Private equity firm swoops for skincare specialist
Private equity firm TriSpan has acquired Birmingham-headquartered skincare specialist sk:n and says it is on a mission to “significantly” expand the business.
The investment group, which has offices in London and New York, bought the business from Graphite Capital and said it will work with the existing senior management team to develop the company and expand its UK footprint.
sk:n has 51 clinics across the UK offering a range of non-surgical skin and cosmetic treatments.
Founded in 1986, sk:n clinics uses the latest skincare technologies and offers access to the country’s best doctors, dermatologists and skin practitioners.
The senior management team at sk:n led by CEO Darren Grassby and CFO Simon Hope will continue to spearhead the business in its next phase of growth, to further strengthen the brand, and to drive the expansion of sk:n and its offering into more locations across the UK.
Grassby said: “sk:n is an ambitious brand with exciting plans to grow over the coming years and TriSpan’s strategic approach is a perfect fit for our business. We’re very excited to take sk:n to the next level and confident that the combination of our highly experienced team with TriSpan’s experience in rollouts, plus its network and its international exposure will enable us to propel the business forward.”
The acquisition was led by TriSpan’s European Private Equity partners, Fady Michel Abouchalache and Joseph-Patrick Dib.
They commented: “Our latest investment, in sk:n, is a fantastic opportunity to back a genuine market leader in a growing and fragmented market. We’re excited to support the brand’s strong management team to consolidate its leadership position and drive growth across multiple avenues.”
Terms of the transaction were not disclosed.
Alantra, the global mid-market investment banking firm, advised Graphite Capital and the shareholders of sk:n, on its sale to TriSpan.
The Alantra team advising Graphite and sk:n comprised Bobby Fletcher, Steve Currie, Chris Bates and Justin Crowther.
Fletcher said: “sk:n is the UK’s leading non-surgical dermatological treatment provider with an extensive clinic base across the UK. Led by CEO Darren Grassby, sk:n is now poised to take advantage of the opportunity of working with a new private equity funder that intends to significantly increase its UK footprint whilst exploring international clinic expansion.
“TriSpan immediately recognised the latent opportunity around increased skincare product distribution through its clinics and online, and they will bring additional, complementary expertise to the existing high-quality management team. We are very pleased to have delivered such a result for our client in a challenging consumer environment and against the current political backdrop.”
