CHICAGO and PARK CITY, Utah, May 5,
2021 /CNW/ -- Linden Capital Partners ("Linden") and DW
Healthcare Partners IV, LP ("DW Healthcare Partners"), both private
equity firms focused exclusively on the healthcare sector,
announced today the completion of the merger of Edge Systems, LLC
("HydraFacial"), a category-creating beauty health company, with
Vesper Healthcare Acquisition Corp. (NASDAQ: VSPR) ("Vesper" or
"Vesper Healthcare"). Vesper is a special purpose acquisition
company ("SPAC") led by former Allergan CEO Brent Saunders. As a result of the
transaction, the combined company, now known as The Beauty Health
Company ("BeautyHealth" or the "Company"), is expected to trade on
the Nasdaq Stock Market under the ticker symbol "SKIN" beginning
May 6, 2021. Linden will remain
BeautyHealth's largest shareholder.
Linden and DW Healthcare Partners acquired HydraFacial in 2016.
At the time of its acquisition, HydraFacial operated as Edge
Systems, LLC. As part of its differentiated Human Capital Program,
Linden recruited and partnered with a new senior leadership team to
execute on a proprietary value creation plan. Since the 2016
acquisition, HydraFacial has experienced significant growth as a
result of Linden's value creation plan, which included rebranding
to HydraFacial, overhauling sales and marketing, expanding into new
international markets, and investing heavily to build out the
company's infrastructure across operations, finance, IT, and
R&D.
As a publicly traded company, BeautyHealth will continue to
execute its organic and inorganic growth strategies under the
leadership of Brent Saunders as
Executive Chairman and Clint Carnell
as CEO. Linden and DW Healthcare Partners will maintain active
representation on the Company's Board of Directors.
"We'd like to thank the entire HydraFacial team for driving
extraordinary growth and building the Company into a global leader
in the beauty health category," said Brian
Miller, Linden Managing Partner. "As the largest
individual shareholder going forward, Linden looks forward to
providing continued partnership and support to the Company."
Linden Partner Kam Shah added, "HydraFacial's rapid
transformation from a niche medical technology provider into a
global, category-creating leader in beauty health represents
another great example of Linden's differentiated value creation
program at work."
"We have built a tremendous business in HydraFacial, which has
continued to perform well and grow its installed base amidst a
global pandemic," said Doug
Schillinger, DW Healthcare Managing Director.
Brent Saunders, CEO of Vesper and
former CEO of Allergan added, "Linden and DW Healthcare Partners
have shepherded HydraFacial into an impressive, category-creating
company that represents the perfect platform to achieve our goal of
building a premier company in beauty health."
Jefferies LLC served as Lead Financial Advisor, Piper Sandler served as Financial Advisor and
Kirkland & Ellis LLP acted as legal advisor to
HydraFacial. Goldman Sachs & Co. served as financial
advisor to Vesper Healthcare and Wachtell, Lipton, Rosen & Katz acted as legal
counsel.
About Linden Capital Partners
Linden Capital Partners
is a Chicago-based private equity
firm focused exclusively on the healthcare industry. Founded in
2004, Linden is one of the country's largest dedicated healthcare
private equity firms. Linden's strategy is based upon three
elements: (i) healthcare specialization, (ii) integrated private
equity and operating expertise, and (iii) its differentiated human
capital program. Linden invests in middle market platforms in the
medical products, specialty distribution, pharmaceutical, and
services segments of healthcare. Since its founding, Linden has
invested more than $2.5 billion in
healthcare companies and has raised over $3
billion of commitments, augmented by capital provided by the
firm's limited partners for larger transactions. For more
information, please visit www.lindenllc.com.
About DW Healthcare Partners
DW Healthcare Partners
is a private equity firm focused exclusively on the healthcare
industry. The firm manages over $1.43
billion in aggregate capital commitments and invests in
leading healthcare companies with proven management teams. DW
Healthcare Partners is led by seasoned healthcare executives with
more than 120 years of combined industry experience. The firm
provides the capital, strategic guidance, and acquisition expertise
to help mid-stage companies realize their growth potential. For
more information, please visit: www.dwhp.com.
About The Beauty Health Company
BeautyHealth is a
category-creating beauty health company focused on bringing
innovative products to market. Our flagship brand HydraFacial is a
non-invasive, and approachable beauty health platform and ecosystem
with a powerful community of estheticians, consumers and partners,
bridging medical and consumer retail to democratize and personalize
skin care solutions for the masses. Leading the charge in beauty
health as a category-creator, HydraFacial uses a unique delivery
system to cleanse, extract, and hydrate with their patented
hydradermabrasion technology and super serums that are made with
nourishing ingredients, providing an immediate outcome and creating
an instantly gratifying glow in just three steps and 30 minutes.
HydraFacial® and Perk™ products are available in over 87 countries
with over 16,000 delivery systems globally and millions of
treatments performed each year. For more information, visit the
brand on LinkedIn, Facebook, Instagram, or at HydraFacial.com. For
more information, please visit at
https://investors.beautyhealth.com/.
About Vesper Healthcare Acquisition Corp.
Vesper
Healthcare Acquisition Corp. was a special purpose acquisition
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses, with the
intention to focus its search on companies in the pharmaceutical
and healthcare sectors.
Forward-Looking Statements
Certain statements made in
this release are "forward looking statements" within the meaning of
the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995. When used in this press
release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside The Beauty Health Company's
control, that could cause actual results or outcomes to differ
materially from those discussed in the forward-looking
statements.
Important factors, among others, that may affect actual results
or outcomes include the inability to recognize the anticipated
benefits of the Business Combination; costs related to the Business
Combination; the inability to obtain or maintain the listing of The
Beauty Health Company's shares on Nasdaq; The Beauty Health
Company's ability to manage growth; The Beauty Health Company's
ability to execute its business plan and meet its projections;
potential litigation involving The Beauty Health Company's; changes
in applicable laws or regulations; the possibility that The Beauty
Health Company's may be adversely affected by other economic,
business, and/or competitive factors; and the impact of the
continuing COVID-19 pandemic on the Company's business. The Beauty
Health Company's does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Media Contact:
Samantha Taccone,
samantha@dwhp.com
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SOURCE DW Healthcare Partners