Palatine backed-Veincentre stake for sale with Grant Thornton

Palatine owns a substantial minority in the company, said one of the sources, after investing around GBP 10m via its GBP 100m Impact Fund in August 2019, as reported. The sale process aims to attract a majority investor, two of the sources said, with one adding that the founders also plan to exit the business.

Veincentre is expected to be marketed off EBITDA of GBP 5m-GBP 6m, one of the sources said, although another source put the range slightly lower at GBP 3m-GBP 4m.

Palatine’s original investment came on the back of NHS England withdrawing funding for the treatment of varicose veins due to their "non-essential" status, the firm said at the time. Patients can only seek varicose vein surgery on the NHS when further certain conditions are met, including varicose eczema and leg ulcers, according to the NHS.

Veincentre has between 15-20 clinics across the UK, according to its website, and has opened eight new locations since Palatine’s investment, according to the sponsor’s website.

Palatine and Grant Thornton declined to comment. Veincentre did not respond to a request for comment.

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• Palatine Private Equity