Exclusive: Second round bidders for Veincentre revealed

Zina Fragkiadaki
June 1, 2022
M&A

Around five interested parties are through to the second round of the auction of Palatine-backed-Veincentre, a UK-based clinic chain specialising in the treatment of varicose veins, HealthInvestor UK can exclusively reveal.

This publication has learnt that among the prospective bidders that have shown interest in the sale are private equity firms Livingbridge, Charme Capital Partners and Queen’s Park Equity (QPE). Synova Capital is among the names that are heard but an an advisory source confirms that Synova is not among the second round bidders.

Accounting firm Grant Thornton is representing Veincentre.

Our sources estimate that Veincentre is being marked off an EBITDA of around £4-6 million. Price expectations are likely to be in the region of 12x according to a source close to the process.

Palatine invested in Veincentre in August 2019 when it injected £10 million into the business deploying capital from its £100 million Impact Fund.

Founded in 2003, Veincentre, whose flagship clinic is based in Stoke-on-Trent, has 17 clinics across the UK today, according to its LinkedIn page. The group offers minimally invasive treatment of all varicose veins avoiding the need for patients to have surgery under general anaesthetic. In January, Veincentre unveiled its expansion plans pledging to open 10 more clinics in 2022.

Overall, since Palatine’s investment in 2019, the group has opened eight new locations, according to Palatine’s website.

Our source adds that the US is much more advanced in dermatology and cosmetics compared to the UK – the likes of dermatology group practice Forefront Dermatology attract 12-14x multiples from some big investors including Canadian pensions funds.

Palatine, Grant Thornton and Charme Capital Partners declined to comment. Veincentre, Livingbridge, Synova Capital, and QPE did not respond to a request for comment.

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