Laser Clinics Australia is up for sale and interest in the acquisition is ramping up with the release of an information memorandum.
A long list of major private equity funds has shown interest in the purchase, according to The Australian, which names Primary Healthcare, a network of multi-disciplinary medical centres, pathology labs and diagnostic imaging centres, as one of the potential suitors.
News Ltd suggests funds likely to show enough interest in the sale to take an information memorandum include Bain Capital, TPG Capital, KKR, Pacific Equity Partners and Blackstone.
LCA has been prepared for sale by Luminis Partners. The 70+ clinic business is owned jointly by The Growth Fund (formerly Archer Capital’s growth investment division) and founders Babak Moini and Alistair Champion.
The Australian Financial Review reports potential buyers, which may include Asian investors, have until 7 July to submit a first-round bid.
The information memorandum, viewed by the the Australian Financial Review, apparently sets LCA’s earnings before interest, tax, depreciation and amortisation at between $30m and $40m this year, and next year heading for more than $50m.
News reports suggest the purchase price will be at least $500m, possibly in excess of $600m.