API acquires Clearskincare Clinics for $127.4m

Cosmetologist_applying_skincare_treatmentAustralian Pharmaceutical Industries Limited (API) has committed to acquiring Cleanskincare Clinics for $127.4 million.

Cleanskincare Clinics is a leading provider of non-invasive aesthetic services, focusing on specialty skin care, anti-ageing and acne treatments, a market in Australia that is among the highest in the world as a result of the relatively harsh climate.

Richard Vincent, API managing director and CEO, said, “the acquisition fulfills our criteria for aligning with a robust business in a burgeoning sector of the health and beauty market, that is services-based and away from government funding, and to which we can add further value for customers, clinic teams and shareholders.

“Clearskincare Clinics is a disciplined, high-quality operation with a strong track record of profitable growth that fits with our proven complementary skill base.

“The strong market position Clearskincare Clinics currently enjoys is testament to the excellent work of management to date and I am delighted the two founders have agreed to continue their work under API’s ownership.”

Clearskincare Clinics founder and clinical director Dr Philippa McCaffery confirmed both she and business partner Alarna Longes were excited to work under API’s leadership.

“Together we can take the Clearskincare Clinics experience to more customers across Australia and the skills of both businesses will really deliver on our growth potential,” said McCaffery.

The acquisition will begin with API controlling 50.1 per cent of controlling interest in the clinics, and steadily increasing to 100 per cent by the end of September 2021, with the $127.4 million paid in instalments over three years.

As part of the acquisition, Clearskincare Clinics joins brands such as Priceline & Priceline Pharmacy, Soul Pattinson Chemist, Pharmacist Advice, Club Premium and Pharmacy Best Buys under the API umbrella.

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