Private equity investment helps clinic expand in Yorkshire

Palatine Private Equity has made an investment from a £100m fund into Veincentre, a clinic specialising in state-of-the-art treatment for varicose veins.

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

With Palatine’s backing, Veincentre will continue to build on its recent nationwide expansion, opening new 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.

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.

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. I would also like to thank Rickitt Mitchell and Addleshaw Goddard for their efforts in leading the transaction through to an excellent conclusion for all parties.”

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.”

Neil Mitchell, Partner at Rickitt Mitchell, said: “Veincentre is an excellent business that is meeting an unmet need in healthcare. The combination of a strong management team, a business model that facilitates a rapid increase in market presence and the underlying market dynamics will deliver strong growth, which will be further enhanced by the partnership with Palatine’s Impact fund.

“The transaction also underlines the growing importance and appetite in the market for investments that have a positive social impact.”

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.

Click here to sign up to receive our new South West business news...
Close