EQT Infrastructure has agreed to acquire Australia’s largest integrated cancer care provider Integrated Clinical Oncology Network (ICON Group) for an undisclosed sum.
The investment organisation will acquire Icon Group from a consortium that includes Goldman Sachs Asset Management, QIC Private Capital and Pagoda Investment Advisors.
As per the terms of the agreement, Goldman Sachs Asset Management will retain some take in Icon Group.
Additionally, the Icon Group management and a few doctors will be re-investing in the group.
Icon Group is a vertically integrated cancer care provider offering a wide range of treatment including medical oncology, radiation oncology, compounding and pharmacy.
The Group currently operates 31 radiation and medical oncology clinics in Australia and New Zealand.
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It has also established its presence in Singapore, Hong Kong, and mainland China.
In addition to providing treatment services, the Group also operates Australia’s largest private cancer clinical trials programme.
Icon Group CEO Mark Middleton said: “We are proud to have partnered with EQT, a company that shares our values and will enable progress to deliver on this goal, and in turn provide for more patients.”
The acquisition of Icon Group is said to be in line with EQT’s purpose-driven investment approach.
In the past two decades, EQT is said to have made 40 investments in the healthcare sector, of which 20 were made in the last five years.
Going forward, EQT intends to support Icon Group to provide better treatment to the cancer patients as well as aid its domestic and overseas expansion.
EQT Infrastructure partner and Asia Pacific’s advisory team head Ken Wong said: “Icon Group is revolutionising the way cancer care is delivered through an integrated model that enables access for all patients through the decentralisation of care in major cities and bringing cancer care services to the patient in one location.
“This best practice cancer care model is well validated in Australia and South-East Asia, and EQT’s investment will enable this next phase of growth around the world.
“It’s an exciting time to be involved in Icon, and importantly for EQT to be a partner in bringing this model of care to all cancer patients.”