EQT Infrastructure to acquire Icon Group, Australia’s largest integrated cancer care provider

• EQT Infrastructure has agreed to acquire Icon Group from a consortium including Goldman Sachs Asset Management, QIC and Pagoda. Goldman Sachs Asset Management will remain a minority shareholder as part of the transaction
• Icon Group is Australia’s largest vertically integrated cancer care provider, offering radiation oncology, medical oncology, compounding and pharmacy services through a network of facilities across Australia, New Zealand, Singapore, Hong Kong and mainland China
• EQT Infrastructure will leverage its significant healthcare sector experience and global advisory network to support Icon in providing patients with high-quality cancer treatment, while supporting Icon Group’s domestic and international growth ambitions

EQT is pleased to announce that EQT Infrastructure V (“EQT Infrastructure”) has agreed to acquire Integrated Clinical Oncology Network Pty Ltd (“Icon Group”, “Icon” or the “Company”) from a consortium including Goldman Sachs Asset Management, QIC Private Capital Pty Ltd and Pagoda Investment Advisors. Current shareholder Goldman Sachs [Asset Management], will retain a minority position, with Icon’s management and doctors also re-investing in Icon Group.

Icon Group is built on a strong vision to deliver the best care possible, to as many people as possible, as close to home as possible. As Australia’s largest vertically integrated cancer-care operator, Icon brings together all aspects of high-quality cancer treatment, including radiation oncology, medical oncology, compounding and pharmacy, to deliver an end-to-end seamless service for cancer patients.

Icon Group currently operates 31 Radiation & Medical Oncology clinics in Australia and New Zealand, delivering more than 260,000 treatments per year across the two countries. Over the last few years, the Company has also expanded into Asia with 14 clinics across Singapore, Hong Kong, and mainland China. Icon Group also operates Australia’s largest private cancer clinical trials program with a growing reach across the global Icon network. Icon also produces more than one million cancer drug infusions per year through its compounding business and operates a network of 51 hospital pharmacies. Icon’s doctors and clinicians have enabled it to consistently deliver world-class cancer care to its patients.

The healthcare sector is aligned with EQT’s purpose-driven investment approach, with EQT having made more than 40 investments in the sector over the past two decades, with around 20 investments during the past five years. Icon is EQT’s fourth investment in radiology & radiotherapy, having also previously owned I-MED, the largest diagnostic imaging provider in Australia as well as recently acquiring both Blikk and Meine Radiologie Holding, which together operate more than 60 radiology, radiotherapy, and nuclear medicine locations across Germany. EQT will leverage its experience and demonstrated digitalization capabilities to support Icon’s drive for better and more advanced treatment of cancer patients and continued domestic and international expansion.

Ken Wong, Partner and Head of EQT Infrastructure Asia Pacific’s Advisory Team, 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.”

Stephanie Hui, co-head of alternatives investing at Goldman Sachs Asset Management in Asia, said, “In our four years as majority investor, the strength of the Icon Group model has been proven and there is potential for further growth in the years to come. Remaining as a shareholder, we will leverage our global network, capital and industry expertise to continue to support Icon’s management and doctors.”

Mark Middleton, Icon Group Chief Executive Officer, said, “Icon’s commitment to innovation and the delivery of cancer care is limitless. Our international network has a track record of delivering world-class cancer care to areas of unmet need. Now, we can drive the next phase of global growth and market leadership through further investment in critical infrastructure and cutting-edge technologies. 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.”

EQT Infrastructure was advised by Morgan Stanley, Herbert Smith Freehills, Deloitte, and PwC.

With this transaction, EQT Infrastructure V is expected to be 60-65 percent invested (including closed and/or sign investments, announced public offers, if applicable, and less any expected syndication), subject to approval.

Contact
Australian media inquiries: Jim Kelly jim@domestiqueconsulting.com.au, +61 412 549 083
International media inquiries: EQT Press Office press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership

EQT has extensive experience and in the healthcare sector and is one of the largest and most active private equity investors in the healthcare sector globally with an unparalleled network of industry advisors within the EQT Network. Some of EQT’s notable investments in the sector include I-MED, a leading diagnostic imaging provider in Australia, and Blikk & Meine Radiologie Holding, two leading radiology and radiotherapy businesses in Germany.

More info: www.eqtgroup.com
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About Icon Group
Icon Cancer Centre is part of Icon Group - Australia’s largest dedicated cancer care provider. Icon Group has expanded globally into Singapore, Mainland China, Hong Kong and New Zealand and has a strong history of cancer research, now operating the largest private cancer clinical trials program in Australia. Icon Group has 45 cancer and specialist centres globally, including day oncology hospitals, radiation oncology facilities and comprehensive centres that bring both oncology disciplines together. 

The Group also encompasses Epic and Slade Pharmacy: providers of medication management and pharmacy services to the hospital and oncology sectors; and Slade Health: Australia’s largest chemotherapy compounder with three TGA-approved manufacturing sites across the eastern seaboard and a development in New Zealand.

More info: www.icongroup.global

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