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Apax Partners said to buy Israel’s Syneron for $450 million
Deal would be at a 22% premium to market value of company, an Israeli maker of aesthetic devices
Shoshanna Solomon is The Times of Israel's Startups and Business reporter
Apax Partners LLC has acquired Israel’s Syneron Medical Ltd., a maker of aesthetic devices for around $450 million, a person familiar with the matter said. The price would be at a 22 percent premium to the value of the company which is traded on the Nasdaq and whose market cap is around $369 million.
The news was first reported by Israeli financial website Calcalist. A person familiar with the matter said the healthcare arm of Apax in London is handling the deal.
According to Syneron’s website, its technology allows physicians to provide patients with medical-aesthetic services, including body contouring, hair removal, wrinkle reduction, improvement to the skin’s appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. The company sells its products under two distinct brands, Syneron and Candela.
The company was founded in 2000, and has its corporate, R&D, and manufacturing headquarters located in Israel. The company also has R&D and manufacturing operations in the US, and sells its products and services in 86 countries. Syneron has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and distributors worldwide, the website said.
Syneron had revenues of $298 million in 2016, a March 2017 company presentation shows, and net profit of $12 million, up 90% from profit in 2015.
An email sent to Syneron seeking comment was not immediately replied to. A spokesman for Apax in Israel declined to comment.
Apax Partners is a British private equity and venture capital firm with offices in Tel Aviv. Over the years, the fund has acquired a number of companies in Israel including a rake in Bezeq The Israeli Telecommunication Co. Ltd., which it sold at a profit; Tnuva Food Industries Ltd., which it sold to China’s Bright Food Group Co. in 2014 and Psagot Investment House Ltd., Israel’s largest investment house.
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