The Growth Fund is seeking buyers for its hair removal and injectables business, Laser Clinics Australia.
As Street Talk revealed on Tuesday, the private equity firm has appointed Luminis Partners to run a dual-track sale process for the business.
Laser Clinics Australia specialises in skin treatments, cosmetic injections and laser hair removal and has more than 60 clinics across the country.
It's understood the business has about $50 million annual earnings and could be worth $500 million-plus.
Laser Clinics Australia is owned by Sydney-based The Growth Fund, in conjunction with founders Babak Moini and Alistair Champion. It's pitch is all about making laser hair removable, botox and the like more affordable and accessible, slashing prices by negotiating with suppliers and investing in technology.
The sale process is expected to focus on potential trade and private equity buyers, before considering an initial public offering.
Laser Clinics Australia is expected to be pitched as a high growth company, operating in an industry with reasonably high barriers to entry.
As the only player of size in the local market - and also a unique story in a wider regional context - it is hard to see any obvious trade buyers.
As such, it is expected to be pitched towards local and offshore private equity firms and conglomerates that have been snapping up Australian health companies.
It's understood The Growth Fund and its co-investors appointed Luminis this week. King & Wood Mallesons is doing the legal work.
