Vita Group (ASX:VTG) today announced the completion of its acquisition of Clear Complexions1 , marking Vita’s entry into the $1 billion per annum2 Australian non-invasive medical aesthetics (NIMA) market.
The business was acquired via an asset purchase agreement for $9.5 million, comprising $8.5 million in cash and $1 million in VTG shares. The agreement includes the sellers of Clear Complexions receiving an option to obtain a five per cent interest in Vita Group’s new non-invasive medical aesthetics (NIMA) business for nominal consideration. It also includes the potential for the sellers to receive earn-outs should the business exceed earnings targets over the next two years.
Vita Group anticipates Clear Complexions to deliver annual revenue of around $10 million, and earnings before interest, tax, depreciation and amortisation (EBITDA) of over $1 million in the year post acquisition, with further growth anticipated in the future.
As previously announced, the acquisition of Clear Complexions is part of the group’s strategy to diversify its portfolio to drive continued growth and profitability. With a network of six clinics across Sydney and Canberra and a team of medically-trained skincare professionals, the Clear Complexions brand provides a strong foundation for Vita to grow in the fast-growing premium NIMA market. The category encompasses non-surgical cosmetic treatments such as anti-wrinkle injectables, chemical facial peels, dermal fillers, laser and light-based therapies, body sculpting, and tattoo removal.
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