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Advent Partners 2 completes the successful exit of SILK Laser Clinics Australia via an IPO Listing

By December 15, 2020March 2nd, 2021No Comments

On 15 December 2020, Advent Partners 2 completed the successful exit of SILK Laser Clinics Australia via an IPO. This exit represents VPEG3’s first exit from its underlying portfolio.

Advent Partners 2 made its initial investment in SILK on 31 January 2018 and since this time Advent has supported SILK to become a national leader in the Australian non-surgical aesthetics market taking its network of clinics from 12 to over 50.

This growth included greenfield clinic expansion, an acquisition of a rival network of clinics which were subsequently rebranded SILK and the purchase and relaunch of a proprietary skincare brand Aesthetics Rx.

SILK Laser Clinics Australia (ASX: SLA) listed on 15 December 2020 at a share price of $3.45, implying an enterprise value of $162 million. Upon listing Advent Partners 2 realised a portion of their investment holding representing 2.0x of the Fund’s original investment in SILK, with the Fund retaining 28% of SILK post IPO.

Once fully completed the exit will deliver top quartile performing returns for Advent Partners 2 investors, including VPEG3 investors. The realised proceeds from the IPO were distributed by Advent to VPEG3 on 18 December 2020 and subsequently distributed to VPEG3 investors during the March 2021 quarter.

View VPEG3’s Private Equity Portfolio