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.
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.”
“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.
With 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.
