German strategic buys majority stake in ICG-backed Cura Group

According to a statement, Fresenius will take a majority stake in Cura as part of a regional expansion. Transaction details were not disclosed, but The Australian Financial Review estimated that the deal included a 70% transfer of ownership and valued the company at up to A$450 million ($345 million).

ICG supported a 100% management buyout of the company for A$200 million in 2014 from a vehicle managed by Archer Growth (which is now known as The Growth Fund). Archer helped found the company in 2008 by teaming up with a group of doctors and medical specialists. Shareholding doctors under the ICG buyout are expected to retain a portion of their stakes as a co-investors alongside Fresenius.

Operating under the name Cura Day Hospitals, the company manages 19 private day hospitals across Australia and provides a number of specialized ambulant services including ophthalmology and orthopedic surgeries in an outpatient setting. Last month, it capped a string of medical facility bolt-ons with the acquisition of an eye surgery clinic near Sydney. It claims to have generated revenue of A$127 million during the 2016 financial year.

UK-based ICG focuses on mezzanine capital investments in Europe and Asia Pacific. Its recent Australasian activity includes a move to sell a minority stake in Australian financial data services company Link Group and an investment in New Zealand poultry producer Tegel Group Holdings.

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• Topics
• Australasia
• Healthcare
• Trade sale
• Australia
• Intermediate Capital Asia Pacific
• Exit