GenesisCare and Kohlberg Kravis Roberts & Co. L.P. (together with its
affiliates, "KKR") announced that agreements have been entered into
under which KKR will acquire up to a 63% ownership stake in GenesisCare,
subject to shareholder acceptance.
GenesisCare operates an Australia-wide network of comprehensive cancer
and cardiovascular care centres. The company is a leader in cancer and
cardiovascular service provision and is committed to improving clinical
outcomes and access for patients.
Comprising a team of doctors, healthcare specialists and management
professionals, GenesisCare embraces a collegiate and innovative spirit
that encourages advancements in patient care. The organization has more
than 1,000 employees that have helped provide more than 350,000 patient
treatments across Australia in the past 12 months.
"KKR acknowledges the essential role played by GenesisCare in providing
the healthcare outcomes to patients in communities right around
Australia," Mr. Justin Reizes, Head of KKR Australia said.
"We look forward to supporting GenesisCare as it seeks to expand
services further into areas of unmet need."
Mr. Dan Collins, Managing Director of GenesisCare said KKR would bring
proven global resources and deep healthcare expertise needed to meet the
challenges confronting Australia's healthcare system.
"Our commitment to meet the needs of our patients continues, as does our
plans to innovate how care is delivered.
"Our talented doctors and supporting teams of medical professionals have
combined to build a great organization. We make a positive impact
wherever we have a presence. Together with KKR, GenesisCare can now
continue to lead care and access standards and improve the patient
experience," Mr. Collins said.
GenesisCare provides high quality specialist care to patients with
cancer and cardiovascular disease, the two largest disease burdens in
Australia. More than 70 clinics and facilities are located across
metropolitan and regional Australia.
The GenesisCare medical team comprises some of Australia's most
experienced specialists with many dedicating time as consultants in
public hospitals or participating in research and teaching. GenesisCare
is adopting internationally proven medical technologies integrated with
electronic healthcare records to improve patient clinical outcomes and
their service experience.
KKR has a long history of investing in health care. Since 1995, the firm
has invested more than $9 billion of equity capital in health care
companies. Current health care investments in KKR's private equity
portfolio include Accellent (2005), Alliance Boots (2007), Ambea AB
(2010), Biomet (2007), Capsugel (2011), China Cord Blood (2012), HCA
(2006) and Jazz Pharmaceuticals (2004). A complete list of KKR's
healthcare investments can be found on KKR.com.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with $62.3 billion in assets under
management as of March 31, 2012. With offices around the world,
including in Sydney, KKR manages assets through a variety of investment
funds and accounts covering multiple asset classes. KKR seeks to create
value by bringing operational expertise to its portfolio companies and
through active oversight and monitoring of its investments. KKR
complements its investment expertise and strengthens interactions with
investors through its client relationships and capital markets platform.
KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For
additional information, please visit KKR's website at kkr.com.
KEY MEDIA CONTACTS:
Nigel Kassulke (for GenesisCare)
+61 2 8284 9990
Mobile +61 407 904 874
Partner - Bespoke Approach (for KKR)
Tel +61 8 8419 2889
+61 418 814611
Tel: + 1 212 230 9722
Source: CANNINGS CORPORATE COMMUNICATIONS
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