- Managed by private equity firm, Quadrivio Group, Silver Economy Fund is the first Italian fund to invest in enterprises offering goods and services to the over-50s age group;
- Founded in 1983, The Private Clinic is an award-winning provider of advanced and effective cosmetic treatments that sees over 15,000 new patients every year;
- The £14.3m loan from OakNorth will be used to support Silver Economy Fund’s 100% acquisition of The Private Clinic from Bluegem Secondary LP;
- The UK’s minimally invasive and non-surgical skin treatments market is set to grow at a compound annual growth rate (CAGR) of 7.5% from 2022-27, driven by technological improvements and better patient experiences.
OakNorth, the neobank for entrepreneurs, by entrepreneurs, has provided a £14.3m loan to Silver Economy Fund, the private equity fund managed by Quadrivio Group, to support its 100% acquisition of The Private Clinic from Bluegem Secondary LP.
Launched in April 2021, Silver Economy Fund is the first Italian private equity fund to invest in European and US based companies, which offer bespoke products and services to the over-50s age group. Supplying these businesses with the necessary capital to accelerate growth and development, the fund promotes strategic investments in new business models, which can be implemented through investment in digital technologies and research. The acquisition will see Silver Economy Fund aim to accelerate The Private Clinic’s growth strategy, while strengthening its market position in the UK and internationally.
Founded in 1983, The Private Clinic is an award-winning provider of advanced and effective cosmetic treatments that sees over 15,000 new patients and performs c.10,000 procedures every year. Its network of clinics, including sites located along London’s famous Harley Street, as well as in Northampton, Birmingham, Leeds and Manchester, house some of the best medical and clinical staff in the UK, dedicated to helping customers achieve their desired results.
Stefano Malagoli, Partner at Silver Economy Fund, commented on the deal: “We’re very pleased to be able to contribute to the development of a group of clinics operating in a growing sector such as the cosmetic treatments one is. We will work in unison with the management, which has consistently shown its ability to pair growth with impeccable ethics in medical services, where quality will always be central in our attention. This was our first time working closely with Stuart and the wider OakNorth team and we were highly impressed with their level of understanding of the European private equity market, in addition to their entrepreneurial approach and can-do attitude.”
Stuart Blair, Director of Debt Finance at OakNorth, added: “This transaction presented an exciting opportunity to support a leading multi award winning medical group that has been fully professionalised over the last decade. The Private Clinic operate in a growing and highly fragmented market, which has seen it not only grow organically, but also via acquisitions of small owner operated clinics, that have continued to perform well post-Covid. Furthermore, we were delighted to work alongside the team at Quadrivio, who have an impressive track record of constantly delivering strong returns for customers, via its range of specialised funds.”
OakNorth were advised by Lee Federman at Jones Day.
Notes to editors
1 MarkNtel Advisors – Global Minimally Invasive Surgical Systems Market Research Report: Forecast (2023-2028)
Launched in September 2015 and founded by entrepreneurs, OakNorth provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
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