The $300m deal with KKR has been agreed to.
GP-owned and operated primary care network Family Doctor has a new investor – private equity firm KKR, which has come in for $170 million up front and a total of $300 million over time.
According to the Australian Financial Review, KKR has agreed to terms with former emergency medicine practitioner Dr Rodney Aziz’s company allowing Dr Aziz to retain ownership.
The second tranche of money, about $130 million, will be reserved for potential acquisitions.
Dr Aziz set up Family Doctor around 20 years ago and the network now includes over 100 clinics across Melbourne, Sydney, Brisbane, Perth and regional areas.
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The company buys out the interests of retiring doctors or those looking to cut down their administrative load.
Most Family Doctor sites also include dental, pathology and allied health services.
KKR is busy – it is also bidding on Chow Tai Fook’s Alinta Energy, remote energy player Zenith Energy and Aware Super’s chicken producer ProTen.
Recently completed deals include a stake in human resources platform Employment Hero and a majority stake in Queensland Airports Corporation, according to the AFR.
This article has been updated.
