American Laser Centers Completes Sale of Assets to Versa Capital
American Laser Centers LLC (ALC), a medi-spa provider in the U.S., announced that it has completed a sale of substantially all of its assets to private equity investment firm Versa Capital Management. The company received court approval of the sale on January 31.
With the successful sale closing, ALC’s operating business is no longer part of the Chapter 11 process. ALC sought Chapter 11 protection on Dec. 8, 2011 to facilitate the sale and the company’s financial restructuring. During this brief process, ALC has continued to provide the highest level of client care, which will be a priority under the new ownership. Versa expects to employ nearly all of ALC’s employees and intends to maintain the company’s clinics in 27 states and Puerto Rico. The new owners are providing approximately $15 million in exit financing.
“American Laser Centers will continue to provide an excellent experience for our clients by enhancing its suite of services and providing the best skincare techniques available in the marketplace,” said Gregory L. Segall, CEO of Versa. “With a renewed focus on local marketing and improved competitive pricing, the company will continue to grow and prosper as the preeminent supplier of medical skincare services in the nation. We appreciate our many employees, clients and suppliers whose support has been a positive factor in ALC’s forward progress.”
ALC is being advised by Landis Rath & Cobb LLP as legal counsel; Traverse LLC as restructuring advisor; and SSG Capital Advisors, LLC as investment bankers. The entity that remains in Chapter 11 will be identified as CLA from this point forward.
American Laser Centers is a provider of laser hair removal and medical aesthetic services in the U.S.
Versa Capital Management, Inc. is a private equity investment firm with $1.2 billion of assets under management that is focused on control investments in special situations involving middle-market companies where value and performance growth can be achieved through enhanced operational and financial management.
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