Westbridge's Energist buys troubled Chromogenex

The deal saw Energist acquire the global rights of the Chromogenex name and range of i-Lipo brands and products outside of the US. The US rights remain in the hands of the administrator. The deal was funded from Energist's balance sheet. 

Chromogenex fell into administration in December 2015, which saw all of the company's 37 employees losing their jobs. The business had received a total of £2.7m in funding from US firm Squadron Capital throughout 2015. Chromogenex was listed on the Sunday Times BT Business SME Export Track 100 in 2015.

Previous funding
Westbridge and Beaubridge backed the secondary buyout of Energist in March 2012 from previous backers Merlin Biosciences.

Company
The Chromogenex products acquired by Energist are predominantly used for non-invasive fat reduction. The deal also includes the research and development and IP rights to systems included in i-Lipo. The business was headquartered in Llanelli, Carmarthenshire.

Established in 1999, Energist manufactures plasma-, laser- and light-based products for aesthetic purposes including hair removal and reduction of wrinkles, acne and veins. The company is based in Swansea.

People
Energist Medical Group – Max Humber (group CEO).
Westbridge Capital – Sandy Smart (partner).

Advisers
Company – Grant Thornton, Alistair Wardell (administrator).
Equity – Capital Law (legal).

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• Topics
• Expansion
• Industrials
• UK / Ireland
• WestBridge Fund Managers
• Wales
• Acquisition finance
• Build-up