Barbarians at the gate or global experts at work?
As KKR and its partners continue their due diligence of bid target Ramsay Health Care, AFR Weekend asks if private equity firms can be good owners of such sensitive and vital assets.
When emergency physician Arthur Smolensky and his 39 doctor co-owners sold their medical practice in Arizona in 2015 to an entity that was later bought out by KKR & Co’s Envision Healthcare, he had high hopes.
Instead of those hopes being fulfilled, however, after Envision took over cost-cutting prevailed under the new private equity owners as profits became a central focus of the cash-hungry business.
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