PEAL Capital buys majority stake in Derma Medical

Ero Partsakoulaki
23 May 2022

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PEAL Capital Partners has acquired a majority shareholding in UK-wide aesthetic training provider Derma Medical to support international expansion.

The GP is buying the company directly from previous owners and founders Dr. Zack Ally and Dr. Sanah Qasem, who will retain a minority stake, according to a source familiar with the situation.

Each founder held 50% of the company's shares, according to Companies House. The acquisition was initiated from PEAL's proprietary network.

Derma Medical offers botox and dermal filler training courses to medical professionals.

PEAL, a female-led PE firm, was attracted to Derma Medical's business model as there is an opportunity for global expansion and course innovation, as well as expansion outside the current market, according to the same source. The company expanded opportunistically without overhead investment under the previous ownership. PEAL aims to build a concrete strategy in terms of identifying target markets to achieve growth.

Joining Derma Medical and based in the new corporate headquarters in London, newly appointed executive chair Jennifer Fox, will be responsible for building out the organisation structure. Fox has a background in global hospitality, luxury branding, and leading executive teams, having served as international president of Fairmont Hotels and Resorts, CEO of the Millennium Group, and COO of IHG Europe.

Established in 2014, initially as an out-sourced general partner and advisory firm to family offices, PEAL launched its debut vehicle, PEAL Capital Partners Fund, in 2021. The fund, which is currently fundraising, held an initial close in March and is expected to hold its first close in the summer, hoping to hold a final close by the end of the year on USD 300m, according to the same source familiar.

Derma Medical is the first platform investment of the fund, which aims to make eight to ten investments in total over the course of five years. The GP plans to make a second deal in a different industry by the end of the year.

Peal Capital Partners declined to comment.

Company
A provider of non-surgical cosmetic injectable training, Derma Medical was founded in 2015. It has UK-wide training covering London, Birmingham, Manchester, and Edinburgh, as well as international training academies in Sydney, Brisbane, Melbourne, and Perth (Australia), Stockholm (Sweden) and Dubai (UAE). The company offers training to medical professionals and those registered with professional statutory and regulatory bodies, such as the General Medical Council (GMC), Nursing and Midwifery Council (NMC), General Dental Council (GDC) and General Pharmaceutical Council (GPhC).

People
PEAL – Karen O'Mahony (managing partner); Tara Mandal (partner and COO).
Derma Medical – Jennifer Fox (executive chair); Dr. Zack Ally and Dr. Sanah Qasem (founders).

Advisers
Equity – Locke Lord (Matthew Daffurn; Leigh Cummings - legal); PwC; Silicon Valley Bank; Rosetta Tax; McCann FitzGerald; Waystone; SEI; Ince; Kroll.
Vendor – RWT Growth (broker).