AGIC Said to Sell Medical Laser Firm Fotona for $820 Million

AGIC Capital, the private equity firm led by Chinese dealmaker Henry Cai, has agreed to sell a majority stake in Fotona d.o.o. that values the medical laser company at about 700 million euros ($820 million), according to people familiar with the matter.

London-based buyout firm Vitruvian Partners emerged as the buyer for the control of Fotona after beating out other contenders, the people said. AGIC will still have a minority stake in the medical laser firm after the deal, they added. An announcement could come as soon as this week, said the people, who asked not to be identified as the information is private.

Founded in 1964, Fotona is based in Slovenia and Dallas, Texas, and has regional subsidiaries in China and Germany, according to its website. Its products use laser technology for dermatology treatments including skin tightening and tattoo removal. It also makes machines used in dentistry as well as to treat conditions including incontinence and varicose veins.

AGIC bought Fotona in 2017 from The Gores Group for an undisclosed amount. The private equity firm revived the sale process of the medical laser firm earlier this year after postponing it due to the coronavirus pandemic, Bloomberg News has reported.

Vitruvian Partners, which manages about 10 billion euros of assets, plans to accelerate Fotona’s expansion globally and particularly in China, which is one of its fastest growing markets, the people said. Dental Monitoring, a provider of artificial intelligence-based solutions for dental diagnosis, and biotech firm Gelesis are among Vitruvian’s investments in the health care sector. Its portfolio also includes firms in business and financial services, consumer, media as well as technology. 

Vitruvian Partners submitted the best offer for Fotona, Necenzurirano reported Wednesday, citing unidentified people. The report didn’t have details on transaction values. A representative for AGIC declined to comment, while a representative for Vitruvian Partners didn’t respond to requests for comment.

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