Venus Concept Ltd., a privately-held and innovative global aesthetic technology leader, is pleased to announce that is has entered into an agreement to acquire NeoGraft Solutions' hair restoration business ("NeoGraft"). The acquisition is subject to customary closing conditions and is expected to close in February 2018.
NeoGraft is an industry leader in the area of hair restoration technologies and topical products. NeoGraft has developed a tremendous reputation in the aesthetic industry for providing an excellent alternative to traditional hair transplantation surgery. Venus Concept's industry first and only subscription-based business model, combined with its global reach in over 60 countries and 27 direct global offices, will create a significant opportunity to expand the overall combined businesses of both NeoGraft and Venus Concept.
"We are extremely pleased and excited to have reached an agreement to acquire NeoGraft, as it represents a significant milestone in our company's history. We believe that NeoGraft is a perfect fit for Venus Concept and will broaden our current customer base and product portfolio. This acquisition will enable us to accelerate our growth plans for 2018 and beyond. Our differentiated subscription model and unique products position the company well to take full advantage of tailwinds in the non-invasive aesthetic market," said Domenic Serafino, Chairman and CEO of Venus Concept.
Glenn Normoyle, President of NeoGraft, also commented on the acquisition: "We are very happy to be joining the Venus Concept family. Having spent time with the Venus Concept team, it is clear there is consistency in culture and vision between the two companies and its employees. The depth of experience and infrastructure at Venus Concept will significantly increase the global presence of NeoGraft."
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