Long Beach-based beauty health company HydraFacial has merged with Miami Beach-based Vesper Healthcare Acquisition Corp, a publicly traded special purpose acquisition company, to form The Beauty Health Company.
BeautyHealth will be headquartered in Long Beach, the company confirmed with the Business Journal. HydraFacial already had two Long Beach facilities totaling more than 130,000 square feet. Of the company’s 480 employees worldwide, 239 work in Long Beach.
The company, which offers patented facial technology meant to cleanse and hydrate skin, also has experience centers in Chicago, Dallas, Orlando and internationally.
HydraFacial’s senior management team, including CEO Clint Carnell and CFO Liyuan Woo will lead BeautyHealth. Vesper CEO and co-founder Brent Saunders will serve as executive chairman.
“The added resources from this transaction will allow us to expand HydraFacial’s footprint in the large and growing beauty health category, as well as drive growth in the U.S. and internationally,” Carnell said in a statement. “I look forward to our next chapter.”
The merger was approved by Vesper’s stockholders on April 29, with 96% of the votes cast in favor, according to the announcement. Prior to the combination, HydraFacial was owned by two private equity healthcare firms: Linden Capital Partners, which will continue as the largest shareholder of the newly formed company, and DW Healthcare Partners, which will retain a significant stake in the firm.
The merger will allow the company to “expand and accelerate growth” and invest in “innovation, geographic expansion” and acquisitions, the company said.
“HydraFacial is an impressive category-creating product in an attractive and growing market and provides the perfect platform to achieve our goal of building a premier company in beauty health,” Saunders said in a statement.. “We anticipate more opportunities ahead and are excited about the potential to create a valuable, industry-leading, global company in beauty health.”