Private equity firm backs varicose veins specialist in multimillion-pound deal

A Stoke-on-Trent-based clinic specialising in state-of-the-art treatment for varicose veins has secured major investment from private equity firm Palatine to continue its expansion nationwide.

The deal marks the fourth investment from Manchester-based Palatine’s £100m Impact Fund, which targets companies with a social or environmental impact.

With Palatine’s backing, Veincentre will roll out clinics in Leeds and Glasgow later this year, before carrying out a plan to open two new centres across Britain annually.

Veincentre delivers specialist treatment for varicose veins, using Endovenous Laser Ablation (EVLA). Using EVLA – a non-invasive, non-surgical procedure – Veincentre can reduce the surgical and recovery times associated with traditional forms of treatment, meaning patients can have their veins treated in their lunch-hour. EVLA also reduces scarring, limiting the damage done by the condition.

Following the withdrawal of NHS funding for varicose vein sufferers – due to their ‘non-essential’ status – Veincentre said it is well-placed to offer affordable, accessible treatment to patients across its seven UK clinics.

Clinical Director at Veincentre, Dr David West, said: “The Palatine Impact Fund, with its focus on positive social impact, is the perfect investment partner for our fast-growing business. With the help of the Palatine team, our aim to bring this specialist, yet affordable treatment to as many people as possible seems more achievable than ever.

“The work we do has become increasingly important following falling NHS funding in the sector, and now with the help of this investment, we will be able to offer a necessary social service where access might otherwise be scarce.”

The Palatine investment was led by Beth Houghton, head of the Impact Fund, with support from investment director James Gregson, and investment manager James Painter.

Houghton said: “We are very excited to work with Veincentre. With the lack of NHS funding for what can for some people be a debilitating condition, it is important that people are able to access treatment at affordable prices, in convenient locations.

“With the planned roll-out of clinics to Yorkshire and Scotland, Veincentre will be able to offer treatment in almost every major region in the nation, and the management team has ambitions to offer full coverage of the United Kingdom.

“Veincentre is exactly the type of business we want to support with our Impact Fund, and we look forward to working with the management team in order to help accelerate growth and consolidate the company’s position as a leader in the industry.”

Palatine’s legal advice was provided by Rebecca Grisewood, Kate Richards and Leigh Whittaker at Gateley; financial advice was provided by Chris Heatlie and Sarah Hill at BDO; commercial advice was provided by Giles Johnson and James Silk at CIL; whilst Quinn Partnership provided management advice and insurance advice was provided by Marsh.

Veincentre was advised by Neil Mitchell and Kaine Smith at Rickitt Mitchell, while Roger Hart and Andrew Green at Addleshaw Goddard provided legal advice.

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