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3i invests in Ultralase to fund UK roll-out15 February 2008 For further information please contact: Kathryn van der Kroft +44 207 975 3021 3i, Europe’s leading mid-market private equity company, and funds managed by 3i have signed an agreement to acquire Ultralase, a leading player in the UK ophthalmic treatment (laser vision correction) market, for £174.5m from Corporación Dermoestética, the leading listed medical aesthetic business in Europe.
Ultralase, with a head office and financial centre in Leeds, currently operates 17 eye laser clinics across the UK (including Nottingham, Edinburgh, Manchester, Birmingham, Liverpool, Bristol and Cardiff) and 3i’s investment will allow the company to continue its expansion across the UK, with 4 new clinic openings planned for 2008, including Maidstone and Southampton. In addition, Ultralase is planning to open a number of consultation rooms across the UK during 2008. Ultralase operates in a fast growing market; the refractive treatment market in the UK is expected to grow at 12% pa, with penetration rates expected to increase significantly in the next five years, bringing the UK’s penetration rate into line with other more mature markets such as the US, Canada and Spain. 3i has a wealth of experience across the healthcare sector (e.g. Clínica Baviera, Betapharm, Westminster Health Care and Domantis) and today’s investment in Ultralase builds on the particular experience gained during 3i’s investment in Clínica Baviera, Spain’s leading chain of ophthalmology clinics, which achieved a €300m IPO on the Spanish Stock Exchange in April 2007. Ian Nolan, 3i Partner, commented: “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 and are committed to supporting the company to achieve this.” Tony Veverka, Chief Executive at Ultralase, said: “We are excited to partner with 3i. 3i’s wealth of experience in our industry sector, specifically gained through its investment in Clinica Baviera, will be invaluable to us in growing our business.” Advisers on the deal include PWC (financial DD), McKinsey (commercial DD) and UBS (financial adviser). Cobbetts LLP provided legal advice to Ultralase’s management team, comprising Finance Director, Jonathan Simpson, Clinical Services Director, Mark Korolkiewicz, and Marketing Director, Keith Bond, alongside CEO, Tony Veverka. Park Place Corporate Finance also advised management. Notes to editorsUltralaseUltralase is one of the most successful elective ophthalmic treatment providers in the world. Its first treatment was conducted in 1991, making it the first commercial provider of Laser Eye Treatment in the UK. With a head office based in Leeds, the company now has 17 clinics nationwide offering a wide range of treatments for eye conditions such as myopia, hyperopia, astigmatism and presbyopia (reading glasses). This extensive range of eye treatment solutions is aimed at transforming the lives of glasses and contact lens wearers and would generally be appropriate for around 90% of that population. The number of treatments is growing annually as more and more people are becoming comfortable with the concept and as providers like Ultralase are making the treatment more accessible. Ultralase has plans for 4 more clinics in 2008, together with the opening of consulting rooms, in order to extend its UK footprint. This will maximise the geographical coverage of the business and help continue the market share growth the company has achieved during 2007. About 3i3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital, Venture Capital, Infrastructure and Quoted Private Equity and invest across Europe, the United States and Asia. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio and to our shareholders.www.3i.com 3i Buyouts 3i has been partnering healthcare companies for more than 20 years. In the last five years alone, 3i has committed €1bn across approx. 70 healthcare businesses and has floated 13 healthcare companies in five different markets. 3i focuses on investing in pharmaceuticals and biotechnology, medical devices and technology, and care service providers. For further information please contact:
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