Rubicon Law acted as Deal Counsel in the acquisition of Refresh Group | August 2026
Rubicon Law is pleased to announce that it has acted as deal counsel to TPC (Tsao Pao Chee) in connection with its acquisition of a controlling stake in Refresh Group, one of Southeast Asia's leading Traditional Chinese Medicine (TCM) providers.
Founded in 2003, Refresh Group has established one of the region's most recognised TCM networks, operating 18 clinics across Singapore, Malaysia and Indonesia. Through its Yong Kang and Refresh brands, the group provides an integrated range of clinical TCM services, wellness therapies and herbal products, serving a broad and growing patient base across the region.
TPC (Tsao Pao Chee) is a fourth-generation family business holding company headquartered in Singapore that is committed to empowering the Well-being and Happiness economy. TPC does this by supporting global connectivity and resilience through its supply chain and logistics activities, and well-being-focused activities aimed at fostering individual and collective growth. TPC’s purpose-led well-being business ecosystem comprises IMC Industrial, OCTAVE, and multiple non-profit organisations, including NO.17 Foundation, OCTAVE Institute, and Restore Nature Foundation, operating in unity to add value to life, with corporate offices in the People’s Republic of China, Thailand, Indonesia, and Japan.
The acquisition is TPC's first significant investment under its Well-being Economy investment strategy which directs long-term capital across six interconnected pillars: Well-being, Food Systems, Energy Transition, Climate and Nature, Circular Economy, and Human Construct. This move falls under the Well-being pillar and signals TPC’s shift from strategy to execution. and represents an important milestone in the development of OCTAVE Living, the dimension of TPC's OCTAVE ecosystem that extends well-being into daily life — supporting how people live, learn, and care for their health beyond the clinic.
We are delighted to have supported TPC in this strategic acquisition and congratulate TPC, Refresh Group and all parties involved in this transaction.
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