. ^ "The Goodness of Business" (PDF). www.clermont.com. Retrieved 5 December 2018.
  3. ^ "VN eyes the development of digital banking". vietnamnews.vn. Retrieved 10 April 2019.
  4. ^ "Chandler Corporation Acquires an 80% Shareholding in Vietnam's Hoan My Medical Corporation - Today's Market News (MARKCOMM) News - InvestorPoint.com". www.investorpoint.com. Retrieved 19 February 2019.
  5. ^ antaranews.com. "Chandler Corporation Acquires an 80% Shareholding in Vietnam's Hoan My Medical Corporation". Antara News. Retrieved 19 February 2019.
  6. ^ "Hoan My strikes new M&A deal". vneconomictimes.com. Retrieved 5 December 2018.
  7. ^ "Vietnam: ACV to offload 7.4% to French airport; Hoan My buys Vinh Hospital". DealStreetAsia. Retrieved 5 December 2018.
  8. ^ "Hoan My's 20th Anniversary Celebrations". Hoan My Medical Corporation.
  9. ^ "Asia's Best-in-Class Companies Celebrated at the 2017 Frost & Sullivan Asia-Pacific Best Practices Awards". Frost & Sullivan. 5 October 2017. Retrieved 5 December 2018.
  10. ^ "Hoan My committed to improving healthcare quality in Vietnam - Hoan My committed to improving healthcare quality in Vietnam - News from Saigon Times". english.thesaigontimes.vn. Retrieved 5 December 2018.
  11. ^ "Serving Community Engagement - We Work With Our Heart". Hoan My.
  12. ^ City, The Medical. "The Medical City | Where Patients are Partners". The Medical City. Retrieved 5 December 2018.
  13. ^ "New Zealander Richard Chandler: Forbes Lister And The Big Player In Equity Markets". International Business Times AU. 18 May 2015. Retrieved 5 December 2018.
  14. ^ "MagniX Motor High Power, Torque Density, MagniAlpha Sucperconducting". Sustainable Skies. 18 May 2018. Retrieved 5 December 2018.
  15. ^ Bogaisky, Jeremy. "MagniX Takes Step Toward Giving Small Workhorse Planes An Electric Makeover". Forbes. Retrieved 5 December 2018.
  16. ^ Stewart, Jack (27 September 2018). "A Better Motor Is the First Step Towards Electric Planes". Wired. ISSN 1059-1028. Retrieved 5 December 2018.
  17. ^ "magniX trials electric motor with propeller on Cessna aircraft". Aerospace Technology. 27 September 2018. Retrieved 5 December 2018.
  18. ^ "Clermont Group". www.clermont.com. Retrieved 5 December 2018.
  19. ^ "Christopher Chandler". Forbes. Retrieved 5 December 2018.
  20. ^ "Secrets of Sovereign". Institutional Investor. 16 March 2006. Retrieved 5 December 2018.
  21. ^ "Fairfax sells 12% stake in ICICI Lombard to Warburg Pincus for Rs 2,473 cr". Business Standard India. Press Trust of India. 28 May 2017. Retrieved 5 December 2018.
  22. ^ "NZ billionaire backs Indiabulls Pharma - Times of India". The Times of India. 5 December 2017. Retrieved 5 December 2018.
  23. ^ "New UK bank, Oaknorth, goes public on core system choice". IBS Intelligence. 22 October 2015. Retrieved 5 December 2018.
  24. ^ Megaw, Nicholas (21 March 2018). "OakNorth becomes first UK digital bank to report annual profit". Financial Times. Retrieved 5 December 2018.
  25. ^ "British bank OakNorth valued at $2.3 billion in funding round". Reuters. 6 September 2018. Retrieved 5 December 2018.
  26. ^ Williams-Grut, Oscar. "Entrepreneur-focused bank OakNorth hits 'unicorn' status in funding deal". Business Insider. Retrieved 5 December 2018.
  27. ^ "Singapore's GIC takes 90 million pound stake in Britain's OakNorth..." Reuters. 3 November 2017. Retrieved 5 December 2018.
  28. ^ "UK's OakNorth targets U.S. after $440 million SoftBank cash injection". Reuters. 8 February 2019. Retrieved 10 April 2019.
  29. ^ "OakNorth raises $440 million from SoftBank and Clermont". TechCrunch. Retrieved 10 April 2019.
  30. ^ Browne, Ryan (8 February 2019). "SoftBank invests in UK fintech OakNorth, giving it $2.8B valuation". www.cnbc.com. Retrieved 10 April 2019.
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