Private-equity firm KKR has a roughly 30% stake in Australia-based GenesisCare, which filed for bankruptcy Thursday in Texas, Reuters reports.
The company will reportedly seek a buyer for its U.S. business, which includes 130 radiation-therapy centers.
GenesisCare, based in Sydney, Australia, broke into the U.S. market in 2020 through its acquisition of 21st Century Oncology. But the merger loaded the company with additional debt and the U.S. business was unprofitable, failing to produce operational synergies GenesisCare had hoped for, according to court documents filed in Houston bankruptcy court.
GenesisCare, which is also backed by private equity firm China Resources Capital, specializes in radiotherapy cancer treatments, with more than 300 locations in the United States, the UK, Australia, and Spain.
21st Century Oncology, which operated a network of local, physician-led cancer treatment centers across the United States, had struggled for years and went bankrupt in 2017 before GenesisCare acquired it. Read more.
