Livingstone has 20/20 vision with sale of Ultralase

June 2005

Ultralase, the premium provider of laser eye surgery in the UK through a nationwide chain of corrective eye laser clinics, has been sold to Corporacion Dermoestetica SA, the Spanish cosmetic surgery group, for £30 million.

The transaction, negotiated in just two months by Livingstone and Global M&A partner NC Finanzas Corporativas, has enabled Granville Baird Capital Partners, the European mid-market private equity firm, to realise its £5.5million investment in Ultralase since originally backing the management buy-out in January 2000, when the company was acquired from private shareholders for £4 million.

Andrew Ferguson, Director, Granville Baird Capital Partners, comments: “Back in 1999 we recognised the significant potential that Ultralase had in the emerging UK market for laser eye surgery. We have worked closely with the management team since the buy-out and assisted them in building the necessary infrastructure to support the rapid growth in revenues experienced since our investment.”

Jorge Merladet, Chief Executive Officer of Corporacion Dermoestetica, adds: “Both Livingstone and NC were tough but fair negotiators. They work very well together, Livingstone provided excellent project management skills to get the deal delivered within a very tight timetable.

Nigel Morgan says: “We were delighted to negotiate another cross-border deal and complete it in just two months. Corporacion Dermoestetica made an aggressive and attractive offer which will enable them, as one of Europe’s leading cosmetic surgery providers, to bring their cosmetic surgery skills into an established chain of eye clinics and at the same time expand the laser eye surgery activities of Ultralase.”

Nigel Morgan, Deal Leader
Tel: 020 7484 4700

Christopher Neave - Ultralase, Gordon Blairn and Nigel Morgan - Livingstone Guarantee, Andrew Ferguson - Granville Baird Capital Partners, Jorge Merladet - Corporacion Dermoestetica