ICG, the global alternative asset manager, today announced that its Asia Pacific Fund IV (the “Fund”) has invested alongside a consortium of PresMed management and its doctor-shareholders, to purchase PresMed Australia Pty Ltd (“PresMed”) from Advanced Health Limited (JSE: AVL). The transaction represents the Fund’s fifth acquisition to date.
Co-founded by Marc Resnik in 1997, PresMed is a premium provider of private day hospitals in Australia with one of the largest collections of ophthalmic surgeons nationwide, as well as other specialised surgical disciplines of Ear, Nose and Throat, Pain Management, Oral Maxillofacial surgery and other aligned surgery types. The investment will allow PresMed’s management and doctors to pursue their growth strategy by expanding its platform through further acquisition and development of facilities, and continuing to grow PresMed’s leadership in its existing markets.
The transaction builds on ICG’s significant global healthcare experience and the Australasia team’s experience of partnering with doctors and healthcare teams following successful investments in Canopy Healthcare, Everlight Radiology and Cura Day Hospitals. ICG has a strong presence in the region providing flexible capital to mid-market businesses across Australia, New Zealand, Japan, South Korea, Hong Kong and SE Asia, with a focus on supporting entrepreneurial founders and management teams.
Marc Resnik, PresMed MD said:
Wooseok Jun, Head of Asia Pacific Corporate, at ICG, added:
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