Laser Clinics Australia (LCA) has partnered with Archer Capital Growth Funds (Archer Growth) to drive its national expansion.
LCA is set to open over 20 sites in 2015, bringing its total number of clinics to more than 50, and the company is soon to enter the West Australian market, opening its first store there at the end of the year.
Archer Growth, an Australian-based private equity firm will support the company’s growth through the provision of strategic advice, financial support and operational guidance.
“We felt Archer Growth was the right partner for us as it has a proven track record of helping Australian businesses drive strategic and successful growth,” said LCA general manager, Ian Houlton.
“It has come at the perfect time as we are primed for expansion operationally and trading conditions are favourable, with the service industry doing well despite the relatively subdued retail environment.”
Archer Growth said it was interested in partnering with LCA because of its successful business model, which is underpinned by what it calls three key pillars of success:
- An industry leading approach to product innovation and clinical safety
- Providing an unrivalled customer experience
- A pricing strategy that guarantees consumers the best possible value for money
According to Houlton, the partnership will also be of benefit to LCA employees, who will remain a key focus.
“With LCA already being an employer of choice, the partnership will specifically allow for further investment in training and development, ensuring LCA therapists, nurses and doctors remain the most experienced and qualified in the industry – a point of difference that will continue to give the business a key competitive advantage.”
While the business appears to be tracking well – it was named BRW’s Fastest Growing Franchise in 2013 and is said to be turning over close to $100m today, Houlton is aware of the need to recruit suitable franchisees.
“The business recognises that partnering with like-minded franchisees is crucial to its ongoing success and the business model has demonstrated it can deliver tangible returns to its franchisee partners.”