Advent Private secures GenesisCare exit through KKR buyout
KKR’s recent buyout of Australian healthcare firm GenesisCare secured an exit for mid-market investor Advent Private Capital. The domestic GP described the exit, which comes after a holding period of just three years, as “highly successful.”
According to AVCJ Research, Advent 5 Fund, a A$300 million vehicle that closed in 2006, invested in GenesisCare in 2009, taking a 32% stake for around A$48 million. Based on reports that KKR paid 10x forward earnings for 63% of GenesisCare, valuing the company at A$600 million, Advent would have received around A$192 million.
Neither KKR nor Advent has disclosed details pertaining to the value of the transaction.
"GenesisCare targets cancer and cardiovascular disease, the two largest health problems in Australia," said Rupert Harrington, Advent's managing director. "We are extremely pleased with how the business has grown and performed during our investment period, especially in forming its national footprint and serving regional Australia. The investment outcome is another demonstration of our partnership investment philosophy."
Sydney-based GenesisCare was founded seven years ago. It has 1,000 employees nationwide and was responsible for more than 350,000 patient treatments in the last 12 months. In addition to cancer and cardiovascular services, the company helps patients suffering from sleep disorders and sleep disordered breathing.
GenesisCare operates in private clinics and public hospitals. Last year it signed an agreement with the Western Australia government to provide cancer care services in some state-run facilities.
Advent has more than A$530 million under management across five funds. It is in the process of raising its sixth vehicle.
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