Barings Supports ICG’s Acquisition of Cura Day Hospitals Group
Barings, one of the world’s leading investment managers, was appointed as one of the mandated lead arrangers to provide A$270 million of senior secured credit facilities in support of Intermediate Capital Group’s (“ICG”) acquisition of a majority interest of Cura Day Hospitals Group (“Cura” or “the Company”). The acquisition signifies ICG’s second investment in Cura, following its partnership with the Company’s doctor and management shareholders in 2014 to facilitate the Company’s rapid expansion through clinic acquisitions and organic growth, prior to its exit in 2020.
Headquartered in Brisbane, Cura is a leading independent provider of private day hospital facilities in Australia. The Company operates a diversified national portfolio of 29 facilities which are strategically located in key metropolitan and high growth regional areas in Australia, performing a wide range of same day medical procedures.
“Barings is pleased to have provided financing for a second acquisition by ICG in the region as they are a reputable sponsor with substantial expertise in the healthcare sector, and in particular, with regard to Cura given their previous ownership,” said Justin Hooley, Managing Director in Barings’ Asia Pacific Private Finance Group. “We look forward to collaborating with ICG on this and future transactions.”
In addition to supporting ICG's acquisition of the Company, the debt facilities provided will be expected to furnish the Company with additional growth capital to advance its strategic objectives.
About Barings
Barings is a $406+ billion1 global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
1. As of March 31, 2024
About Intermediate Capital Group
ICG provides flexible capital solutions to help companies develop and grow. It is a leading global alternative asset manager with over 35 years’ history, managing US$86.3 billion of assets2 and investing across the capital structure.
ICG develops long-term relationships with its business partners to deliver value for shareholders, clients and employees, and uses its position of influence to benefit the environment and society. ICG is committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is a listed global alternative asset manager and a member of the FTSE 100. Further details are available at www.icgam.com.
2. As of December 31, 2023
