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KKR investing in GenesisCare
Posted on Wednesday, 27 June 2012 14:57
Global private equity firm Kohlberg Kravis Roberts (KKR) has agreed to acquire a 63.0 per cent stake in Australian care centre network GenesisCare.
The deal remains subject to approval by company shareholders.
No details of how much the buyer is paying for the stake have been disclosed.
Justin Reizes, head of KKR, said the funds will contribute towards helping the target continue its expansion into areas of unsatisfied requirements.
Dan Collins, managing director of GenesisCare added: “Together with KKR, GenesisCare can now continue to lead care and access standards and improve the patient experience.”
KKR has a history in the healthcare sector, with previous investments including umbilical cord blood stem cell storage business China Cord Blood, Jazz Pharmaceuticals and Accellent.
GenesisCare operates in excess of 70 cancer and cardiovascular care centres throughout Australia, and according to its website, is a leader in the sector.
With more than 1,000 employees, the firm has provided over 350,000 treatments across the country in the last year alone.
The Sydney-based group is also active in the treatment of sleeping disorders, having established its SleepCare arm in 2010.
KKR was formed by Henry Kravis and George Roberts in 1976, and the two remain with the business as co-chief executives.
It is now one of the largest investment companies worldwide, with assets under management worth USD 62.30 billion as of 31st March, according to its website.
The firm initially specialised in management buyouts, but has since expanded its activities and today boasts a portfolio including Swiss pharmacy-led health and beauty group Alliance Boots, electronic payment solutions provider First Data Corporation and UK retailer Pets at Home.
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