Private equity firm KKR has acquired a majority stake in Laser Clinics Australia. Existing private equity investor The Growth Fund will retain a minority stake in the company.
Laser Clinics Australia (LCA) opened its first clinic in 2008 and is now the largest provider of non-invasive aesthetic treatments in Australia with a franchise network of more than 80 clinics. It carried out 3 million treatments over the last year, including laser hair reduction, cosmetic injectables and skin treatments.
KKR and The Growth Fund will help the company’s management and franchisees grow the business through the continued expansion of the clinic network, the introduction of new product and services and international expansion.
Tim Sinclair, General Manager of LCA, said: "Over the past decade, Laser Clinics Australia has sought to provide clients with the highest-quality aesthetic treatments. The Growth Fund has been an ideal partner and we are excited to continue our relationship. The introduction of KKR marks the next stage of our evolution as a business. KKR has a deep understanding of our industry and brings significant global and operational experience. With their support, we will be even better equipped to grow the business, enhance the quality of our services and improve our proposition to women and men across Australia."
Scott Bookmyer, Head of KKR Australia, added: "We are excited to partner with Laser Clinics Australia. LCA is a world-class aesthetic treatment provider with an excellent brand, a track record of clinical and performance excellence and a loyal client base. We look forward to working with LCA's talented team and The Growth Fund to support the Company's long-term strategy and further demonstrate KKR's commitment to promoting innovative Australian businesses."
The acquisition of the stake in LCA is KKR's second announced investment in Australia from its US$9.3 billion Asian Fund III.