Cura agrees takeover deal with ICG

Cura Day Hospitals Group is seeking to continue its growth after announcing an investment deal with a leading global alternative asset management firm.

Intermediate Capital Group (ICG) has entered into a Share Purchase Deed to invest alongside a consortium of healthcare professionals including former CEO Peter Freeleagus, doctor shareholders and Cura management.

The consortium will acquire up to 100 percent of Cura's shares, subject to customary approvals.

Andrew Currie, who replaced Cura co-founder Mr Freeleagus as CEO in late 2020, said the group was delighted to find a partner with an aligned strategic direction and commitment to clinical and operational excellence.

"Having previously partnered with Cura, when it owned the business together with doctors and management between 2014-2020, ICG has an extensive understanding of the business," Mr Currie said.

"ICG has a successful track record of investing capital to drive growth and creating meaningful partnerships with Cura's doctors to deliver shareholder value.

"It is an exciting opportunity for Cura to accelerate its scale while simultaneously strengthening its ability to continue providing high quality, patient-centred care across the group."

London-listed ICG has over US$80 billion in assets under management, and has made a number of successful investments in Australian and New Zealand-based healthcare businesses.

"We look forward to re-establishing a strategic partnership with Peter Freeleagus and Cura's doctors as the business continues to grow its footprint," said ICG's Managing Director for Australia and New Zealand, James Giannas.

"Cura'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."

Since its establishment in 2008, Cura has become one of Australia's leading providers of private day hospitals with 29 facilities across the country.

In early 2020 it became a majority-owned subsidiary of German-owned Fresenius Medical Care Australia, a global group specialising in kidney treatment and products which first invested in Cura three years earlier.

ICG's Head of Asia Pacific Corporate, Wooseok Jun, said the deal was a continuation of its successful track record in Australia's private healthcare sector.

"We are excited to support Cura through its next phase of growth," he said.

"This partnership underpins ICG's approach to supporting high-quality businesses committed to delivering meaningful contributions to the markets we operate in."

Read more: Cura expansion continues in Sydney

Read more: Cura Group expands in two states

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