Icon Group is the largest vertically integrated cancer-care operator
EQT Infrastructure V (EQT Infrastructure) has agreed to acquire Integrated Clinical Oncology Network from a consortium including Goldman Sachs Asset Management, QIC Private Capital and Pagoda Investment Advisors. Current shareholder Goldman Sachs [Asset Management], will retain a minority position, with Icon’s management and doctors also re-investing in Icon Group.
Icon Group is built on a strong vision to deliver the best care possible, to as many people as possible, as close to home as possible. As Australia’s largest vertically integrated cancer-care operator, Icon brings together all aspects of high-quality cancer treatment, including radiation oncology, medical oncology, compounding and pharmacy, to deliver an end-to-end seamless service for cancer patients.
Icon Group currently operates 31 radiation and medical oncology clinics in Australia and New Zealand, delivering more than 260,000 treatments per year across the two countries. Over the last few years, the company has also expanded into Asia with 14 clinics across Singapore, Hong Kong, and mainland China. Icon Group also operates Australia’s largest private cancer clinical trials programme with a growing reach across the global Icon network. Icon also produces more than one million cancer drug infusions per year through its compounding business and operates a network of 51 hospital pharmacies. Icon’s doctors and clinicians have enabled it to consistently deliver world-class cancer care to its patients.
The healthcare sector is aligned with EQT’s purpose-driven investment approach, with EQT having made more than 40 investments in the sector over the past two decades, with around 20 investments during the past five years. Icon is EQT’s fourth investment in radiology and radiotherapy, has also previously owned I-MED, the largest diagnostic imaging provider in Australia as well as recently acquired both Blikk and Meine Radiologie Holding, which together operate more than 60 radiology, radiotherapy, and nuclear medicine locations across Germany. EQT will leverage its experience and demonstrated digitalisation capabilities to support Icon’s drive for better and more advanced treatment of cancer patients and continued domestic and international expansion.
EQT Infrastructure was advised by Morgan Stanley, Herbert Smith Freehills, Deloitte, and PwC.
