Palatine exits Veincentre in SBO to CBPE

Palatine acquired a minority stake in Veincentre in July 2019, deploying equity via its 2016-vintage, GBP 100m debut impact fund. The SBO marks the second exit from the fund and follows the sale of apprenticeship scheme provider Estio Training in November 2021.

Unquote sister publication Mergermarket reported in July 2022 that CBPE was in exclusivity to acquire Veincentre following a process led by sell-side adviser Grant Thornton. The business was marketed based on EBITDA of GBP 5m-GBP 6m, as reported.

During the investment period, Palatine implemented a roll-out strategy for Veincentre, according to a press release. This saw the business grow in size from seven clinics at the time of the initial investment to 22 at the time of exit.

In addition to the roll-out, Veincentre’s revenues grew by 180% and its enquiries from potential patients by 270% during the investment period, according to the same press release.

The GP’s second impact fund made its first investment earlier in October 2022, acquiring UK-based Inclusive Employers, a membership-based organisation that aims to create inclusive workplaces.

CBPE is currently deploying equity via CBPE Capital Fund X, which held a final close on its GBP 561m hard-cap in November 2020. The fund deploys equity tickets of GBP 30m-35m, investing in sectors including financial services, consumer and leisure, and industrials.

The GP’s recent healthcare sector deals include its sale of Rodericks Dental to Capvest in March 2022, which ended a five-year holding period. Mergermarket reported in July 2022 that the GP is expected to explore options for high-end lower limb prosthetics business Blatchford next year, with options including an IPO on the table.

Company
Founded in 2003 and headquartered in Gloucester, Veincentre is a chain of clinics for the treatment of varicose veins. The business offers a non-invasive, non-surgical treatment called Endovenous Laser Ablation (EVLA).

People
Palatine – Beth Houghton (partner, head of the impact fund); James Painter (investment director).
CBPE Capital – Anand Jain (partner).
Veincentre – David West, Deborah West (co-founders).

Advisers
Vendor – Grant Thornton, Pete Terry, Pete Jennings, Duncan Morpeth, Rachael Taplin, Alex Parry (corporate finance); Addleshaw Goddard (legal).
Equity – Eversheds Sutherland (legal)
Management – Rickitt Mitchell (corporate finance).

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• Topics
• Buyouts
• Exits
• Healthcare
• UK / Ireland
• Secondary buyout
• Palatine Private Equity
• Close Brothers Private Equity (CBPE)
• United Kingdom