Veincentre secures investment from Palatine Impact Fund
Manchester-based Palatine Private Equity has completed a significant investment into Veincentre, the UKs leading clinic specialising in state-of-the-art treatment for varicose veins (which also has a clinic in Manchester). The deal marks the fourth investment from Palatine’s £100m Impact Fund which targets companies with a social and/or environmental impact, alongside industry-standard returns. Neil Mitchell, Partner, at Manchester Corporate Finance house, Rickitt Mitchell advised Veincentre founders Dr David West and his wife Deborah on the investment,
Veincentre delivers specialist treatment for varicose veins, using Endovenous Laser Ablation (EVLA). Utilising EVLA – a non-invasive, non-surgical procedure – Veincentre can reduce the surgical and recovery times associated with traditional forms of treatment, meaning patients can often have their veins treated in their lunch-hour. EVLA also significantly reduces scarring, limiting the damage done by the condition.
Following the withdrawal of NHS funding for varicose vein sufferers – due to their ‘non-essential’ status – Veincentre is well-placed to offer affordable, accessible treatment to patients across its seven UK-wide clinics. With Palatine’s backing, Veincentre will continue to build on its recent nationwide expansion, opening new clinics in Glasgow and Leeds later this year, before carrying out a plan to open two new centres across Britain annually.
The Palatine investment was led by Beth Houghton, Head of the Impact Fund, with support from investment director James Gregson, and investment manager James Painter.
Clinical Director at Veincentre, Dr David West, said: “The Palatine Impact Fund, with its focus on positive social impact, is the perfect investment partner for our fast-growing business. With the help of the Palatine team, our aim to bring this specialist, yet affordable treatment to as many people as possible seems more achievable than ever. The work we do has become increasingly important following falling NHS funding in the sector, and now with the help of this investment, we will be able to offer a necessary social service where access might otherwise be scarce. I would also like to thank Rickitt Mitchell and Addleshaw Goddard for their efforts in leading the transaction through to an excellent conclusion for all parties.”
Beth Houghton, Partner and Head of Impact at Palatine Private Equity, said: “We are very excited to work with Veincentre; with the lack of NHS funding for what can for some people be a debilitating condition, it is important that people are able to access treatment at affordable prices, in convenient locations. With the planned roll-out of clinics to Scotland and Yorkshire, Veincentre will be able to offer treatment in almost every major region in the nation, and the management team has ambitions to offer full coverage of the United Kingdom.
“Veincentre is exactly the type of business we want to support with our Impact Fund, and we look forward to working with the management team in order to help accelerate growth and consolidate the company’s position as a leader in the industry.”
Neil Mitchell, Partner at Rickitt Mitchell, said: “Veincentre is an excellent business that is meeting an unmet need in healthcare. The combination of a strong management team, a business model that facilitates a rapid increase in market presence and the underlying market dynamics will deliver strong growth, which will be further enhanced by the partnership with Palatine’s Impact fund. The transaction also underlines the growing importance and appetite in the market for investments that have a positive social impact.”
Palatine’s legal advice was provided by Rebecca Grisewood, Kate Richards and Leigh Whittaker at Gateley; financial advice was provided by Chris Heatlie and Sarah Hill at BDO; commercial advice was provided by Giles Johnson and James Silk at CIL; whilst Quinn Partnership provided management advice and insurance advice was provided by Marsh.
Veincentre was advised by Neil Mitchell and Kaine Smith at Rickitt Mitchell, and Roger Hart and Andrew Green at Addleshaw Goddard provided legal advice.