Clermont Group

The Clermont Group is a Singapore-based conglomerate with interests in many parts of the world, and 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]

Clermont Group
Private
IndustryPrivate equity
PredecessorSovereign Global
Founded2006 (2006)
FounderRichard Chandler
Headquarters
Singapore
,
Singapore
ProductsInvestments, Healthcare, Private equity, Public equity
Number of employees
6000
Websitewww.clermont.com/home

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

Introduction

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

Clermont Holdings includes wholly owned subsidiaries and significant minority holdings.

Healthcare

Hoàn Mỹ Medical Corporation, Vietnam

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.

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]

Hoàn Mỹ serves almost 4 million patients per year. Its medical and its support staff are trained to deliver a strong sense of community care throughout each and every facility. Hoàn Mỹ's motto is Tận tâm chăm sóc, meaning “Care With Heart”.[12]

The Medical City, The Philippines

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.[13]

The Clermont Group has held a significant minority investment in The Medical City since 2013.[14]

magniX, Seattle, USA

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.[15][16][17]

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.[18]

Drawing its engineers and designers from technology companies and major aircraft manufacturers, magniX is developing applications for fixed wing, rotary aircraft and VTOL aircraft. The company believes their technology will lead to savings in airline operating costs, and a reduction in noise and air pollution.

Clermont Capital

Clermont Capital allocates capital globally to investments in both public and private equities, and has been an active investor in global markets since 1986.[19]

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.[20] 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.[21]

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.[22][23]

OakNorth Bank, United Kingdom

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.[24] The bank's fintech platform enables lenders to leverage data and artificial intelligence efficiently and economically in the assessment of borrowing proposals from small and medium-sized entities. The platform works by automating the use of the kind of credit analysis normally used for larger corporate loans.[25][26]

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.[27][28]

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.[29][30][31]

Clermont Field Service

The Clermont Field Service Programme matches individuals within Clermont with a ‘mentor’ or ‘champion’ who is making a difference to a philanthropic organisation or initiative. Through the programme, the Clermont associate endeavors to use his or her technical skills to assist, and in so doing, discovers more of the world and gains exposure to new environments and challenges.[32]

Corporate Governance

The Clermont Group has a clearly defined view of corporate governance, a view which has been developed by Richard Chandler, the Group’s Founder and Chairman, and in respect of which he has taken a clear lead. In his publication, Goodness of Business,[2] Chandler writes that:

Capital and investment are the fuel of creative enterprises. The successful allocation of these vital resources assists in financing industry and government, creating employment, reducing poverty, and providing opportunities for individual growth and fulfilment. Investors have a duty of stewardship which requires vigilance in overseeing the companies they own.

— Richard Chandler, "Goodness of Business"

References
  1. "New Zealander Richard Chandler: Forbes Lister And The Big Player In Equity Markets". International Business Times AU. Retrieved 2018-12-05.
  2. "The Goodness of Business" (PDF). www.clermont.com. Retrieved 2018-12-05.
  3. "VN eyes the development of digital banking". vietnamnews.vn. Retrieved 2019-04-10.
  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 2019-02-19.
  5. antaranews.com. "Chandler Corporation Acquires an 80% Shareholding in Vietnam's Hoan My Medical Corporation". Antara News. Retrieved 2019-02-19.
  6. "Hoan My strikes new M&A deal". vneconomictimes.com. Retrieved 2018-12-05.
  7. "Vietnam: ACV to offload 7.4% to French airport; Hoan My buys Vinh Hospital". DealStreetAsia. Retrieved 2018-12-05.
  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. Retrieved 2018-12-05.
  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 2018-12-05.
  11. "Serving Community Engagement - We Work With Our Heart". Hoan My.
  12. "Hoan My medical corporation aim to serve more than 4 million patients in 2018 - Vietnam News | Politics, Business, Economy, Society, Life, Sports - VietNam News". vietnamnews.vn. Retrieved 2018-12-05.
  13. City, The Medical. "The Medical City | Where Patients are Partners". The Medical City. Retrieved 2018-12-05.
  14. "New Zealander Richard Chandler: Forbes Lister And The Big Player In Equity Markets". International Business Times AU. 2015-05-18. Retrieved 2018-12-05.
  15. "MagniX Motor High Power, Torque Density, MagniAlpha Sucperconducting". Sustainable Skies. 2018-05-18. Retrieved 2018-12-05.
  16. Bogaisky, Jeremy. "MagniX Takes Step Toward Giving Small Workhorse Planes An Electric Makeover". Forbes. Retrieved 2018-12-05.
  17. Stewart, Jack (2018-09-27). "A Better Motor Is the First Step Towards Electric Planes". Wired. ISSN 1059-1028. Retrieved 2018-12-05.
  18. "magniX trials electric motor with propeller on Cessna aircraft". Aerospace Technology. 2018-09-27. Retrieved 2018-12-05.
  19. "Clermont Group". www.clermont.com. Retrieved 2018-12-05.
  20. "Christopher Chandler". Forbes. Retrieved 2018-12-05.
  21. "Secrets of Sovereign". Institutional Investor. Retrieved 2018-12-05.
  22. India, Press Trust of (2017-05-28). "Fairfax sells 12% stake in ICICI Lombard to Warburg Pincus for Rs 2,473 cr". Business Standard India. Retrieved 2018-12-05.
  23. "NZ billionaire backs Indiabulls Pharma - Times of India". The Times of India. Retrieved 2018-12-05.
  24. "New UK bank, Oaknorth, goes public on core system choice". IBS Intelligence. 2015-10-22. Retrieved 2018-12-05.
  25. "OakNorth becomes first UK digital bank to report annual profit". Financial Times. Retrieved 2018-12-05.
  26. "British bank OakNorth valued at $2.3 billion in funding round". Reuters. 2018-09-06. Retrieved 2018-12-05.
  27. UK, Oscar Williams-Grut, Business Insider. "Entrepreneur-focused bank OakNorth hits 'unicorn' status in funding deal". Business Insider. Retrieved 2018-12-05.
  28. "Singapore's GIC takes 90 million pound stake in Britain's OakNorth..." Reuters. 2017-11-03. Retrieved 2018-12-05.
  29. "UK's OakNorth targets U.S. after $440 million SoftBank cash injection". Reuters. 2019-02-08. Retrieved 2019-04-10.
  30. "OakNorth raises $440 million from SoftBank and Clermont". TechCrunch. Retrieved 2019-04-10.
  31. Browne, Ryan (2019-02-08). "SoftBank invests in UK fintech OakNorth, giving it $2.8B valuation". www.cnbc.com. Retrieved 2019-04-10.
  32. "Clermont Group". www.clermont.com. Retrieved 2018-12-05.
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