Alantra advises the UK’s leading medical skincare group, sk:n, on the debt financing of its acquisition of The Adonia Medical Group

Feb 2020

Buy-side advisory & Debt financing

London – Alantra, the global mid-market investment banking firm, has advised the sk:n group (“sk:n”) on its acquisition of The Adonia Medical Group, the parent company for Courthouse Clinics. The acquisition expands the Company’s clinic footprint and further diversifies the group’s offering.  It comes 12 months after sk:n was acquired by private equity firm TriSpan, a deal also advised by Alantra.

Alantra provided both strategic advice and debt advisory services to sk:n, successfully securing a funding package from Santander and Aviva Investors. This will support sk:n’s acquisition pipeline and allow for significant investment into its core business.

Alantra’s team comprised Andrew Lynn, Partner; Bobby Fletcher, Director; Orea Lika, Associate; and James Segal, Analyst.

Courthouse Clinics offers a wide range of anti-ageing aesthetic and wellbeing treatments, within a welcoming and professional environment. With 11 locations across the UK (Birmingham, Brentwood, Esher, Haywards Heath, Hereford, London, Maidenhead, Sheffield, Southampton, Watford and Wilmslow), the acquisition will further the Group’s credentials as the largest independent aesthetic clinic network in the UK; with over 90 clinics nationwide.

In February 2019, TriSpan announced that it had successfully concluded the acquisition of sk:n from Graphite Capital via the TriSpan Opportunities Fund. Following this, in May 2019, sk:n announced the acquisition of Destination Skin, a leading chain of 16 aesthetic skincare clinics, and in July 2019, another transaction was announced as the Group acquired the seven Skin Health Spa and Flint+Flint Clinics. sk:n then closed 2019 with the acquisition of The Harley Medical Group in December, which added a further 19 clinics to the portfolio. 

Bobby Fletcher, Director at Alantra, commented: “We are delighted to have continued to work closely with the sk:n group following its acquisition by TriSpan last year. This acquisition, its fourth in twelve months, makes sk:n the UK’s largest provider of dermatological and cosmetic treatments across the non-surgical, minimally invasive and invasive surgery spectrum and further enables the group’s diversification. 

Our debt advisory team worked to deliver a debt funding package for the Company, its second round of financing in twelve months.  Its successful completion highlights the appeal of fast-growing businesses in attractive segments such as consumer healthcare. We are very pleased to have delivered this result for our client in a challenging consumer environment.”

Darren Grassby, CEO at sk:n commented, “This is another great addition to our portfolio which will allow us to reach into new clinic locations while adding greater diversity to our Group. Our aim is to continue to grow and to develop whilst continuing to offer the same levels of service and support to all our clients and staff.”

Paul Wilkinson, The Adonia Medical Group, commented, “The acquisition is a fantastic opportunity for The Adonia Medical Group to join forces with the largest independent aesthetics clinic network in the UK. It is an exciting opportunity for all our employees, and I look forward to working with the senior team to continue to develop our businesses.”