An Australian company that specializes in perfecting bikini lines has completed a deal with a private equity giant.
KKR has reportedly paid $650 million for Laser Clinics Australia, a provider of laser hair removal, cosmetic injections and other services, from the company's founders and The Growth Fund, which had backed the company since 2014. Founded in Sydney in 2008, Laser Clinics reportedly has 80 locations across Australia and pulls in around $50 million in annual EBITDA.
KKR, which beat out competing bids from groups led by Bain Capital, Permira and L Catterton, has historically been extremely active in Australia,
with 23 deals in the country since 2008, according to the PitchBook Platform. Among US-based PE firms, that ranks them second to mining-focused PE firm Resource Capital Funds, which has completed an eye-popping 46 deals in Australia during that same timeframe.
However, the deal marks
KKR's first completed transaction in Australia this year and only its second since the beginning of 2016. The firm took another hit last week when Australian telecom company Vocus Group announced that the competing $2.18 billion takeover offers from KKR and Affinity Equity Partners didn't match the board's standards. Still, deal count in the region should increase soon, with the firm reportedly agreeing to buy mortgage lender Pepper for $518 million earlier this month.