GenesisCare

AP5

Fund

2.9x

Money Multiple

47.1%

Internal Rate of Return (IRR)

07/09

Investment Date

08/12

Exit Date

Our investment in GenesisCare

GenesisCare provides high quality, specialised care to patients with cancer and cardiovascular disease – the two most common chronic diseases in Australia. Founded in 2005, GenesisCare grew from a single cardiology clinic to become a global care leader with more than 2,500 employees across 3 countries with more than 100 clinic locations.

The Opportunity

The non-discretionary healthcare segment was growing rapidly, underpinned by strong demand, and the fragmentation in the market presented an opportunity for significant growth. A strong pipeline of acquisition targets had been identified and progressed, and the company’s close doctor alignment had set it apart from other healthcare business models.

Demonstrated Impact

While in partnership with Advent, the business grew its national footprint significantly. Advent’s investment and ongoing strategic support enabled GenesisCare to make 4 acquisitions and open multiple new centres nationally and globally. The company also expanded into sleep diagnostics, and evolved its care model to include a disease management platform. A unique shareholding structure was also developed to allow key doctors to own a majority of the shares while retaining responsibility for the management of clinical matters.

Exit

We exited our investment in GenesisCare to KKR in August 2012. The Company’s revenue had grown to ~$200m and earnings had doubled. GenesisCare had also built its team to over 1,000 employees, including more than 100 physicians across both core specialisations. The investment returned 2.9x money multiple and 47.1% IRR. We were the winner of the ‘Best Investment in the Last 25 Years’ category at the AVCAL 25th Anniversary Awards in 2018 for our investment in GenesisCare.

 “Advent has been a great partner over the last three years as we rapidly expanded. They provided excellent support and guidance as we pursued our strategy to improve and expand access for patients to high quality healthcare.”

 Dan Collins, Managing Director, GenesisCare