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3i eyes growth following deal for Ultralase
LASER eye surgery company Ultralase has been bought for £174.5m by private equity company 3i which plans to expand the group throughout the UK.
Leeds-based Ultralase has treated thousands of patients including Olympic medallists Sir Steve Redgrave, Jonathan Edwards and Sharron Davies as well as Dragons' Den star Duncan Ballantyne.
The company currently operates 17 eye laser clinics in the UK including one on Albion Street in Leeds. It plans to open four new clinics this year. In addition to its clinics, the group is planning to open a number of consulting rooms during 2008 which will advise patients on their suitability for treatment.
Ultralase was bought from Spanish company Corporacin Dermoesttica, the leading listed medical aesthetic business in Europe, which acquired it for 30m just three years ago.
Keith Bond, Ultralase marketing director, said the entire management team would be staying on and the group sees strong future growth despite the possibility of an economic downturn.
"We don't think a downturn will have much effect on us," he said. "We are not dependent on people having lots of money. Patients can spread the payment out over five years, so for the price of a couple of cups of coffee a week you can transform your life."
3i has extensive experience in laser eye surgery thanks to its investment in Clinica Baviera, Spain's leading chain of ophthalmology clinics, which was floated on the Spanish stock exchange last April.
"3i have a great deal of experience in this area," said Mr Bond. "It believes that healthcare is an area for growth and expansion."
3i partner Ian Nolan said: "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."
Ultralase dates back to 1991 and it has clinics in Leeds, Manchester, Newcastle-upon-Tyne, Birmingham, Bristol, Cardiff, Chelmsford, Chester, Guildford and St Albans and London.
Patrick Mitchell, corporate partner at Cobbetts LLP in Leeds, who advised Ultralase's management team on the deal, said 3i's investment would allow the company to continue its rapid growth. Park Place Corporate Finance also advised the management team.
PricewaterhouseCoopers, McKinsey and UBS advised 3i on the acquisition.
Jonathan Rhodes, transaction services director at PricewaterhouseCoopers LLP in Leeds, said: "This is the third time around we have undertaken due diligence on this exciting, fast-growing business. Over this period the management team has successfully grown both its nationwide footprint and treatment levels, successfully positioning the business in the UK laser treatment market."
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