- ICG to invest in Cura Day Hospitals alongside a consortium of healthcare professionals including Peter Freeleagus, Doctor Shareholders, and Cura Management
- The strategic partnership will support Cura’s continued growth plan, founded on clinical and operational excellence
ICG, the global alternative asset manager, today announced that it has entered into an agreement to invest alongside a consortium of healthcare professionals including Peter Freeleagus, Doctor Shareholders and Management, to acquire Fresenius Medical Care Day Hospital Holdings Pty Ltd (“Cura” or the “Company”) subject to conditions customary for a transaction of this nature.
Cura was founded in April 2008 in response to the growing consumer demand for quality day hospital facilities, where Doctors can deliver quality patient outcomes while offering a way to optimise their own incomes. Cura has grown to become the largest day hospital company in Australia, with 29 day hospitals throughout the country.
ICG is very familiar with Cura, its operations, and business, which was developed over its six-year ownership of Cura between 2014 and 2020. During the time that ICG owned the asset together with its Doctors and management team, it worked closely with the Company to deliver successful outcomes. As such, ICG is uniquely placed to partner with Cura’s management team and Doctors to help drive future growth for the business. The investment by ICG has received unanimous support from the Doctors, in recognition of the pre-existing relationship with Cura and Doctors, and a respect for medical sovereignty.
James Giannas, Managing Director leading the Australia / New Zealand team for ICG, said:
We look forward to re-establishing a strategic partnership with Peter Freeleagus and Cura’s Doctors as the business continues to grow its footprint. Cura’s market leading facilities and commitment to surgical excellence represents a high-quality specialised private day hospital platform with excellent leadership and a strong growth strategy.
Wooseok Jun, Head of Asia Pacific Corporate, added:
ICG’s investment is a continuation of our successful track record in Australia’s private healthcare sector and we are excited to support Cura through its next phase of growth. This partnership underpins ICG’s approach to supporting high quality businesses committed to delivering meaningful contributions to the markets we operate in.
Andrew Currie, Cura Chief Executive Officer, said:
We are delighted to find a partner whose strategic direction and commitment to clinical and operational excellence are aligned with Cura. This partnership is underpinned by the leadership, resources, and experience to position the business for continued growth and success in the dynamic healthcare industry. It is an exciting opportunity for Cura to accelerate its scale while simultaneously strengthening its ability to continue providing high quality, patient-centred care across the Group. We thank Fresenius Medical Care for their leadership and support over the years and are looking with optimism towards our future.
Dr Keith Zabell, Cura Chairman, said:
“Following a competitive market process, we are delighted to be partnering with ICG, which is well known to Cura Doctors. ICG has strong expertise in the local healthcare sector and understands the importance of the Doctor-partnership model. With ICG’s partnership, Cura will continue to deliver leading healthcare services across Australia. We would like to thank Fresenius Medical Care for supporting Cura over the past 6 years and for the respectful way they have dealt with Doctors during this time.”
Dr William Glasson, Cura Director, added:
“We are excited to partner with ICG to support the next stage of Cura’s growth. ICG is a group of highly experienced and respected professionals with a clear understanding of the healthcare landscape, and who will be able to continue support our expansion.”
For further information please contact:
Catherine Armstrong
Head of Corporate Communications
About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $81bn of assets* and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn, X (Twitter) and Instagram.
*as at 30 September 2023
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