GenesisCare, the largest private provider of cancer and cardiac healthcare in Australia and Europe, announced today that KKR’s investment in the Company had successfully completed. The transaction was originally announced in October 2018. Since that time, the transaction has received approval from GenesisCare shareholders and regulatory clearance from relevant authorities in Australia, Europe and China.
The Company, along with major shareholder China Resources, is excited to welcome KKR back as a long-term strategic shareholder in GenesisCare, following a positive collaboration between 2012 and 2016. KKR’s Sydney-based Head of Australia, Scott Bookmyer, and Director of Private Equity, Gareth Woodbridge, have joined the Board of GenesisCare as KKR’s representatives. Both directors previously sat on GenesisCare’s Board during KKR’s prior period of investment.
The leading global investment firm is investing alongside doctors, managers and China Resources.
The new capital provided by KKR will be directed towards GenesisCare’s core mission of improving patient access and raising the standard of care being delivered for people who have cancer or heart disease.
Providing more than 3,000 patient treatments every day across more than 130 clinics, the group has committed to developing a further 45 new cancer or cardiac treatment centres in areas of need, including regional and rural locations, within the next three years. The new world class treatment services will be introduced across Australia, Western Europe, and also in China.
As part of the transaction, Macquarie Capital, which invested in GenesisCare as part of a consortium with China Resources in 2016, has sold its small stake in the Company.
Together, KKR and China Resources will also support the GenesisCare Foundation which is focused on clinical trials, research and access to essential care for patients with cancer or cardiovascular disease.