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The challenge
Icon Oncology Holdings (Icon) is a private healthcare company and the leading provider of radiation and managed care oncology services in South Africa. Icon and its subsidiaries: Icon Radiotherapy, Icon Chemotherapy, and Icon Managed Care, have since inception pioneered the move to Value-Based Care (VBC) in cancer treatment in South Africa. It is a highly sophisticated business with a complex ecosystem and successful partnerships with doctors and medical schemes.
As of April 2024, Icon has a national footprint of 26 radiotherapy facilities incorporating 30 state-of-the-art linear accelerators. The business employs more than 340 clinical professionals who deliver quality, cost-effective care to approximately 30,000 patients annually. In addition to 59 accredited chemotherapy units, Icon manages three compounding pharmacies and a licensed pharmaceutical wholesaler. The Group also owns 16 specialised properties incorporating the bunkers from which it operates. In collaboration with clinicians and using its significant dataset, the company has developed clinical protocols, formularies and funding models used by more than 50% of the medical scheme market.
Icon was looking to scale the business further and needed an equity partner that shared its values and commitment to adding societal value. Icon furthermore required transformational funding and an investment partner that had the expertise, understand their business and growth ambitions, and a trusted adviser and active partner on their long-term strategy.
The RMB Ventures solution
The RMB Ventures investment team was able to understand and work with the complexities of this business to develop the right equity partnership solution. As a trusted partner of the FirstRand Group, RMB Ventures was also able to make a sizeable investment into the business to deliver significant impact. RMB Ventures partnered with Bopa Moruo, a BEE investment partner, to enable the transformation of the ownership. RMB Ventures and Bopa Moruo bring a partnership to Icon that is aligned in values as the respective businesses believe in creating a positive impact on society.
Client benefits
Icon is now well positioned to scale into the future to deliver more affordable cancer treatment for more people across South Africa and possibly beyond that in future. As a result of the transaction with RMB Ventures and Bopa Moruo, Icon has also been able to transform its BEE ownership. In RMB Ventures and Bopa Moruo, Icon found partners who believe in shared value and making a positive impact in broader society.