Ideal Image Raises $16 Million From H.I.G. Capital and ORIX Venture Finance, LLCLeading Private Equity and Venture Debt Firms Invest in World Class Laser Hair Removal Company.
TAMPA – May 27, 2006 – Ideal Image Development, Inc. (www.idealimage.com), a leader in providing laser hair removal services, today announced that it has secured $16 million in equity and debt financing. The financing was led by H.I.G. Capital, one of the nations leading private equity and venture capital firms with investments focused on high growth technology, healthcare, manufacturing and service companies. Craig Burson and Brian Schwartz of H.I.G. Capital will join the Company’s board of directors. ORIX Venture Finance LLC provided the venture debt financing in this transaction.
Ideal Image is a world-class provider of laser hair removal services. It provides these services through its upscale clinics across the world. Ideal Image currently has 60 clinics either open or in the process of opening and is targeting 100 locations by the end of the year.
“H.I.G. Capital and its affiliated venture fund invest in category leaders and Ideal Image is clearly the leader in providing laser hair removal services,” stated, Craig Burson, Managing Director, H.I.G. Capital. “Ideal Image continues to demonstrate industry leadership through world-class services to customers, tremendous execution and proven revenue momentum.”
“We are delighted to be partnering with Ideal Image and H.I.G. Capital, two leaders in their respective fields,” stated Henry O’Connor, Principal, ORIX Venture Finance. “Ideal Image has emerged as the leader in laser hair removal, bringing a superior product to the marketplace, and H.I.G. Capital provides sterling equity sponsorship. We are proud to be part of the team.”
“We are pleased H.I.G. Capital and ORIX Venture Finance LLC have committed such a significant investment in Ideal Image. The track record of these firms is legendary, and their active participation in the Company will be invaluable in supporting us in successfully executing our plans to maintain our leadership position in the laser hair removal services market,” stated Dean Akers, CEO of Ideal Image Development, Inc.
About H.I.G. Capital
H.I.G. Capital LLC (“H.I.G.”) is a leading private equity and venture capital investment firm with more than $2.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with significant growth potential. H.I.G.’s venture arm focuses on early and mid-stage information technology, life sciences and services businesses that are poised for significant growth while H.I.G.’s private equity arm focuses on investments in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 90 transactions. The firm currently manages a portfolio of more than 60 companies with combined revenues in excess of $5 billion. For more information, visit www.hig.com and www.higventures.com.
About ORIX Venture Finance LLC
ORIX Venture Finance LLC, a member of the Corporate Finance Group of ORIX USA Corporation, with offices in Silicon Valley; Newport Beach, Calif.; Hartford, Conn.; New York; Northern Virginia; and Dallas, provides enterprise financing to mid- to late-stage companies via acquisition and growth capital. The ORIX Venture Finance team consists of experienced finance professionals who understand the challenges growth companies face and structure flexible financing packages to meet these unique needs. For more information about ORIX Venture Finance, go to www.orixventurefinance.com.