The acquisition will see Venus Concept extend its reach in the global aesthetic market
Venus Concept, an aesthetic technology company, has announced the acquisition of NeoGraft Solutions, a hair transplant and restoration company.
Through the acquisition, Venus Concept aims to broaden its consumer base and extend into the global aesthetic market.
NeoGraft uses minimally-invasive surgical techniques to restore hair, which involves removing hair from a ‘donor area’ at the back of the head and replanting into recipient sites on grafts, which are then transplanted.
The company operates 27 offices and is active in 65 countries. Domenic Serafino, Chairman and CEO of Venus Concept, said: “We are extremely pleased and excited to have completed this acquisition, as it represents a significant milestone in our company's seven-year history.”
He added: “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."
Meanwhile, Glenn Normoyle, President of NeoGraft, said: "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."
Alongside the takeover, an equity investment of US$7m was also made in Venus Concept by EW Healthcare Partners, HealthQuest Capital, and Madryn Asset Management.