Westbridge Capital portfolio company Energist Medical Group, a maker of medical aesthetic equipment, bought part of Chromogenex Technologies Ltd, a Welsh business that recently went into administration. Energist acquired the global rights outside the US to the Chromogenex name and a range of i-Lipo brands and products.
Westbridge Capital portfolio company Energist Medical Group has bought part of beleaguered Chromogenex Technologies Limited, the Llanelli-headquartered business that recently went into administration.
Swansea-based Energist has acquired global rights outside the USA to the Chromogenex name and a range of well-recognised i-Lipo brands and products established by Chromogenex over the past decade.
Energist is a leading player in the medical aesthetic equipment industry, manufacturing a range of plasma, laser and light-based products used for the removal of hair and the reduction of fine lines, wrinkles, acne and veins.
Max Humber, Group CEO at Energist Medical Group, said:
“Strategically, this deal is perfect for Energist. The products we’ve acquired from the Administrator are predominantly used for the non-invasive reduction of fat so they’re a perfect compliment to our existing product portfolio.
“By securing the R&D and IP rights to well established systems like i-Lipo, we’ll be able to fully exploit the surge in demand for laser-based procedures around the globe, especially in countries that are only just starting to embrace aesthetic treatments.
“Suppliers, customers, distributors and end users such as doctors and beauty clinics can rest assured that the i-Lipo products previously supplied by Chromogenex will still be available.”
The deal has the full backing of WestBridge Capital and Beaubridge Ltd, which funded a secondary buy out of Energist in 2012.
WestBridge Capital partner Sandy Smart, who is also chairman of Energist, said:
“Our strategic plans for Energist have always included an aggressive programme of new product development. This will be accelerated with the acquisition of these leading technologies from Chromogenex.”
Energist targets the medical and beauty markets through a global network of distributors and medical practitioners. It currently has over 8,000 systems in use in 70 countries.
Company turnover for 2016 is projected to exceed £4 million and grow significantly as a result of the acquisition.