investment from
- Growth deal
- February 2020
- Value: Undisclosed
Helped devise a national roll-out programme across 13 sites
Achieved strong valuation and significant cash-out for shareholders whilst maintaining a majority stake
Process positioning and strategy attracted strong interest from private equity
Veincentre had grown to be the UK’s preeminent provider of non-invasive venous insufficiency treatment, bridging the lack of NHS service provision for a potentially debilitating condition.
Shareholders Dr. David and Deborah West wished to find an investor that would provide capital to accelerate Veincentre’s roll-out plans and enable them to realise significant cash out.
Rickitt Mitchell was appointed to find and transact with an investor that could meet these objectives.
Rickitt Mitchell has successfully advised Veincentre on a refinance process which has resulted in significant funds being received from Santander. This follows investment from Manchester-based Palatine Private Equity in July 2019.
Veincentre, a provider of treatment for varicose veins, plans to utilise the funds to facilitate the expansion of additional clinics, as it looks to launch a Liverpool site in the first quarter of 2020 and a further two new clinics before the end of the year.
The Company will also invest further in digital transformation with the development of a new website and digital marketing strategy.
Veincentre was advised by Neil Mitchell and Kaine Smith at Rickitt Mitchell.
Co-ordination and strong process management led to a highly competitive process with multiple bidding rounds, resulting in a 30% uplift from original offers.
Rickitt Mitchell helped create a national roll-out programme and supporting detailed model that the investment case was based upon.
Rickitt Mitchell subsequently supported Veincentre on a £3m competitive fundraising process which will be utilised to accelerate its national expansion and invest in its digital marketing strategy.
“Neil and Kaine at Rickitt Mitchell have been hugely professional and supportive in delivering an excellent result. I can’t commend them highly enough”.
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