Breaking news: Yorkshire-based Ultralase sold for £175m
YORKSHIRE-BASED laser eye survey business Ultralase has been bought for £174.5m by venture capital group 3i.
The Leeds firm has been sold by Spanish cosmetic surgery group Corporación Dermoestética which bought it for £30m just two-and-a-half years ago.
Ultralase currently operates 17 eye laser clinics across the UK, with four new clinic openings planned for 2008, in areas such as Maidstone and Southampton.
3i's investment will allow the company to continue this planned expansion across the UK, which is also set to include the opening of a number of consultation rooms during 2008.
Ultralase's management team, led by chief executive Tony Veverka, were advised by law firm Cobbetts and Park Place Corporate Finance.
Patrick Mitchell, corporate partner at Cobbetts in Leeds, advised Ultralase's management team on the deal, assisted by solicitors, Chris Tang and Jenny Taylor.
Working alongside Tony Veverka at Ultralase are finance director, Jonathan Simpson, clinical services director, Mark Korolkiewicz, and marketing director, Keith Bond.
Ian Nolan, 3i partner, commented: “We are delighted to be investing in Ultralase, a leading business in the fast growing UK ophthalmic market led by an experienced management team. We see substantial further growth potential for the business across the UK and are committed to supporting the company to achieve this.”
The investment builds on 3i's experience gained during its investment in Clínica Baviera, Spain's leading chain of ophthalmology clinics, which achieved a €300m flotation on the Spanish Stock Exchange in April 2007.
Mr Veverka added: “We are excited to partner with 3i. 3i's wealth of experience in our industry sector, specifically gained through its investment in Clinica Baviera, will be invaluable to us in growing our business.”
Patrick Mitchell at Cobbetts said: “This investment by 3i is testament to the dedication and hard work of Ultralase's management team, whose bold and ambitious growth plans have succeeded in building the business into a market leader. 3i's investment will allow the company to continue its rapid growth and we wish both 3i and the management team a long and fruitful partnership.”
Tim Simpson of Park Place Corporate Finance said: “This is undoubtedly a leading business in an exciting sector which has been based in Yorkshire. This transaction firmly re-establishes it as a Leeds-based business rather than as the subsidiary of a Spanish group.”
Advising 3i were PwC (financial DD), McKinsey (commercial DD) and UBS (financial adviser).
Corporación Dermoestética has clinics in Spain, Italy and Portugal, and used the acquisition of Ultralase as a platform to further expand laser eye treatment and cosmetic surgery in the UK.
Ultralase is the longest established provider of laser eye treatment in the UK, operating through a nationwide chain of corrective eye laser clinics and was founded by former chief executive Christopher Neave.
