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KKR clinches Australian healthcentre operator GenesisCare

28 Jun 2012

Global private equity firm KKR has agreed to buy a 63 per cent stake in GenesisCare, a company that operates a network of cancer and cardiovascular care centres across Australia.

The business employs over 1,000 people in more than 70 clinics and facilities and has provided more than 350,000 patient treatments in the last 12 months.

Although financial terms of the deal, which is subject to shareholder approval, were not disclosed, sources that spoke to Reuters valued the company at around A$600m ($602m).

The value is said to be based on a multiple of ten times the company’s EBITDA of A$55-60m, which means KKR will pay as much as A$378m for its majority stake.

“We look forward to supporting GenesisCare as it seeks to expand services further into areas of unmet need,” said Justin Reizes, head of KKR Australia.

The deal will be financed through the firm’s latest pan-Asia vehicle, which this month hit its first close on $3bn.

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