Investment Confidence in Icon Group to Drive Next Phase of Global Growth With EQT Infrastructure Investment


BRISBANE, Australia, Nov. 19, 2021 /PRNewswire/ — Icon Group has today announced it will enter the next phase of global expansion of its transformative integrated cancer care model following the investment of global investment organisation EQT. The investment demonstrates confidence in the strength of the business, delivering a significant outcome for the healthcare company.

EQT is a purpose-driven global investor with more than EUR70 billion in assets under management. EQT has acquired the interests of a consortium of Goldman Sachs Asset Management, QIC and Pagoda Investment. Goldman Sachs Asset Management is retaining minority position, with Icon’s management and world leading doctors also re-investing.

Icon Group has an established network of comprehensive cancer centres and clinical research hubs in Australia, Singapore, Mainland China, Hong Kong, and New Zealand, providing quality radiation and day oncology services closer to home. The business has shown resilience during the COVID-19 period, building on its specialised pharmacy, chemotherapy compounding and clinical research offerings to expand its capabilities and partnerships across APAC. The new investment will allow the Group to continue to further expand its successful model into Asia and deeper into the northern hemisphere.  

Ken Wong, Partner and Head of EQT Infrastructure’s Asia Pacific Advisory Team: “Icon Group is revolutionising the way cancer care is delivered through an integrated model that enables access for all patients through the decentralisation of care in major cities and bringing cancer care services to the patient in the one location. This best practice cancer care model is well validated in Australia and South-East Asia, and EQT’s investment will enable this next phase of growth around the world. It’s an exciting time to be involved in Icon, and importantly for EQT to be a partner in bringing this model of care to all cancer patients.”

Stephanie Hui, co-head of alternatives investing at Goldman Sachs Asset Management in Asia, said: “In our four years as majority investor, the strength of the Icon Group model has been proven and there is potential for further growth in the years to come. Remaining as a shareholder, we will leverage our global network, capital, and industry expertise to continue to support Icon’s management and doctors.”

Mark Middleton, global CEO Icon Group added: “Icon’s commitment to innovation and the delivery of cancer care is limitless. Our international network has a track record of delivering world-class cancer care to areas of unmet need. Now, we can drive the next phase of global growth and market leadership through further investment in critical infrastructure and cutting-edge technologies.” 

“Our whole network, led by an experienced executive team and strong clinical leadership, are aligned to our mission of delivering the best care possible, to as many people as possible, as close to home as possible. We are proud to have partnered with a company that shares our values and will enable progress to deliver on this goal, and in turn provide for more patients.”

Icon Group has signed agreements in place with Varian Medical Systems and Siemens Healthineers to support the delivery of technology in step with their expansion.  Furthermore, research remains a strong part of the group’s comprehensive offering, currently delivering Australia’s largest private clinical trials program and the largest Phase I clinical trials program nationwide. This mature research experience will continue to enable the introduction of never-before-seen trials into Singapore and Hong Kong and create a sophisticated hub for potentially life-saving treatments, including first in-human trials.  

Despite Australia transitioning out of COVID-19, Icon Group has experienced significant momentum in recent months. Bringing to market first-of-its kind advanced radiation therapy treatment in the Southern Hemisphere, boosting the company’s strong and long-term credentials in public and private partnerships with a new agreement in a major metro public hospital, and progressing to development stage with five new regional and outer-metropolitan sites to drive cancer care closer to home. Only last month Icon Group invested $50 million into an underserved region of Australia, part of which will build a state-of-the-art compounding facility that will meet the forecasted rise in cancer prevalence over the next 10 years.

“Cancer never stops, nor will we. It is that simple. Our cancer care is truly cutting edge and receptive to the rapid progress in both cancer technologies and treatments, and our international footprint and industry expertise uniquely allows us to deliver the full remit of vital care anywhere in the world. We will continue to drive the next generation of cancer care globally,” Mr Middleton concluded.

The commercial details of the transaction are in confidence and therefore undisclosed.

Icon was advised by Goldman Sachs, Jefferies Australia, KWM and PwC. EQT was advised by Morgan Stanley, Herbert Smith Freehills, Deloitte, and PwC.

About Icon Group:   

Icon Cancer Centre is part of Icon Group – Australia’s largest dedicated cancer care provider. Icon Group has expanded globally into Singapore, Mainland China, Hong Kong and New Zealand and has a strong history of cancer research, now operating the largest private cancer clinical trials program in Australia. Icon Group has 48 cancer and specialist centres globally, including day oncology hospitals, radiation oncology facilities and comprehensive centres that bring both oncology disciplines together. The Group also encompasses Epic and Slade Pharmacy: providers of medication management and pharmacy services to the hospital and oncology sectors; and Slade Health: Australia’s largest chemotherapy compounder with three TGA-approved manufacturing sites across the eastern seaboard and a development in New Zealand.

For more information, please visit: and follow us on social media @IconGroup

About EQT:

EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

EQT has extensive experience and in the healthcare sector and is one of the largest and most active private equity investors in the healthcare sector globally with an unparalleled network of industry advisors within the EQT Network. Some of EQT’s notable investments in the sector include I-MED, a leading diagnostic imaging provider in Australia, and Blikk & Meine Radiologie Holding, two leading radiology and radiotherapy businesses in Germany.

About Goldman Sachs Asset Management Private Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1986, the Private Equity business within Goldman Sachs Asset Management has invested over $75 billion since inception. We combine our global network of relationships, our unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across our portfolios. Follow us on LinkedIn.