New investors for Icon Group

The acquisition is subject to shareholder approval. The investment will enhance Australia’s position as a provider of outstanding oncology care by delivering capital and expertise to help grow Icon’s services locally and internationally.

Headquartered in Brisbane and operating throughout Australia, Icon is Australia’s largest private day oncology provider. Icon has expanded to Singapore, China and New Zealand, and is poised for further regional expansion. The Group’s comprehensive state-of-the-art cancer care includes radiation oncology, day oncology hospitals, pharmacy and chemotherapy compounding. Icon is highly successful at bringing these services to previously under-served locations.

“With our strong network and a large portfolio in health care and insurance companies in Asia, we look forward to working closely with the management team and co-investors to assist the company with its further expansion.”

James Ieong, Managing Partner, Pagoda Investments, said: “Pagoda and QIC benefit from a long term working relationship. We are delighted to work together again in investing and supporting growing businesses in Asia-Pacific where addressing people’s growing needs is the focus. Pagoda’s seasoned and experienced investment team knows well how to work with local businesses to bring them internationally.”

“Icon has enormous growth potential and is making a difference to local and international communities. We see opportunities for Icon in Asia and China in particular. We’re well placed to assist Icon with this growth.”

Icon was advised by Credit Suisse, EY and King & Wood Mallesons. The acquiring consortium was advised by Goldman Sachs, Corrs Chambers Westgarth and Deloitte.