Good evening,

KKR’s private credit team is coming for Australia’s $30 billion market for general practice medical services.

Street Talk can reveal the private capital juggernaut has agreed terms to invest in Family Doctor, a chain of GP clinics set up by former emergency medicine specialist Rodney Aziz nearly two decades ago. Sources said the business has grown to nearly 109 clinics across Melbourne, Sydney, Perth, Brisbane and regional areas and generates about $30 million in annual earnings.

KKR’s investment is understood to have invested via a structured funding solution, akin to a refinancing, that would fund Family Doctor’s future growth including M&A opportunities. Aziz would retain the ownership while KKR’s Asia Pacific Credit strategy is expected to invest about $300 million over time. It has provided similar financing solutions to Dennis Bastas’ Arrotex Pharmaceuticals.

Read the full story tomorrow and more on the Street Talk page.

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