Australia’s largest cancer care provider, Icon Group, could be about to make some changes to its board ahead of a potential sale or float of the $2bn-plus business in the new year.
Some believe Sonic Healthcare chairman Mark Compton is about to take the top role in the boardroom.
It comes with talk in the market that Icon is heading towards a listing or a sale.
Sonic Healthcare is a $16bn listed company that is considered one of the world’s leading healthcare providers, with operations in Australia, the US, Germany, Switzerland, the UK, Belgium, Ireland and New Zealand.
Based in Sydney, it operates globally in the area of pathology, radiology, diagnostic imaging and primary care medical services.
As well as Sonic, Mr Compton is also chairman of St John International, a director of Next Science, chairman of St Luke’s Care, an adjunct professor of Macquarie University, Macquarie University Hospital director and Order of St John Australia chairman and chancellor.
Icon Group was sold by Quadrant Private Equity in 2017 to a consortium including Queensland Investment Corporation, Goldman Sachs Private Equity and China’s Pagoda Investments for $1.2bn.
It operates 30 cancer care centres across Australia delivering a mix of radiation therapy, chemotherapy and blood disorder treatment for patients.
It also operates through Asia and in New Zealand.
The understanding is that annual earnings before interest, tax, depreciation and amortisation of the business have since doubled from the time it was purchased in 2017, when it was making about $80m.
More Coverage
Healthscope firmly in the sights of Bain
Bain Capital is closing in on its next big target struggling with too much debt – the country’s second-largest hospital operator Healthscope.
Incitec Pivot’s fertiliser price likely too high for some
Potential bidders have been given information about Incitec Pivot’s fertiliser unit, but the jury’s still out as to how much they will be prepared to pay..