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:
“We are delighted to be partnering with ICG as we look to accelerate PresMed’s growth along with our doctor-partners. ICG has deep expertise in the local healthcare sector and PresMed intends to draw on ICG’s extensive understanding of the business and sector to support our mission to deliver leading healthcare services across Australia.”
Wooseok Jun, Head of Asia Pacific Corporate, at ICG, added:
“PresMed’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. ICGs investment is a continuation of our successful track record in Australia’s private healthcare sector and we look forward to partnering with Marc, management and the exceptional doctor team at PresMed as they continue to grow their footprint.”
For further information please contact:
ICG
Clare Glynn
Tel: +44 (0)20 3545 2000
[email protected]
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 $68.5bn 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 listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.
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