Corporate finance specialists at Midlands law firm Freeth Cartwright have helped Energist, which manufactures hair removal and skin rejuvenation equipment, acquire part of rival CyDen in a deal which could be worth up to £2 million.
The deal involved the professional and aesthetic Intense Pulsed Light (IPL) hair removal systems business of Cyden, and saw CyDen granting Energist a patent licence in respect of its iPulse power supply technology and a trademark licence for the use of the iPulse trademark.
Based in Swansea and owned by Excalibur Group – formerly Merlin Biosciences, a private equity company formed by bio-science entrepreneur Professor Sir Christopher Evans – the acquisition will enable Energist to add CyDen’s new iPulse technology to its variable pulsed light and LED systems products for hair removal and skin rejuvenation.
CyDen, also based in Swansea and founded in 2004, had grown to a distribution network that spans 50 countries.
Energist’s chief executive, Jonathan Prutton, said: “This was an important strategic acquisition for Energist and its private equity owner, Merlin Biosciences.
“In the past, we have tended to use London-based lawyers; nevertheless, we were delighted with the high quality and personal service we received from Freeth Cartwright and felt that they represented excellent value for money.”
Lee Clifford, head of corporate at Freeth Cartwright’s Birmingham office, said: “This is the firm’s second deal in south Wales in six months and the latest in a string of healthcare deals completed by our corporate finance team within the last year.”
Further corporate activity carried out by Freeth Cartwright’s Birmingham office includes advising the Nottingham office of Lloyds Development Capital on the completion of the £17m MBO of Yorkshire-based bird food manufacturer and distributor Cranswick Pet Products and marine and aquatic products supplier Tropical Marine Centre.
Lee Clifford and Freeth Cartwright banking partner Phil Baigent have also advised the Birmingham office of Maven Capital Partners on its £10m cash injection into West Midlands-based Lawrence Recycling and Waste Management.