Granville Baird Capital Partners has realised its investment in Ultralase, a chain of UK corrective eye laser clinics. Corporacion Dermoestetica SA, the Spanish cosmetic surgery group, has acquired the business for £30m. The deal gives Granville Baird a 3.8x return on its investment.
Granville Baird has invested a total of £5.5m in Ultralase since originally backing the management buyout in January 2000 when the company was acquired for £4m. Under Granville Baird’s ownership, revenues increased tenfold and the number of clinics has grown from two to 12 across the UK.