HC Surgical takes full control of Total Orthopaedics in $16.8M buyout
What's the deal? HC Surgical Specialists has acquired the remaining 65% stake in Total OrthopaedicsDealroom has a profile for this one. Try Dealroom → (TOPL) for US$15.7M, taking the Catalist-listed group to full ownership. It completed the purchase on October 20, buying out TOPL surgeons Benjamin Seah Renyi, Huang Yilun, and Hamid Rahmatullah Bin Abd Razak.
What each side does: HC Surgical, incorporated in 2015, mainly provides endoscopic procedures such as gastroscopies and colonoscopies, plus general surgery with a focus on colorectal cases. It runs 20 clinics across Singapore, while TOPL operates four orthopaedic centres at Novena Medical Centre, Shaw House, Tampines, and Gleneagles Hospital.
Why now? HC Surgical first invested in TOPL in 2023, taking a 35% interest, and its three surgeons joined the group between June 2023 and April 2024. The full buyout deepens a diversification push beyond its core endoscopy and general-surgery business.
The numbers: TOPL posted profit before tax of about US$1.88M and profit after tax of about US$1.63M for the 12 months ended May 31, 2026 — up from US$900.5K the prior year. HC Surgical's share of that profit rose to US$569.8K.
The terms: The group will pay the full sum in cash over seven years, funded through internal resources and bank borrowings.
What could go wrong? The US$15.7M price is a substantial step-up against those earnings, and the value of the orthopaedics business rests on retaining its key doctors and sustaining growth.
The signal: A specialist built on endoscopy is betting on orthopaedics as its next growth leg, consolidating a fast-growing associate into a wholly-owned arm.
Read more: sbr.com.sg
Image credit: ResoluteSupportMedia
