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L Catterton Partially Exits Espaçolaser for R$811.6m via IPO

1 February 2021

 L Catterton has partially exited its stake in Brazil-based hair removal company Espaçolaser via the company’s R$2.64b (approximately US$483m) IPO on the B3. L Catterton sold shares worth R$811.6m (approximately US$148.5m) and reduced its stake from 33% to 5.27%, according to regulatory filings. L Catterton made the investment in 2017

(Press Release) Espaçolaser (ticker ESPA3) (“Espaçolaser” or the “Company”), the largest laser hair removal company in the world, today announced the closing of its initial public offering (IPO) at B3. Broadcast live and in compliance with pandemic social distancing measures, the Company’s launch event at the Bolsa do Brasil was attended by the President of B3, Gilson Finkelsztain, the Founding Partners of Espaçolaser, Ygor MouraPaulo Morais and Tito Pinto, shareholders Xuxa Meneghel and José Carlos Semenzato, executives of L Catterton, the largest global consumer-focused private equity firm, that initially invested in Espaçolaser in December 2016, and executives and members of the Company’s Board of Directors.

“While 2020 was a complex year from a social and economic point of view, we continued to see strong interest from Brazilian companies to seek financing via the capital market,” said Mr. Finkelsztain during the IPO event. “Espaçolaser is a prime example and we are pleased that the Company has successfully completed its IPO, further strengthening the services sector and generating thousands of jobs in Brazil.”

“16 years ago when we founded Espaçolaser, we never imagined that we would be the first beauty services company to go public in Brazil,” commented Mr. Moura, Founding Partner and Chairman of the Board of Directors of Espaçolaser. “Today’s announcement is the result of the tireless work of our team that believes in the democratization of beauty, the power of choice and in taking a chance using sustainable methods to build its business model and legacy. With the support of L Catterton over the past four years, we have also benefited from significant resources and relevant expertise that has been valuable in achieving this latest milestone and setting us on this path. Today is just the beginning!”

“It is with great pride and expectations for our future that we are taking this step forward and starting a new phase in our growth story,” added Mr. Morais. “I would like to thank our partners, who have believed in us since the beginning, and two-time world surf champion Gabriel Medina, who represents all of the athletes that are part of the Espaçolaser family.”

“We are proud of the stellar growth that Espaçolaser has accomplished to date and believe there is significant opportunity ahead for the business,” said Farah Khan, Partner at L Catterton. “Espaçolaser is very well-positioned for this exciting next chapter as a public company and we look forward to continuing to work with the team.”

“It has been an honor and a great pleasure to partner with Ygor, Paulo, Tito and Semenzato,” said Julio Babecki, Managing Partner at L Catterton. “The management team at Espaçolaser has done a fantastic job of rapidly growing the Company into the largest laser hair removal platform in the world, with a growing regional presence across Latin America.”

“Being part of this journey over the last five years at Espaçolaser has been a privilege,” said José Carlos Semenzato, Founder and President of SMZTO. “The passionate and dedicated team is committed to the pursuit of quality and customer satisfaction and we are confident that the best is yet to come.”

The offering was made under the terms of ICVM 400 under the coordination of Itaú BBA (Lead Coordinator), Santander and Goldman Sachs (Offer Coordinators). The funds raised by Espaçolaser’s offering will be directed to the Company’s expansion initiatives, which include the acquisition of subsidiaries and franchises.

With the realization of its IPO, Espaçolaser will become the 167th company listed on the Novo Mercado, a segment with the highest standards of corporate governance.

About B3
B3 S.A. (B3SA3) is one of the world’s leading financial market infrastructure companies and one of the largest in market value among global leaders in the stock market sector. It connects, develops and enables the financial and capital markets and, together with customers and society, enhances the growth of Brazil. It operates in stock exchange and over-the-counter environments, in addition to offering products and services for the financing chain.

With headquarters in São Paulo and offices in London and Shanghai, it plays an important role in the market by promoting best practices in corporate governance, risk management and sustainability.

B3. With the market, for the future.