TORONTO, Feb. 15, 2018 /CNW/ - Venus Concept Ltd., a privately-held and innovative global aesthetic technology leader, is pleased to announce that it has completed its acquisition of NeoGraft Solutions' hair restoration business (NeoGraft).
"We are extremely pleased and excited to have completed this acquisition, as it represents a significant milestone in our company's seven-year history," said Domenic Serafino, Chairman and CEO of Venus Concept. "We believe that NeoGraft is a perfect fit for Venus Concept and will broaden our current customer base and product portfolio. NeoGraft Solutions Corporation is an industry leader in the area of hair restoration technologies and topical products. With this acquisition, Venus Concept will further extend its reach in the global aesthetic market by leveraging its unique subscription-based business model, the first and only in the industry, through 27 direct global offices and presence in 65 countries. This acquisition enables us to accelerate our growth plans for 2018 and beyond."
Glenn Normoyle, President of NeoGraft, also commented on the acquisition: "We are very happy to join the Venus Concept family. Having spent time with the Venus Concept team, there is consistency in culture and vision between the two companies and its employees. The depth of experience and infrastructure at Venus Concept will significantly increase the global presence of NeoGraft."
Concurrent with the completion of the acquisition of NeoGraft, an additional equity investment of $7 million was made by EW Healthcare Partners, HealthQuest Capital, and Madryn Asset Management. Scott Barry, Managing Director of EW Healthcare Partners, commented on the acquisition and additional investment: "We are pleased to continue to support Dom and the management team of Venus Concept as they continue to grow organically and through strategic acquisitions, which are consistent and compatible with its differentiated business model and fit the creative and entrepreneurial culture of Venus Concept."
About Venus Concept™ Venus Concept® is a leading global medical technology company that develops, commercializes, and delivers safe, efficacious, and easy-to-use aesthetic technologies and related practice enhancement services in a unique, industry-disruptive subscription-based business model. Venus Concept's devices have been designed in cost-effective and proprietary ways, enabling the company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets—such as family practice, general practice, internal medicine, obstetrics and gynecology, and medical spas. Venus Concept now has over 400 global employees, whose customer-centric approach has supported the company's rapid growth. For more information, please visit www.venusconcept.com.
About NeoGraft™ Eight years ago, NeoGraft® launched its automated follicular unit extraction system in North America. Today, NeoGraft is considered one of the most trusted hair restoration brands in the world. NeoGraft's commitment to continuously improving patient outcomes led to collaborating with top aesthetic surgeons. NeoGraft's combined next-generation minimally-invasive surgical techniques with decades of data, and designed NeoGraft® 2.0 to be more than just a device. It is engineered to allow NeoGraft to be true partners with physicians. Wireless connectivity enables remote access for diagnostics, maintenance, automatic upgrades, and procedural data. The touchpad operates like your favorite tablet, and software communicates with the hand tools to provide real time extract and implant graft counts. Today, NeoGraft boasts over a 90% patient satisfaction rating on the world's leading independent consumer website, Real Self™. For more information, please visit www.neograft.com.
SOURCE Venus Concept
For further information: Melissa Kang, Phone: (888) 907-0115, ext. 139, Fax: (855) 905-0115, Email: [email protected]