The Edgewater Funds Acquires American Laser Centers
FARMINGTON HILLS, Mich., Dec. 10 /PRNewswire/—American Laser Centers, the largest provider of laser hair removal and other noninvasive aesthetic services in the United States, announced it has been acquired by Chicago-based private equity firms Code Hennessy & Simmons LLC (“CHS”) and The Edgewater Funds. Specializing in private equity investments and recapitalizations of middle market companies in partnership with management, CHS and The Edgewater Funds become the majority owners of the company.
As part of the ownership transfer process, Gary Graves has been appointed CEO to succeed Founder and CEO Rich Morgan. Prior to joining American Laser Centers, Mr. Graves was CEO of Chicago-based La Petite Academy, Inc., the second largest for-profit preschool educational center which operates 645 schools in 36 states and the District of Columbia, where he gained significant expertise marketing to a female customer base. Prior to that, Mr. Graves was COO of InterPark, the world’s premier owner, manager, and developer of parking facilities. In addition, he has a strong multi-location business management background holding top positions at Boston Market, PepsiCo and Yum Brands. Mr. Graves currently serves as a non-executive Chairman of the Board for Caribou Coffee and is an independent member of Caribou Coffee’s Board of Directors.
“I am eager to lead American Laser Centers,” said Mr. Graves. “This is an exciting time in the aesthetic treatment industry and it is rewarding to be at the helm of the leader in the space.”
Mr. Morgan adds, “To continue American Laser Centers’ rapid growth and expansion, Gary brings a wealth of relevant experience with major consumer brands and the female market paired with a keen understanding of operational efficiency. We know his skills are essential to building upon our strong brand identity and executing our vision to remain the leader in non-surgical cosmetic procedures.”
CHS is a private equity firm, founded in 1988 that manages more than $2.5 billion in capital across five different funds. The Edgewater Funds is a private equity firm with $1 billion in capital. CHS and The Edgewater Funds will provide strategic direction for American Laser Centers through active roles on the Board of Directors.
American Laser Centers was ranked in Inc Magazine’s 2007 list of the fastest-growing private companies in the U.S. and ranked sixth highest in the state of Michigan. The company has experienced more than 53 percent year-over-year sales growth, and performs approximately 75,000 treatments each month.
About American Laser Centers
American Laser Centers is the largest and most successful laser hair removal, skin rejuvenation and cellulite reduction therapy company, with more than 220 locations in the United States. The company has performed more than two million aesthetic treatments since its founding in 2002. American Laser Centers offers clients treatments using state-of-the-art-technology under a doctor-supervised regimen. American Laser Centers is proud to offer the industry’s only written two-year guarantee for laser hair removal. For more information, please visit http://www.americanlaser.com/.