HydraFacial and Vesper Healthcare Announce Closing of Business Combination, Combined Company Now Known as The Beauty Health Company

May 7, 2021
HydraFacial and Vesper Healthcare Announce Close Business Combination Combined Company Now Known as The Beauty Health Company

BeautyHealth’s shares will trade on the Nasdaq Capital Market under the ticker symbol “SKIN.”

It's officially official: Vesper Healthcare and The HydraFacial Company closed their previously announced business combination. 

The combined company will be known as The Beauty Health Company. The business combination was approved by Vesper Healthcare’s stockholders on April 29, 2021, with approximately 96 percent of the votes cast in favor of the transaction. 

Prior to the business combination, HydraFacial was owned by two healthcare industry private equity firms, Linden Capital Partners, who will continue to be the largest shareholder in the Company, and DW Healthcare Partners IV, LP, who will continue to have a significant stake in the Company. 

As a result of the business combination, HydraFacial is now a wholly owned subsidiary of BeautyHealth. Beginning May 6, 2021, BeautyHealth’s shares will trade on the Nasdaq Capital Market under the ticker symbol “SKIN.”

BeautyHealth will be led by HydraFacial’s senior management team, including Chief Executive Officer Clint Carnell and Chief Financial Officer Liyuan Woo. Brent Saunders, CEO and co-founder of Vesper Healthcare, will serve as Executive Chairman.

The enhanced capital structure will allow BeautyHealth to make appropriate investments in innovation, geographic expansion, and important strategic acquisitions.

 “Today marks an important milestone and an exciting moment for our Company as we enter the public markets. With HydraFacial, we transformed into a category-creating beauty health company,” says Clint Carnell, BeautyHealth CEO, in a news release. “As BeautyHealth, we intend to continue our global expansion and bring additional innovative products to market. The added resources from this transaction will allow us to expand HydraFacial’s footprint in the large and growing beauty health category, as well as drive growth in the U.S. and internationally. Our accomplished team has been further strengthened by the combination with the Vesper Healthcare team, and we could not be more pleased to partner with Brent. I look forward to our next chapter and expect this combination will provide us with the resources and expertise to deliver sustained long-term growth.”

“We are pleased to close the business combination with HydraFacial and unveil the formation of The Beauty Health Company,” adds Brent Saunders, BeautyHealth Executive Chairman. “HydraFacial is an impressive category-creating product in an attractive and growing market and provides the perfect platform to achieve our goal of building a premier company in beauty health. We anticipate more opportunities ahead and are excited about the potential to create a valuable, industry-leading, global company in beauty health.”

Goldman Sachs & Co. LLC acted as an exclusive financial advisor and private placement agent and Wachtell, Lipton, Rosen & Katz served as legal advisor to Vesper Healthcare. Jefferies LLC acted as Lead Financial Advisor, Piper Sandler served as Financial Advisor and Kirkland & Ellis LLP acted as legal advisor to HydraFacial.

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