Medical Associates Hospital has been acquired by Caribbean Health Systems Limited (CHS), a St Lucian registered entity whose principals include Dr Michael Banbury, the former CEO of the St Andrew-based private hospital.

The transaction, which closed recently under a take-over bid, will see CHS taking over the operations of Medical Associates.

The other principals of CHS are Dr David Walcott, Ryan Reid, Douglas Halsall, Kevin Donaldson and Kirk-Anthony Hamilton, the company said in a release.

On record, the shareholders of CHS are Novamed Inc, First Rock Real Estate Investments and Health Ventures Limited. The group intends to transform private health care in Jamaica with massive expansion plans slated for the 64-year-old hospital.

Dr Walcott, who will lead the hospital as its managing director, said “We see great potential for healthcare in Jamaica and plan to make Medical Associates a national icon of quality healthcare.”

He further added “We are grateful to be the new owners of this operating asset and hope to prudently steward the organisation towards greater heights of performance, purpose and patient-centred care”.

Dr Banbury, who was the CEO for Medical Associates for many years and who led its turnaround to profitability, has been appointed the hospital’s new chairman.

“I am pleased to be returning to Medical Associates as chairman. Apart from being situated on very prime real estate, the hospital has tremendous potential for significant growth and expansion, and I am confident that the CHS team will make this a reality.”

The structuring and funding for the transaction was done by Roots Financial Group. The legal advisors to the transaction for CHS was Patterson Mair Hamilton, under Arthur Hamilton and Kimberly House, the release stated.