No splitting hairs over acquisition
NO SPLITTING HAIRS OVER ACQUISITION
Corporate finance specialists at regional law firm Freeth Cartwright have helped Energist, manufacturers of hair removal and skin rejuvenation equipment, acquire the professional and aesthetic Intense Pulsed Light (IPL) systems business of CyDen in a deal which could be worth up to £2 million. The deal also involved CyDen granting Energist a patent licence in respect of its iPulse power supply technology and a trademark licence for the use of the iPulse trademark.
Based in Swansea and owned by Excalibur Group (formerly Merlin Biosciences, a private equity company formed by Professor Sir Christopher Evans, a famous bio-science entrepreneur), the acquisition will enable Energist to add CyDen’s new iPulseTM technology to its variable pulsed light (VPLTM) and LED systems products for hair removal and skin rejuvenation.
CyDen, also based in Swansea and founded in 2004, had grown to a distribution network that spans 50 countries.
Energist’s chief executive, Jonathan Prutton, said: “This was an important strategic acquisition for Energist and its private equity owner, Merlin Biosciences. In the past, we have tended to use London-based lawyers; nevertheless we were delighted with the high quality and personal service we received from Mike Copestake and his team at Freeth Cartwright and felt that they represented excellent value for money”.
Mike Copestake, senior partner at Freeth Cartwright said: “This is our second deal in South Wales in six months and the latest in a string of healthcare deals carried out by our corporate finance team within the last year. It was a privilege to represent Energist and Excalibur.”
ends - 2 July 2009
For further information please contact:
Mike Copestake
Tel: 0845 634 9791
Email: mike.copestake@freethcartwright.co.uk