• The Growth Fund co-founded CURA in March 2008
  • CURA is the largest operator of day hospitals in Australia
  • The business grew strongly through organic growth, facility expansion, and acquisitions
  • CURA was sold to a consortium consisting of Intermediate Capital Group PLC, CURA’s doctor shareholders and the CURA management team

The Cura journey

In 2008, The Growth Fund was approached by an experienced hospital management team – led by Peter Freeleagus – with the opportunity to consolidate the day hospital industry. The market was attractive, with demand for day hospitals growing faster than the broader healthcare market due to advancements in surgical technology and a lower cost operating model for outpatient procedures.

The market was highly fragmented, with over 280 independent day hospitals in Australia typically owned by groups of surgeons. CURA was founded with the objective of creating the sector’s leading player.

Sewn up with surgical precision

Commencing with a single site – the Dee Why Endoscopy Unit – the group acquired a total of 11 day hospitals over six years across a variety of specialties. As part of those acquisitions, The Growth Fund partnered with over 120 surgeons who became shareholders in CURA and contributed to the ongoing success.

Each day hospital was managed by an experienced facility manager who led day-today operations, and in particular rostering, staffing and the recruitment of new surgeons, with reporting, administration and purchasing centralised at head office.

Released in good health

Consolidating the day hospitals under one group with the right structure enabled CURA to become recognised as the leading provider in the sector. The business grew strongly through organic growth, brownfield facility expansion and acquisitions to reach $25 million in earnings.

In March 2014, CURA was sold to Intermediate Capital Group, with the CURA management team and doctor shareholders electing to roll part of their proceeds and invest alongside their new partners. The exit of CURA delivered a return on investment of 5.8x to investors and founding doctor shareholders, with the management team receiving 14x their investment.