With 2026 drawing to a close, attention is increasingly shifting toward the anticipated deal activity in Australia’s healthcare sector, where cancer care provider GenesisCare is emerging as a key player. Reports indicate that GenesisCare may have engaged Jefferies Australia as an investment banking adviser to explore options for a potential sale or initial public offering, underscoring heightened interest in one of the country’s largest healthcare operators.
GenesisCare, a prominent cancer care provider, is understood to be valued significantly higher than its $3 billion worth two years ago. The business, whose ownership includes Californian investment firm Oaktree Capital, has reportedly held discussions with various investment banking advisers in recent months. GenesisCare’s financial journey includes a Chapter 11 bankruptcy filing in 2023, driven by $1.8 billion in debt incurred due to its expansion in the U.S. market following the $1.5 billion acquisition of 21st Century Oncology. Previously under the ownership of Kohlberg Kravis Roberts and China Resources, the company was recapitalized by a lender group led by Oaktree Capital Management. Other debt holders with substantial equity stakes include Bain Capital, Avenue Capital Group, and Canyon Partners, who are believed to still retain ownership positions.
The Australian arm of GenesisCare continues to be identified as a strong performer. Established in 2005 by Dan Collins, the company operates 50 oncology centres across Australia. It also maintains 17 cancer treatment centres in the United Kingdom; however, these international operations are structured separately from the Australian business.
A potential GenesisCare transaction could coincide with the prospective divestment of ForHealth, a primary healthcare business owned by BGH Capital. BGH, a Melbourne-based private equity firm led by former TPG Capital executives Ben Gray and Simon Harle alongside ex-Macquarie banker Robin Bishop, has mandated Macquarie Capital to manage the sale process for ForHealth. The primary healthcare operator is expected to attract interest given its annual earnings exceeding $100 million and a likely valuation above $1 billion.
ForHealth encompasses the Healius primary healthcare business that BGH acquired in 2020 for $500 million. At acquisition, Healius generated approximately $30 million in annual earnings before interest, tax, depreciation, and amortization (EBITDA). Its recent financial performance has been bolstered by government contracts to provide Medicare Urgent Care Clinics (UCCs). Under the 2023 federal budget, $358.5 million over five years was allocated to establish 58 Medicare UCCs aimed at alleviating hospital and emergency department pressures.
Operating more than 120 large-scale multidisciplinary medical centres nationwide, ForHealth delivers an array of critical primary care services, including general practitioners, dental, specialist consultations, diagnostic imaging, pathology, allied health, and pharmacy offerings.
BGH Capital has demonstrated considerable success since its 2018 launch, raising $2.6 billion for its inaugural fund, positioning it among the leading players in Australia’s private equity landscape. With both GenesisCare and ForHealth potentially heading toward significant ownership changes, the healthcare sector looks poised for substantial deal activity in the year ahead.