Private equity giant KKR acquired a stake in Australian primary care network Family Doctor in a deal worth up to $300m.

The agreement, which includes an initial $170m investment, will see Family Doctor founder Rodney Aziz retain ownership, with the remaining $130m earmarked for future acquisitions.

Established around two decades ago, Family Doctor operates over 100 clinics across Melbourne, Sydney, Brisbane, Perth, and regional areas. The network provides general practice services while also incorporating dental, pathology, and allied health offerings. The company has grown by acquiring practices from retiring doctors or those looking to reduce their administrative burden.

KKR’s investment marks another significant move in its Australian portfolio. The firm is actively pursuing acquisitions, including bids for Chow Tai Fook’s Alinta Energy, remote energy player Zenith Energy, and Aware Super’s chicken producer ProTen. KKR has also recently secured stakes in HR platform Employment Hero and Queensland Airports Corporation.

The Family Doctor investment aligns with private equity’s increasing focus on healthcare, particularly in primary care networks with strong growth potential. The backing from KKR is expected to accelerate Family Doctor’s expansion and acquisition strategy, strengthening its position in the Australian healthcare sector.