Wednesday, September 10, 2008

IPO pullout stalls TA Associates’ laser firm plans

By Mass High Tech Staff

Israel-based Alma Lasers Ltd. has withdrawn its registration for an $86.3 million initial public offering, according to published reports. Nearly 75 percent of the developer and manufacturer of medical and aesthetic treatment lasers is owned by global private equity firm TA Associates, which has offices in Boston, London and Menlo Park, Calif.

The company announced in January its IPO filing with the U.S. Securities and Exchange Commission. Initial plans called for Nasdaq listing and underwriting co-led by UBS Investment Bank and Citigroup Global Markets LLC, according to a report by website PE Hub. The company provided no explanation for the withdrawal.

In March 2006, TA Associates invested $90 million in Alma Lasers.

Last week, the private equity firm announced its $62 million investment in British bioscience analytics and safety evaluation firm Quotient Bioscience Group Ltd. Quotient Bioscience covers pharmaceutical and biotechnology drug development, blood typing reagents manufacturing and sales and drug surveillance in sports. The funds will support Quotient Bioscience’s acquisition plans in Europe and North America. As part of the deal, both TA Associates managing director Jonathan Goldstein and senior vice president Mark Carter will join Quotient Bioscience’s board of directors.

TA Associates, founded in 1968, operates a $12 billion capital management budget, with investments in more than 380 companies. The firm focuses on growth and buyouts in the technology, health care, business, consumer and financial services sectors.