Allens has advised the founders of Clearskincare on the sale of the brand's clinic and products businesses to Australian Pharmaceutical Industries (API) for $127.4 million.
Under the deal, API will take an initial 50.1 per cent stake in Clearskincare's clinic business and 100 per cent ownership of its skincare products business. It will transition to 100 per cent ownership of the clinic business by September 2021.
Clearskincare is a leading provider of non-invasive aesthetic services such as laser hair removal, skin treatments and cosmetic injectables. API is a leading health and beauty company and Australia's largest wholesale distributor of pharmaceutical and allied products.
The Allens team, led by partners Tom Story and Kate Towey, advised the founders on the sale of the clinic and products business.
'We congratulate Clearskincare and API on this exciting transaction, which paves the way for the creation of a leading Australian health and beauty services and products business,' Kate said.
'This acquisition is reflective of an increasing appetite in the market for healthcare assets, and cosmetic clinics in particular,' Tom said.
'We are looking forward to continuing our work with Clearskincare as it finalises the sale process with API and accelerates the growth and profitability of its already strong brand.'
Allens legal team
Tom Story (Partner), Kate Towey (Partner), James Nguyen (Senior Associate), Apoorva Suryaprakash (Senior Associate), Kimberley Chikitch (Associate), Natasha Ng (Lawyer), Miles Ma (Lawyer), Elise Blume (Lawyer)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.