GED profits from Corporación Dermoestética IPO

GED Iberian Fund has decided to retain a 5.9% shareholding in the leading cosmetic medicine and surgery company, thus confirming its confidence in Dermoestética’s growth potential and its ability to replicate in foreign markets the success of its business model in Spain and Portugal. Corporación Dermoestética is already present in Italy and the UK, and now operates 81 clinics across the four countries. Pro forma 2004 revenues were €100 million, including the recent acquisition of the British company Ultralase.

In May 2002 GED Iberian Fund subscribed Corporación Dermoestética’s EUR 12m capital expansion to fund its international growth strategy. At the time, Dermoestética had 33 clinics in Spain and Portugal and turned over EUR 42m a year.

Corporación Dermoestética’s IPO goes to confirm that stock-market flotation are one of the viable ways to take profits on venture-capital investments; this is particularly significant at a time when public-to-private deals are in vogue. This IPO is the first such transaction by a venture-capital fund in three years.

The GED Group manages a total EUR 200m in funds, and has become firmly established as one of the major middle-market venture-capital firms in the Iberian Peninsula. In Spain, GED’s portfolio includes stakes in companies like Rioglass, Aleastur, Grupo A, TopFit, Sendal, Alcotán-Uniseco and Azulev.

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