SYDNEY–(BUSINESS WIRE)–
Laser Clinics Australia (“LCA” or the “Company”), global investment firm
KKR, and The Growth Fund today announced the signing of a definitive
agreement under which KKR will acquire a majority stake in LCA and
existing investor The Growth Fund will retain a minority stake in the
Company. LCA is the leading provider of non-invasive aesthetic
treatments in Australia with a network of more than 80 clinics supported
by aligned franchisees and a trusted brand. As partners, KKR and The
Growth Fund will assist LCA’s management and franchise network in
growing the Company through the continued expansion of the clinic
network, the introduction of new product and service offerings, and
international expansion.
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Since opening its first clinic in 2008, LCA has expanded rapidly to meet
growing demand from its clients. LCA offers a range of treatments and
services including laser hair reduction, cosmetic injectables, skin
treatments and complementary products. The Company is supported by a
dedicated team of franchisees and a team of approximately 135
experienced doctors and nurses who help ensure the provision of safe,
affordable treatments to clients and the maintenance of high clinical
standards.
Tim Sinclair, General Manager of LCA, said, “Over the past decade, Laser
Clinics Australia has sought to provide clients with the highest-quality
aesthetic treatments. The Growth Fund has been an ideal partner and we
are excited to continue our relationship. The introduction of KKR marks
the next stage of our evolution as a business. KKR has a deep
understanding of our industry and brings significant global and
operational experience. With their support, we will be even better
equipped to grow the business, enhance the quality of our services and
improve our proposition to women and men across Australia.”
Scott Bookmyer, Head of KKR Australia, said, “We are excited to partner
with Laser Clinics Australia. LCA is a world-class aesthetic treatment
provider with an excellent brand, a track record of clinical and
performance excellence and a loyal client base. We look forward to
working with LCA’s talented team and The Growth Fund to support the
Company’s long-term strategy and further demonstrate KKR’s commitment to
promoting innovative Australian businesses.”
Gareth Woodbridge, Principal at KKR Australia, added, “We are very
pleased to be partnering with The Growth Fund to help support the
continued growth in LCA. We have been impressed by the quality of LCA’s
franchise model and commitment to the highest clinic standards and
client experience. The non-invasive aesthetic space is seeing
significant growth and we look forward to assisting the Company to
expand its clinic network to support the growing demand for services.”
Scott Greck, Managing Partner of The Growth Fund, said, “The Growth Fund
invested in LCA in 2014 alongside the founders to accelerate the rollout
of the clinic network. We have worked closely with LCA’s management team
to support the business through this growth phase. LCA is now the leader
in the rapidly growing aesthetic industry with a well recognised,
trusted brand. We are excited to continue our partnership with LCA by
investing alongside KKR.”
LCA is KKR’s second announced investment in Australia from its US$9.3
billion Asian Fund III. Further details of the transaction are not
disclosed.
About Laser Clinics Australia
LCA is Australia’s largest provider of non-invasive treatments, with 3
million treatments performed in the last year. LCA offers affordable,
effective and safe treatments to all Australians using state-of-the-art
technology and industry-leading expertise. LCA was awarded Top Franchise
in Smart Company’s Smart 50 in 2016. For additional information about
LCA or to explore franchise opportunities, please visit LCA’s website at www.laserclinics.com.au.
About KKR
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate, credit and, through its strategic partners,
hedge funds. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and driving growth and value creation with KKR
portfolio companies. KKR invests its own capital alongside its partners’
capital and provides financing solutions and investment opportunities
through its capital markets business. References to KKR’s investments
may include the activities of its sponsored funds. For additional
information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website
at www.kkr.com and
on Twitter @KKR_Co.
About The Growth Fund
The Growth Fund is a leading mid-market private equity firm that invests
in businesses in Australia and New Zealand. The Growth Fund partners
with founders and management of successful businesses with an enterprise
value of up to A$200 million to help realise their growth potential. For
additional information about The Growth Fund, please visit The Growth
Fund’s website at www.thegrowthfund.com.au.
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Laser Clinics Australia:
Peter Brookes, +61 2 8243 0104
pbrookes@citadelmagnus.com
or
KKR Asia
Pacific:
Anita Davis, +852 3602-7335
Anita.Davis@kkr.com
or
KKR Americas:
Kristi
Huller / Cara Kleiman, +1 212-750-8300
Media@kkr.com
or
Bespoke
Approach (for KKR Australia):
Ian Smith, +61 8 8419 2888
ismith@bespokeapproach.com
Source: KKR