GenesisCare shareholders have voted unanimously in favour of affiliates of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR") entering into an agreement whereby KKR will own a 49.6 per cent of GenesisCare.
GenesisCare operates an Australia-wide network of comprehensive cancer and cardiovascular care centres. The company is a leader in cancer and cardiovascular service provision and is committed to improving clinical outcomes and access for patients.
Comprising a team of doctors, healthcare specialists and management professionals, GenesisCare embraces a collegiate and innovative spirit that encourages advancements in patient care. The organization has more than 1,000 employees that have helped provide more than 350,000 patient treatments across Australia in the past 12 months.
"KKR acknowledges the unanimous support of the GenesisCare shareholders in voting to approve the agreement, and looks forward to partnering with GenesisCare on their vital mission" said Mr. Justin Reizes, Member of KKR and Head of KKR Australia.
Mr. Dan Collins, Managing Director of GenesisCare, said, "KKR has a long history of investing in health care. Since 1995, the firm has invested more than $9 billion of equity capital in health care companies. They will bring proven global resources and the deep healthcare expertise needed to meet the challenges confronting Australia's healthcare system."
"KKR's support, and the overwhelming support of our shareholders who are also doctors and staff, is a terrific endorsement of the GenesisCare vision and strategy. We can continue to innovate and improve how care is delivered," Mr. Collins added.
GenesisCare provides high quality specialist care to patients with cancer and cardiovascular disease, the two largest disease burdens in Australia. More than 70 clinics and facilities are located across metropolitan and regional Australia.
The GenesisCare medical team comprises some of Australia's most experienced specialists with many dedicating time as consultants in public hospitals or participating in research and teaching. GenesisCare is adopting internationally proven medical technologies integrated with electronic healthcare records to improve patient clinical outcomes and their service experience.