Linden and DW Healthcare Partners Complete HydraFacial's Public Offering via SPAC Merger

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May 05, 2021, 07:30 ET

CHICAGO and PARK CITY, Utah, May 5, 2021 /PRNewswire/ -- Linden Capital Partners ("Linden") and DW Healthcare Partners IV, LP ("DW Healthcare Partners"), both private equity firms focused exclusively on the healthcare sector, announced today the completion of the merger of Edge Systems, LLC ("HydraFacial"), a category-creating beauty health company, with Vesper Healthcare Acquisition Corp. (NASDAQ: VSPR) ("Vesper" or "Vesper Healthcare"). Vesper is a special purpose acquisition company ("SPAC") led by former Allergan CEO Brent Saunders. As a result of the transaction, the combined company, now known as The Beauty Health Company ("BeautyHealth" or the "Company"), is expected to trade on the Nasdaq Stock Market under the ticker symbol "SKIN" beginning May 6, 2021. Linden will remain BeautyHealth's largest shareholder.

Linden and DW Healthcare Partners acquired HydraFacial in 2016. At the time of its acquisition, HydraFacial operated as Edge Systems, LLC. As part of its differentiated Human Capital Program, Linden recruited and partnered with a new senior leadership team to execute on a proprietary value creation plan. Since the 2016 acquisition, HydraFacial has experienced significant growth as a result of Linden's value creation plan, which included rebranding to HydraFacial, overhauling sales and marketing, expanding into new international markets, and investing heavily to build out the company's infrastructure across operations, finance, IT, and R&D.

As a publicly traded company, BeautyHealth will continue to execute its organic and inorganic growth strategies under the leadership of Brent Saunders as Executive Chairman and Clint Carnell as CEO. Linden and DW Healthcare Partners will maintain active representation on the Company's Board of Directors.

"We'd like to thank the entire HydraFacial team for driving extraordinary growth and building the Company into a global leader in the beauty health category," said Brian Miller, Linden Managing Partner. "As the largest individual shareholder going forward, Linden looks forward to providing continued partnership and support to the Company."

Linden Partner Kam Shah added, "HydraFacial's rapid transformation from a niche medical technology provider into a global, category-creating leader in beauty health represents another great example of Linden's differentiated value creation program at work."

"We have built a tremendous business in HydraFacial, which has continued to perform well and grow its installed base amidst a global pandemic," said Doug Schillinger, DW Healthcare Managing Director.

Brent Saunders, CEO of Vesper and former CEO of Allergan added, "Linden and DW Healthcare Partners have shepherded HydraFacial into an impressive, category-creating company that represents the perfect platform to achieve our goal of building a premier company in beauty health."

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

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country's largest dedicated healthcare private equity firms. Linden's strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies and has raised over $3 billion of commitments, augmented by capital provided by the firm's limited partners for larger transactions. For more information, please visit www.lindenllc.com.

About DW Healthcare Partners
DW Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. The firm manages over $1.43 billion in aggregate capital commitments and invests in leading healthcare companies with proven management teams. DW Healthcare Partners is led by seasoned healthcare executives with more than 120 years of combined industry experience. The firm provides the capital, strategic guidance, and acquisition expertise to help mid-stage companies realize their growth potential. For more information, please visit: www.dwhp.com.

About The Beauty Health Company
BeautyHealth is a category-creating beauty health company focused on bringing innovative products to market. Our flagship brand HydraFacial is a non-invasive, and approachable beauty health platform and ecosystem with a powerful community of estheticians, consumers and partners, bridging medical and consumer retail to democratize and personalize skin care solutions for the masses. Leading the charge in beauty health as a category-creator, HydraFacial uses a unique delivery system to cleanse, extract, and hydrate with their patented hydradermabrasion technology and super serums that are made with nourishing ingredients, providing an immediate outcome and creating an instantly gratifying glow in just three steps and 30 minutes. HydraFacial® and Perk™ products are available in over 87 countries with over 16,000 delivery systems globally and millions of treatments performed each year. For more information, visit the brand on LinkedIn, Facebook, Instagram, or at HydraFacial.com. For more information, please visit at https://investors.beautyhealth.com/.

About Vesper Healthcare Acquisition Corp.
Vesper Healthcare Acquisition Corp. was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, with the intention to focus its search on companies in the pharmaceutical and healthcare sectors.

Forward-Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside The Beauty Health Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of the Business Combination; costs related to the Business Combination; the inability to obtain or maintain the listing of The Beauty Health Company's shares on Nasdaq; The Beauty Health Company's ability to manage growth; The Beauty Health Company's ability to execute its business plan and meet its projections; potential litigation involving The Beauty Health Company's; changes in applicable laws or regulations; the possibility that The Beauty Health Company's may be adversely affected by other economic, business, and/or competitive factors; and the impact of the continuing COVID-19 pandemic on the Company's business. The Beauty Health Company's does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:
Samantha Taccone,
[email protected]

SOURCE DW Healthcare Partners