Private equity giant reinvests in healthcare company with KWM’s help

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King & Wood Mallesons (KWM) helped a private equity giant with another investment in a global healthcare business.

The top firm advised KKR on its acquisition of a 20% stake in GenesisCare. The company has agreed to invest $400m for the stake, with the possibility that it will invest $250m more.

KKR previously owned a 45% stake in GenesisCare that it bought for about $380m in 2012. It sold the stake to China Resources Group and Macquarie Capital in 2016 for an undisclosed sum. The consortium, as well as doctor and management shareholders, have sold down their stakes for the latest deal.

China Resources Group and Macquarie Capital continue to have a stake in the Australian cancer and cardiac care provider. The investment adds funds for GenesisCare’s expansion plans, which include 35 new openings in Australia, Europe, and China.

The KWM deal team was led by partners Ros Anderson, Mark McNamara, and Tim Sherman. They were supported by special counsel Mandy Tsang, senior associates Alexander Galanos and Victoria Lanyon, and solicitors Claire Achermann and Justin Wretham.

KWM has a long-standing relationship with KKR, most recently advising on a $675m acquisition in Australia.