Icon Group secures new investor to support growth

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Cancer care company the Icon Group has announced an investment by global firm EQT.

EQT is a global investor with more than EUR70 billion in assets under management.

EQT has acquired the interests of a consortium of Goldman Sachs Asset Management, QIC and Pagoda Investment. Goldman Sachs Asset Management is retaining a minority position with Icon’s management and doctors also re-investing.

Icon Group has a network of comprehensive cancer centres and clinical research hubs in Australia, Singapore, Mainland China, Hong Kong and New Zealand. The centres provide radiation and day oncology services.

The company said the new investment will support its further expansion into Asia and the northern hemisphere.

According to Ken Wong, partner and head of EQT Infrastructure’s Asia Pacific Advisory Team, “Icon Group is revolutionising the way cancer care is delivered through an integrated model that enables access for all patients through the decentralisation of care in major cities and bringing cancer care services to the patient in the one location.

"This best practice cancer care model is well validated in Australia and South-East Asia, and EQT’s investment will enable this next phase of growth around the world. It’s an exciting time to be involved in Icon, and importantly for EQT to be a partner in bringing this model of care to all cancer patients.”

Stephanie Hui, the co-head of alternatives investing at Goldman Sachs Asset Management in Asia, said, “In our four years as majority investor, the strength of the Icon Group model has been proven and there is potential for further growth in the years to come. Remaining as a shareholder, we will leverage our global network, capital, and industry expertise to continue to support Icon’s management and doctors.”

Icon Group CEO Mark Middleton said: “Icon’s commitment to innovation and the delivery of cancer care is limitless. Our international network has a track record of delivering world-class cancer care to areas of unmet need. Now, we can drive the next phase of global growth and market leadership through further investment in critical infrastructure and cutting-edge technologies.”

“Our whole network, led by an experienced executive team and strong clinical leadership, are aligned to our mission of delivering the best care possible, to as many people as possible, as close to home as possible. We are proud to have partnered with a company that shares our values and will enable progress to deliver on this goal, and in turn provide for more patients.”

“Cancer never stops, nor will we. It is that simple. Our cancer care is truly cutting edge and receptive to the rapid progress in both cancer technologies and treatments, and our international footprint and industry expertise uniquely allows us to deliver the full remit of vital care anywhere in the world. We will continue to drive the next generation of cancer care globally,” added Mr Middleton.