BIZ BUZZ: Ares invests in Belo Medical Group
If you’re seeing changes in the look and feel of the Belo Medical Group, you can put it down to the strategic investment in the fast-growing institution made by a private equity fund managed by Ares Management, a leading global alternative investment manager.
Biz Buzz sources say that the fund is looking to acquire a controlling stake in the sprawling group founded in 1990 by Vicki Belo and take it to another level, perhaps even bring its brand of products and services abroad.
The Belo Medical Group, with 14 branches across the country, is acknowledged as a pioneering medical aesthetics center in the Philippines.
READ: Vicki Belo laments friends being bothered by ‘evil scammers’ posing as her
Its brands include Belo Medical Group for medical aesthetics and surgery, Belo Prescriptives for consumer beauty products and Venn Intelligent Aesthetics for the distribution of medical aesthetic products and devices.
Carmina Mancenon-Wilson, principal, Ares Asia, said in a statement when the deal was first announced in New York last July that the investment in the Belo Medical Group was “consistent with Ares’ strategy of partnering with market-leading growth businesses across the region.”
Article continues after this advertisement“Dr. Vicki Belo is a visionary entrepreneur who has built an established and growing business over the last three decades. We are excited to begin our work alongside Dr. Vicki, Dr. Hayden [Kho] and their terrific team of doctors and staff, and we believe that together we can drive Belo Medical Group’s next phase of growth,” she said.
Article continues after this advertisementWith Ares’ backing, the Belo Medical Group said that it plans to expand to new locations and services, invest in innovative technologies and build out its skin care product portfolio while continuing its mission in seeking to deliver world-class aesthetic services to its discerning clients.
“With Ares’ track record in the health and beauty sector globally and prior work with founder-led businesses, I have full confidence that Ares is the right partner for Belo Medical Group as we embark on the next 30 years of our journey,” said Belo, “In my role as Medical Director, I look forward to working closely with Ares as a strategic partner to build on what we have achieved so far, accelerate our growth and achieve our ambition of making the Philippines a hub for aesthetic medicine in Asia.”
“We aim to make Belo’s treatments and technologies accessible to patients not only across the Philippines, but worldwide,” added Hayden Kho Jr., managing director of Belo Medical Group. “With Ares’ advice and support, we believe we should be in an even stronger position to capture new opportunities that inspire our patients to live their best lives.”
As of March 31, 2024, Ares Management Corp.’s global platform had approximately $428 billion of assets under management with close to 3,000 employees operating across North America, Europe, Asia-Pacific and the Middle East. —Tina Arceo-Dumlao
IMF Dutch treatment redux
For the first time in recent history, the International Monetary Fund (IMF) is assigning to the Philippines a resident representative who had “been there, done that.”
We’re talking about Dutch economist Dennis Botman, who was the IMF resident representative to the country from 2009 to 2012—indeed, during that challenging period when the world was picking up the pieces from the Wall Street-epicentered global financial crunch.
He had then succeeded Reza Baqir, who went on to become the central bank governor of Pakistan.
READ: IMF’s view: The global fight against high inflation is ‘almost won’
We hear from the reliable grapevine that Botman will take on the role starting January 2025, succeeding Ragnar Gudmundsson who has returned to the IMF headquarters in Washington D.C.
But wait, Botman is currently the IMF resident representative to Indonesia, a much bigger economy than the Philippines.
Won’t this comeback to Manila be a career setback for this economist who is an expert in general equilibrium modeling, financial crises and speculative attacks, aging/social security reform and public finance?
Not necessarily.
From what we hear, Botman, who holds a Ph.D. from the University of Amsterdam, will cover the Philippines from Indonesia. Taking on this new assignment thus expands his role at the multilateral institution.
Thus, he will henceforth be shuttling between Manila and Jakarta as resident representative of both countries.
It’s similar to arrangements at other multinational institutions that assign leaders to handle multiple markets.
In this age of videoconferencing and hybrid work arrangements, it’s not at all unimaginable.
IMF will still maintain an office with a local staff in Metro Manila.
Why is the IMF introducing such an arrangement at this point? A keen observer says, “It could be both an economy/efficiency measure and a recognition that the Philippines has come a long way from being a prolonged user of IMF resources.”
It’s an affirmation that the Philippines, now a net creditor to IMF, no longer needs hawk-eyed babysitting. —Doris Dumlao-Abadilla
SM’s 87th mall
Who says we’re tired of seeing SM malls sprout from every corner?
SM Prime Holdings Inc. certainly isn’t, especially with another SM mall set to open its doors this week.
The real estate giant on Wednesday announced that SM City J Mall in Mandaue City, Cebu would have its grand opening on Friday, Oct. 25.
You heard it right: yet another SM mall in Metro Cebu (the fourth, to be exact), which seems to be proof that the country’s second-largest metropolis will continue to get busier and busier.
“The opening of SM City J Mall reflects our confidence in the robust economic growth of Central Visayas,” SM Prime president Jeffrey Lim said in a statement.
“This new mall is designed to cater to the increasing demand for premium commercial and lifestyle experiences in Mandaue City,” Lim added.
Mandaue, a first-class highly urbanized city standing minutes away from Mactan-Cebu International Airport, is touted to be Central Visayas’ industrial hub with 10,000 industrial and commercial locators. —Meg J. Adonis
