Kohlberg Kravis Roberts has fended off competition from API and Bain Capital to buy Laser Clinics Australia for $650 million.
Initial expectations for the sale was a price tag of about $600m, but further on in the process advised by Luminis Partners, the understanding was that possible buyers were positioned to pay well over that price.
The acquisition by KKR comes as the private equity firm has recently been circling various targets in Australia, recently launching a takeover for the listed lender Pepper Group and also lobbing a bid for telecommunications company Vocus before walking away from a potential deal last week.
KKR worked with Macquarie Capital on its acquisition, while Bain was advised by Citi and API Morgan Stanley.
Private equity firm Permira was also circling Laser Clinics until recent days and the listed Primary Healthcare was at one stage a suitor.
Laser Clinics operates in most states and in August 2014 The Growth Fund became an investor.
Laser Clinics was founded in 2007 by Babak Moini and Alistair Champion and has been in expansion mode.
It has a network of at least 70 clinics that offers cosmetic injections and skin treatments.
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