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.