iWOW Technology (SGX:NXR
) announced that it has entered into a sale and purchase agreement for the proposed acquisition of The Gentle Group Pte Ltd and its subsidiary, which is a provider of therapeutic nutrition solutions for seniors.
The existing shareholders of The Gentle Group include its founder, Shen Yiru, impact investment firm OCTAVE Capital, SEEDS, an arm of SG Growth Capital (the investment platform of the Singapore Economic Development Board and Enterprise Singapore), minority shareholders and option holders.
According to iWOW Technology, this acquisition is valued at $11.2 million and is expected to be earnings-accretive over time as the business scales and profitability improves. “The Gentle Group has demonstrated strong growth, with revenue increasing at a CAGR of approximately 51% from FY2022 to FY2025,” iWOW adds.
The company mentions that with one in four residents in Singapore expected to be 65 and above by 2030, demand for eldercare solutions is set to surge. Also, Singapore’s government push for Ageing-In-Place and a more holistic longevity approach to ageing is expected to broaden spending and shift it towards community care.
iWOW Technology believes that this acquisition will position the company in capturing the growth in the longevity economy.
“Safety earns trust in critical moments, but food builds trust every day. By bringing both together, we are creating a continuous relationship with families — one that allows us to support seniors earlier and more meaningfully across their ageing journeys,” says Raymond Bo, CEO of iWOW Technology.
See also: New World weighs sale of stake in US$2 bil HK hotel portfolio — Bloomberg
Shares of iWOW Technology closed flat at 35.5 cents on April 30.
