Palatine impact fund backs Veincentre

Financial details of the transaction remain undisclosed, though Palatine drew capital from its impact-dedicated fund, Palatine Private Equity Impact Investing Fund, which typically targets businesses requiring equity tickets of less than £10m. The vehicle closed on £100m in 2017 and has primarily focused on growth capital investments to date, according to Unquote Data.

Veincentre will open new clinics in Glasgow and Leeds following the deal, as part of its long-term plan to open two new UK sites per year.

Palatine cited the NHS's withdrawal of funding for varicose vein treatments and Veincentre's focus on affordable care as being key drivers behind the decision to invest.

Company
Founded in 2003 and headquartered in Stoke-On-Trent, Staffordshire, Veincentre is an operator of clinics focusing on endovenous laser ablation (EVLA) treatments for varicose veins. EVLA is intended to reduce surgical and recovery times associated with traditional treatments, in addition to reducing scarring. The business has an additional six clinics in London, Bristol, Nottingham, Manchester, Southampton and Chipping Norton, Oxfordshire.

People
Palatine Private Equity – Beth Houghton (partner, head of impact); James Gregson (investment director); James Painter (investment manager).
Veincentre – David West (co-founder, clinical director); Deborah West (co-founder, business manager).

Advisers
Equity – Gateley, Rebecca Grisewood, Kate Richards, Leigh Whittaker (legal); BDO, Heatlie, Sarah Hill (corporate finance); CIL, Giles Johnson, James Silk (commercial due diligence); Quinn Partnership (management due diligence); Marsh (insurance due diligence).
Company – Rickitt Mitchell, Neil Mitchell, Kaine Smith (corporate finance); Addleshaw Goddard, Roger Hart, Andrew Green (legal).

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• Topics
• Expansion
• UK / Ireland
• Healthcare
• United Kingdom
• Palatine Private Equity
• Social Impact
• Gateley
• BDO LLP
• Addleshaw Goddard