Icon Group sells Hong Kong assets  – a strategic divestment to sharpen ASEAN and UK business strategy

Icon Writers / 02 Oct, 2024

Icon Group today, 2 October 2024, announced the decision for a strategic divestment of its operations in Hong Kong, with TW Pengu Holdings Limited (TWPHL) a portfolio company of Hong Kong-based investment firm, Templewater, acquiring Icon’s Hong Kong business. This move follows strong and continued interest from regional investors seeking to build on Icon’s proven care model, considerable growth pipeline and successful post-COVID performance.

The divestment is consistent with Icon’s renewed focus on strategically growing its Australia, New Zealand and Southeast Asia businesses, while pursuing sustainable expansion in the United Kingdom.

“Icon has seen great success and growth in the region which has driven investor interest for some time,” said Mark Middleton OAM, Icon Group CEO.

“The acquisition of our Hong Kong business recognises Icon’s deep investment in the delivery of world-class cancer services alongside an experienced and growing network of doctors in the region.

“It is a strong result for our Hong Kong team and will allow us to invest in key strategic regions across Europe and ASEAN.”

Enabling future growth

Mark said the need for world-class cancer care in Greater China is extensive.

“Our Hong Kong business has grown from strength to strength over the last five years, establishing a strong foundation for future growth. I have no doubt TW Pengu Holdings will continue to drive Icon’s commitment to exceptional patient care as the region’s demand for cancer services grows,” said Mark.

Mr Cliff Zhang, Chairman and CEO at Templewater, commented, “Acquiring Icon’s Hong Kong operations fits perfectly with our strategy to expand comprehensive oncology services, and we are dedicated to continuing the high standards of care established by Icon Group.”

“We’re committed to improving access to healthcare in Hong Kong and are excited to embark on this next phase of growth delivering exceptional oncology services in the region,” Cliff further added.

More care to more people

This move further enhances Icon Group’s capacity to continue delivering and expanding leading healthcare services across Australia, United Kingdom, and the ASEAN region.

“We have the proven knowledge, experience, and innovation to build sustainable services and reduce the growing cancer burden,” said Mark.

“We remain heavily invested in ASEAN as evidenced by our Singapore growth and successful entry in Malaysia and have a strong pipeline of projects in this region as well as the United Kingdom.

“This move allows us to direct our focus in these areas where we will continue to drive sustained growth, innovation and the best possible care.”

For media inquiries, please contact media@icon.team

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About Icon Group
Icon Group is Australia’s largest integrated provider of cancer care with a growing reach in New Zealand, Asia and the United Kingdom.

Icon is built on a strong but simple mission – to deliver the best care possible to as many people as possible, as close to home as possible. The group brings together all aspects of quality cancer care including medical oncology, haematology, radiation oncology, research, pharmacy and compounding to deliver a truly integrated, end-to-end seamless service for cancer patients. With a network of more than 300 doctors, over 50 cancer centres, six compounding facilities and the management of 70 plus pharmacies, Icon is delivering world-leading care and helping address the global cancer burden.

For more information follow Icon Group on LinkedIn.

About Templewater
Founded in 2018, Templewater is an alternative asset management firm headquartered in Hong Kong. Templewater provides investment solutions to institutions, entrepreneurs, and family offices across various asset classes including private equity, impact investing, and real estate.

Templewater’s private equity strategy focuses on mid-market control buyout opportunities in the Asia Pacific region, empowering companies and driving innovation across various sectors, with healthcare as one of its primary investment verticals. With a commitment to excellence and sustainable growth, Templewater continues to support its portfolio companies in achieving their vision and expanding their impact. To learn more about Templewater, please visit www.templewater.com and follow Templewater on LinkedIn.

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