Aus medical company acquired
Australia’s largest provider of private cancer care has been sold to a consortium of investors.
Firms: King & Wood Mallesons (Quadrant Private Equity and other Icon Group shareholders); Corrs Chambers Westgarth (QIC Ltd, Goldman Sachs Private Equity, Pagoda Investment)
Deal: A consortium of fund managers has purchased Australian cancer care company Icon Group.
Value: Over $1 billion
Key players: The KWM team advising the Icon shareholders was led by partner Mark McNamara (pictured), with support from partners Elizabeth Hundt Russell and Tim Sherman; special counsel Alex Elser; senior associate Joseph Power and solicitors Dan Flanagan, Karen Chen and Anthoney Duong.
Deal significance: Icon Group is Australia’s largest provider of private cancer care services. Its integrated model provides medical oncology, radiation oncology and oncology compounding.
KWM advised the majority shareholder of Quadrant Private Equity, as well as other Icon shareholders, on the sale of Icon Group to a consortium comprising QIC Ltd, Goldman Sachs Private Equity and Chinese firm Pagoda Investment.
“We have supported Icon since its foundation investment in 2014, having advised on numerous subsequent bolt-on acquisitions leading up to this sale,” said KWM lead partner Mark McNamara.
“The doctor and management group have done a remarkable job over this period delivering first-class cancer care to patients while also laying a very strong platform for the business’ next period of growth in Asia.”