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Adelaide-headquartered SILK Laser Australia (ASX: SLA) has today announced its second major acquisition for this financial year, purchasing Eden Laser Clinics for $8.4 million.
The acquisition will see SILK take over 9 cosmetics clinics across New South Wales and one in the Australian Capital Territory, lifting its network to 141 clinics across Australia and New Zealand.
According to SILK, the acquisition is ‘strategically compelling’, giving the company exposure to some of the large centres in NSW (Penrith, Liverpool, Bankstown, Eastgardens and Hornsby), and bolsters its network numbers to over 30 in NSW/ACT to be the second largest player across these states.
Established 11 years ago by founder and CEO Farshad Kazai, Eden Laser Clinics offers clients laser hair removal, skin treatments, tattoo removal, body sculpting and injectable treatments.
SILK says it will also take over Eden’s client database of 130,000 people post-acquisition.
“The proposed acquisition of Eden Laser Clinics is an exciting opportunity for SILK to grow in the key state of New South Wales,” SILK founder and CEO Martin Perelman said.
“It delivers on our growth strategy of increasing network scale, while also being earnings accretive pre-synergies. Eden Laser Clinics is closely aligned to our existing service offering and provides upside through increasing the sale of injectables to their clients and via procurement and systems initiatives.
“The acquisition cements SILK’s position as a leading player in the New South Wales/ACT and across Australia.”
The deal comes six months after SILK’s first major purchase in FY23 being Victorian-based Unique Laser, which took the parent's network to 128 clinics, bolting on five clinics across Ballarat, Doncaster, Geelong, Torquay and Warun Ponds.
At the time, Perelman said SILK was leading an industry-wide moment of consolidation.
“The non-surgical aesthetics sector is going through a consolidation phase, which after this acquisition, and the acquisition of Australian Skin Clinics last year, SILK is leading,” he said.
“This acquisition aligns with SILK’s goal to increase its East Coast presence - particularly in Victoria.”
Shares in SLA are up 2.27 per cent to $1.89 per share at 11.20am AEDT.
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