The start of a new Iconic partnership

Today marks an incredibly exciting day for Stuart and I and our fellow Icon Group business founders and shareholders as we announce the identity of our new investment partners.

I’ve written previously about how much we’ve enjoyed the experience of working with Quadrant Private Equity over the 3 year period that’s passed since their initial investment in Icon Cancer Care.  During that time we’ve seen radiation oncology services (ROC), pharmacy management services for the Epic and Slade Pharmacy Groups and chemotherapy compounding (Slade Health) join the original Icon medical oncology business, and expanded our services significantly both across Australia and globally into Singapore, China and New Zealand.

As Quadrant have reached the end of their investment cycle, the process of identifying a new lead investor with whom we can enjoy a similar value creating relationship has been going on earnest.  The Icon Group executive, led by Mark Middleton and Ross Koscharsky have been incredibly busy over the past months as they’ve not only overseen the sale process but continued to drive the daily operations of the group as we strive to deliver on our vision of providing the best cancer care possible to as many people as possible as close to their home as possible.

Today we’ve announced that our new lead investor is a consortium led by the Queensland Investment Corporation (QIC).  QIC is one of the largest institutional investment managers in Australia, with A$75.8B in funds under management.  Like Icon Group, QIC is headquartered in Brisbane and exceptionally well placed to support the Group’s continued expansion both domestically and abroad.

Today's Australian Financial Review, click to view article
Today’s Australian Financial Review, click to view article

When Stuart and I first started our business journey together with the acquisition of 4 eastern seaboard pharmacy hub locations back in 1998 we were living in Melbourne, but found ourselves spending more and more time in Queensland.   We loved the entrepreneurial spirit that existed in Queensland, and felt it was an environment which would allow our business plans and ambitions to grow and flourish so relocated ourselves and the administration office of the business here in 1999. History will record our instincts were good, and we’ve subsequently been able to embrace everything Queensland had to offer in terms of business and lifestyle opportunities.  With the ROC and Icon Cancer Care businesses also founded in Queensland it’s clear the state has appeal for healthcare entrepreneurs!
We’re beyond excited about what the opportunity to work with QIC and their partners, who are hand picked to support our growth across SE Asia and mainland China, as we enter this next phase of the Icon story.  We’ll continue our domestic growth and international expansion, and are looking forward to extending our reach even further via the use of remote care technologies.  Our focus remains firmly on delivering the best possible cancer treatment to as many people as possible, as close to their homes as possible, and being able to do so in partnership with an iconic Queensland investment firm makes today a very happy day indeed.

Inking the deal
Inking the deal
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