Ultralase eyes Irish market with deal
YORKSHIRE-BASED laser eye surgery and treatment specialist, Ultralase, has completed its third acquisition in as many months, purchasing Ireland’s Waterford Eye Clinic for an undisclosed sum.
The move sees Ultralase, which has its head office in Leeds, continue its expansion following its acquisition by venture capital group 3i for £174.5m in February.
The group now boasts 23 clinics after its acquisition in Ireland which follows April’s purchase of Belfast-based Allclear Clinic.
The Waterford Eye Clince was a joint venture between Quality Healthcare Group and Waterford eye surgeon, Dr Jim O’Reilly.
Ultralase has carried out more than 170,000 laser eye treatments including implantable lens treatments and surgery for people who wear reading glasses.
Mr O’Reilly commented: “We have been highly successful to date, transforming the lives of many people, and this union with Ultralase, a company that shares our commitment to professionalism, expertise and the very best quality service, will give us the resources to help even more. In essence, moving forward the same Waterford Eye Clinic team will offer an enhanced but continuous service to our clients. I welcome the great benefits that being part of Ultralase will bring.”
Ultralase chief executive, Tony Veverka, said: “We are keen to bring the expertise and reputation of Ultralase to Ireland and are eager to work with the team at Waterford Eye Clinic to make two proven companies even stronger by combining our joint passion for treating eyes and transforming lives.”
The Leeds office of law firm Cobbetts advised Ultralase on the deal. Director, Chris Tang, added: “For Ultralase, this deal represents a further step towards its goal of rolling out treatment clinics across the UK and Ireland. The acquisition is the company’s third in as many months and highlights the clear strategy that the management team is pursuing. In the Waterford Eye Clinic, Ultralase has once again identified a strong business with which to partner, reinforcing its status as one of Yorkshire’s biggest success stories.”
Enda Newton of BCM Hanby Wallace and Michael O’Grady of MW Keller acted for the sellers. Financial due diligence was carried out by the Leeds office of PricewaterhouseCoopers.
