Quadrant Private Equity is weighing a significant investment in Icon Cancer Care, Australia's largest provider of assistance to oncology patients.
The proposed transaction is still at a preliminary stage and yet to be approved by Quadrant's investment committee. But if successful, it would value Icon Cancer Care, which is taking its counsel from Deloitte Corporate Finance, at about $100 million.
Icon is Australia's leading private provider of cancer care, managing more than 73,000 patient visits each year across five day hospitals, with the support of more than 70 doctors.
It is also well known to Quadrant.
When GenesisCare, owned by global private equity giant KKR & Co, bought Premion, a Queensland-based provider of private radiotherapy services, last year, a consortium of Quadrant and Icon were the under-bidders.
Quadrant also has form in the health sector – having helped wedge open the initial public offering window when it floated Virtus Health last June.
The fertility treatment business has traded above its issue price since and will be remembered as one of 2013's most successful floats alongside Veda, OzForex and Steadfast Group.
This latest deal comes at an interesting time for Quadrant. The private equity firm, led by Chris Hadley, Marcus Darville and Justin Ryan, is in the process of raising about $750 million for its latest fund and recently farewelled one of the firm's founders, George Penklis.
Quadrant is also preparing to float Burson Auto Parts and media information business iSentia, and late last year bought instant boiling water business Zip Industries, and Perth-based pet-food retailer City Farmers.
(First published in The Australian Financial Review, Jan 31st 2014)
Writen by Global Administrator, 14/03/2016 News