Key Takeaways
- • KKR acquired a majority stake in Laser Clinics Australia (LCA) at a valuation of A$650 million ($515 million USD), with The Growth Fund retaining a minority stake following its 2014 initial investment.
- • The transaction represents a partial exit for The Growth Fund, which invested in LCA when the company operated 25 clinics; LCA has since expanded to 80 clinics and performed three million treatments annually with approximately 135 doctors and nurses.
- • KKR faced competition from multiple private equity and strategic buyers for the asset, positioning the deal as a competitive process in the non-invasive aesthetics sector, which is experiencing significant market growth.
- • The franchise model operates on a 50-50 ownership split between the parent company and clinic operators, enabling scalable expansion while maintaining quality and client experience standards.
- • This represents KKR's second announced deal in Australia since closing its third pan-Asian fund in June at $9.3 billion in capital.
Summary
KKR has acquired a majority stake in Laser Clinics Australia (LCA), a cosmetic treatments provider specializing in laser hair removal and cosmetic injectables, at a valuation of A$650 million ($515 million USD). The transaction facilitates a partial exit for The Growth Fund, which originally invested in the business in 2014 and will retain a minority stake. According to AVCJ sources, KKR prevailed against competition from multiple private equity and strategic bidders for the asset.
LCA was founded in 2007 by Babak Moini and Alistair Champion, who identified an opportunity to democratize laser hair removal and cosmetic injectables by bringing these procedures to the mass market at affordable price points, departing from the high-cost medical center model that dominated at the time. The company's growth trajectory accelerated following The Growth Fund's 2014 investment, when LCA operated 25 clinics across New South Wales and Queensland. The business now operates 80 clinics nationwide and conducts approximately three million treatments annually with a medical team of roughly 135 doctors and nurses.
The franchise model underpinning LCA's expansion operates on a 50-50 ownership structure between the parent company and individual clinic operators—a framework that has remained consistent throughout the company's evolution. This model has enabled rapid scaling while maintaining standardized clinic quality and client experience. Gareth Woodbridge, a principal at KKR, stated that the firm was "impressed by the quality of LCA's franchise model and commitment to the highest clinic standards and client experience," and emphasized the non-invasive aesthetic sector's significant growth trajectory and KKR's intention to support further expansion of LCA's clinic network and exploration of international growth opportunities.
The acquisition marks KKR's second announced Australian transaction since the firm closed its third pan-Asian fund in June at $9.3 billion in committed capital, signaling the firm's active deployment of capital in the Asia-Pacific region and its interest in consumer-facing healthcare and beauty services.
LCA was founded in 2007 by Babak Moini and Alistair Champion, who identified an opportunity to democratize laser hair removal and cosmetic injectables by bringing these procedures to the mass market at affordable price points, departing from the high-cost medical center model that dominated at the time. The company's growth trajectory accelerated following The Growth Fund's 2014 investment, when LCA operated 25 clinics across New South Wales and Queensland. The business now operates 80 clinics nationwide and conducts approximately three million treatments annually with a medical team of roughly 135 doctors and nurses.
The franchise model underpinning LCA's expansion operates on a 50-50 ownership structure between the parent company and individual clinic operators—a framework that has remained consistent throughout the company's evolution. This model has enabled rapid scaling while maintaining standardized clinic quality and client experience. Gareth Woodbridge, a principal at KKR, stated that the firm was "impressed by the quality of LCA's franchise model and commitment to the highest clinic standards and client experience," and emphasized the non-invasive aesthetic sector's significant growth trajectory and KKR's intention to support further expansion of LCA's clinic network and exploration of international growth opportunities.
The acquisition marks KKR's second announced Australian transaction since the firm closed its third pan-Asian fund in June at $9.3 billion in committed capital, signaling the firm's active deployment of capital in the Asia-Pacific region and its interest in consumer-facing healthcare and beauty services.
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