Toronto-based aesthetic technology company Venus Concept Ltd has agreed to buy the hair restoration business of Lewisville, Texas-based NeoGraft Solutions. No financial terms were disclosed for the deal, which is expected to close this month. Venus Concept said the acquisition will broaden its customer base and product portfolio and spur growth plans for 2018. Founded in 2009, Venus Concept last year raised about $48 million in a financing led by EW Healthcare Partners and joined by HealthQuest Capital and Madryn Asset Management. It is also backed by Longitude Capital.
Venus Concept Announces the Acquisition of NeoGraft
TORONTO, Feb. 2, 2018 /CNW/ — Venus Concept Ltd., a privately-held and innovative global aesthetic technology leader, is pleased to announce that is has entered into agreement to acquire NeoGraft Solutions’ hair restoration business (“NeoGraft”). The acquisition is subject to customary closing conditions and is expected to close in February 2018.
NeoGraft is an industry leader in the area of hair restoration technologies and topical products. NeoGraft has developed a tremendous reputation in the aesthetic industry for providing an excellent alternative to traditional hair transplantation surgery. Venus Concept’s industry first and only subscription-based business model, combined with its global reach in over 60 countries and 27 direct global offices, will create a significant opportunity to expand the overall combined businesses of both NeoGraft and Venus Concept.
“We are extremely pleased and excited to have reached an agreement to acquire NeoGraft, as it represents a significant milestone in our company’s history. We believe that NeoGraft is a perfect fit for Venus Concept and will broaden our current customer base and product portfolio. This acquisition will enable us to accelerate our growth plans for 2018 and beyond. Our differentiated subscription model and unique products position the company well to take full advantage of tailwinds in the non-invasive aesthetic market,” said Domenic Serafino, Chairman and CEO of Venus Concept.
Glenn Normoyle, President of NeoGraft, also commented on the acquisition: “We are very happy to be joining the Venus Concept family. Having spent time with the Venus Concept team, it is clear 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.”
About Venus Concept
Venus Concept® is a leading global medical technology company that develops, commercializes, and delivers safe, efficacious, and easy-to-use aesthetic technologies and related practice enhancement services in a unique, industry-disruptive subscription-based business model. Venus Concept’s devices have been designed in cost-effective and proprietary ways that enables the company to expand beyond the aesthetic industry’s traditional markets of dermatology and plastic surgery, and into non-traditional markets—such as family practice, general practice, internal medicine, obstetrics and gynecology, and medical spas. The company has expanded its subscription platform and is now selling its devices in over 60 countries, including 27 with direct offices. Venus Concept now has over 400 global employees whose customer-centric approach has supported the company’s rapid growth. For more information, please visit www.venusconcept.com.
Eight years ago, NeoGraft® launched its automated follicular unit extraction system in North America. Today, NeoGraft is considered one of the most trusted hair restoration brands in the world. NeoGraft’s commitment to continuously improving patient outcomes led to collaborating with top aesthetic surgeons. NeoGraft’s combined next-generation minimally-invasive surgical techniques with decades of data, and designed NeoGraft® 2.0 to be more than just a device. It is engineered to allow NeoGraft to be true partners with physicians. Wireless connectivity enables remote access for diagnostics, maintenance, automatic upgrades, and procedural data. The touchpad operates like your favorite tablet, and software communicates with the hand tools to provide real time extract and implant graft counts. Today, NeoGraft boasts over a 90% patient satisfaction rating on the world’s leading independent consumer website, Real Self™. For more information, please visit www.neograft.com.
For further information: Melissa Kang, Phone: (888) 907-0115, ext. 139, Fax: (855) 905-0115, Email: firstname.lastname@example.org
Photo courtesy of Venus Concept Ltd