Livingstone has 20/20 vision with sale of Ultralase

Ultralase, the premium provider of laser eye surgery in the UK
through a nationwide chain of corrective eye laser clinics, has
been sold to Corporacion Dermoestetica SA, the Spanish cosmetic
surgery group, for £30 million.

The transaction, negotiated in just two months by Livingstone and
Global M&A partner NC Finanzas Corporativas, has enabled
Granville Baird Capital Partners, the European mid-market private
equity firm, to realise its £5.5million investment in
Ultralase since originally backing the management buy-out in
January 2000, when the company was acquired from private
shareholders for £4 million.

Andrew Ferguson, Director, Granville Baird Capital Partners,
comments: “Back in 1999 we recognised the significant
potential that Ultralase had in the emerging UK market for laser
eye surgery. We have worked closely with the management team since
the buy-out and assisted them in building the necessary
infrastructure to support the rapid growth in revenues experienced
since our investment”.

Jorge Merladet, Chief Executive Officer of Corporacion
Dermoestetica, adds: “Both Livingstone and NC were tough but
fair negotiators. They work very well together, Livingstone
provided excellent project management skills to get the deal
delivered within a very tight timetable”.

Nigel Morgan says: “We were delighted to negotiate another
cross-border deal and complete it in just two months. Corporacion
Dermoestetica made an aggressive and attractive offer which will
enable them, as one of Europe’s leading cosmetic surgery
providers, to bring their cosmetic surgery skills into an
established chain of eye clinics and at the same time expand the
laser eye surgery activities of Ultralase”.

Nigel Morgan, Deal Leader
Tel: 020 7484 4700