Cynosure Announces $60 Million Follow-on Investment from Clayton, Dubilier & Rice to Accelerate Growth
Medical Aesthetics Leader Reports Strong Year Over Year Growth
WESTFORD, Mass., May 17, 2022 /PRNewswire/ -- Cynosure, Inc. a leader in medical aesthetics systems and technologies, announced today a new investment of $60 million from lead investor Clayton, Dubilier & Rice. The new capital supports the company's plans to continue investing ahead of strong growth to bring innovation to the market and provide comprehensive treatment solutions to its customers that deliver the highest clinical efficacy for patients.
Cynosure, which develops, manufactures, and markets medical aesthetic treatment systems and consumables for dermatologists, plastic surgeons, medical spas, and other healthcare practitioners, saw sales grow by over 45% in 2021 and over 30% year-over-year in the first quarter of 2022, driven by strong growth across all geographies.
"We are pleased that CD&R continues to share our excitement about Cynosure's market, growth trajectory, and potential to accelerate," said Todd Tillemans, Cynosure CEO. "This investment is a strong endorsement that Cynosure is delivering on its mission to be the leader in aesthetics and to help patients across the globe to unleash their beautiful energy from within."
"We have built at Cynosure a diverse and talented team, and I believe the company's strong sales performance is the direct result of the team's exceptional execution against high demand in the market," said Sandi Peterson, CD&R Partner and Chairman of Cynosure's Board of Directors. "We are excited to continue our partnership with the team to support their efforts to drive continued new and future breakthrough product innovation and deliver the best service and solutions to Cynosure's valued customers."
"Medical aesthetics is a large market with strong macro tailwinds that have only gotten stronger across the globe since our initial investment," said Derek Strum, CD&R Partner. "We believe Cynosure is well positioned to build on its momentum and capture both organic and inorganic growth opportunities."
CD&R initially invested in Cynosure in December 2019, facilitating the carve out of the company from Hologic.
About Clayton, Dubilier & Rice
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SOURCE Clayton, Dubilier & Rice