First Rock consortium to buy Medical Associates Hospital

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Durrant Pate/Contributor

A consortium led by First Rock Real Estate Investments Limited has been formed to acquire the 63-year-Medical Associates Hospital.

Medical Associates is a 50-bed private hospital strategically located in the heart of the Corporate Area, at 18 Tangerine Place in Kingston 5.

Included in the consortium is NovaMed Inc., which has acquired the popular Knutsford Court Hotel, which is in close proximity to Medical Associates.

The acquisition of the hotel from business leader Kevin Hendrickson was made through a specially created vehicle, Novamed Properties. Through this consortium, Novamed has secured Medical Associates shares to complement its purchase of the Knutsford Court Hotel.

Novamed Properties was specially created to acquire or operate real estate properties in the healthcare, lifestyle and commercial spaces. Plans are already in progress to transform the hotel into a model business and lifestyle village that will build healthy living, productivity and environmental sustainability into its operations.

Details of the planned acquisition

The consortium intends to acquire both the property on which the hospital is located and the operating entity. Sources tell Our Today that First Rock will hold the real estate while the consortium will focus on the day-to-day operations of the health facility.

When contacted First Rock Group chairman Ryan Reid confirmed that First Rock Real Estate investments is part of a consortium seeking to acquire Medical Associates. He declined to go into details about the planned purchase, citing confidentiality.

However, Reid a co-founder of First Rock disclosed that recently his business partner, Dr Michael Banbury, who is the other co-founder of First Rock recently resigned as CEO of Medical Associates Hospital in clear anticipation of this impending deal.

Co-founders of First Rock Capital Holdings, Ryan Reid and Dr Michael Banbury celebrate the company’s successful listing on the Jamaica Stock Exchange in February 2020. (PhotoL: Facebook @FirstRock-Cap)

Medical Associates was established in 1959 by Dr JT Burrowes, whose vision was to create the finest private healthcare facility in Jamaica.

Throughout the years Medical Associates Hospital has gained a reputation for excellent nursing care, experienced and highly-trained consultants, physicians and surgeons, and forging new pathways in medicine.

The hospital is a first-class healthcare facility that is proud to have forged long-standing relationships and alliances with over 60 companies and corporations in Jamaica, including embassies and consulates, international shipping lines, security companies, manufacturing plants, and telecommunications companies.

The facility is open 24 hours a day, seven days a week.

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Norman Reid

Chairman,
FirstRock Real Estate Investments Limited

Mr. Norman Reid is the Chairman of First Rock Real Estate Investments. He is a career Banker and has served the Financial Services Sector for over 40 years with his most recent post being Senior Assistant General Manager for Retail Banking at NCB. His expertise includes Risk Management, Leadership, Sales Management and Governance. He serves as a Director at the EXIM Bank, Access Financial Services and Growth Tech Limited. He also chairs the Sub-Committees of these Boards.

Norman holds a BA in Banking and Finance, a Diploma in Banking (ACIB) and a Diploma in Retail Banking from the BAI (BANK Administration Institute) USA. He is also a Fellow at the Institute of Banking and Financial services in the UK. Mr. Reid was also appointed as a mentor to the Emerging Leader Initiative administered by the Bank Administration Institute.