Brookes, Bundy among the familiar facials in new skin clinic IPO News22 Oct 2018

Face, body and skin cosmetic surgery business Me Aesthetics Ltd is gearing up for a sharemarket listing which would value the company at more than $100 million.

Street Talk understands brokers Ord Minnett and Shaw and Partners are readying the company for its first pitch to fund managers, with a roadshow slated for coming weeks and an attempted initial public offering before the end of the year.

Me Aesthetics owns and operates 17 clinics in 24 locations under its trading name, Me Clinic. The clinics offer all kinds of cosmetic surgery, from facelifts to liposuction, breast procedures, vein treatments and laser skin rejuvenation.

Fund manager sources said they had been told the business will come to market with about $60 million annual revenue and $15 million to $20 million in earnings before interest, tax, depreciation and amortisation.
A big part of the draw card is said to be the bigwigs involved in the company, including some familiar faces for listed equities investors.


Former Woolworths and Coles executive and ex-chief operating officer at Sigma Gary Dunne is lined up to be chief executive officer of the listed Me Aesthetics, while one of his former mentors, ex-Myer CEO Bernie Brookes, is expected to join the board.

Also involved is former Merrill Lynch Australia boss Greg Bundy, who will chair the board, while other board seats will be taken by Sydney Water director Abby Bloom, former GE Healthcare Australia boss David Radford and plastic surgeon Darryl Hodgkinson. Me Aesthetics founder Costa Koulouris is expected to be chief commercial officer post listing.

Me Aesthetics' growth plans will be a big part of the pitch. The group is expected to tell fund managers it has plans for more acquisitions, and it wants to be listed to increase its funding options.
Fundies reckon Me Aesthetics will seek to raise about $55 million for up to a $120 million market capitalisation.

It is something a little different for listed equities investors, with such business tending to be traded to private equity buyers in recent years rather than pursuing life on the ASX-boards.

While the pricing is yet to be determined, investors have been told to think about 10 to 11-times earnings, which would be a small premium to where other small cap healthcare stocks are trading.

Peloton Capital is understood to be advising Me Aesthetics on the proposed listing.


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