Goldin Capital Management, L.P., a New York-based private equity firm, has acquired the assets of Skin Nuvo International, LLC, in a $15 million bankruptcy auction. The new company, re-branded as 'Lumity(TM),' includes a chain of 37 medical spas in the Western U.S., with prime locations in regional malls and shopping centers in California, Nevada, Oregon and Washington.

Lawrence J. Krule, a managing director of Goldin Capital Management, states: 'Once we complete the restructuring of the company's financial and operational infrastructure, Lumity will be well-positioned for excellent financial performance over the long term.' According to Krule, the new company will support a wide range of critical near-term initiatives, such as medical spa improvements, equipment purchases and information systems upgrades.

The new company will be managed by Francis X. Acunzo, the former CEO of Stonewater Spas. Under Acunzo's direction, the new medical spas will offer services similar to those formerly provided in the 37 Nuvo locations it has acquired. These services include such non-invasive skin treatments as facials, laser hair removal, skin rejuvenation, microdermabrasion, resurfacing peels, and Botox(R) and Restylane(R) injections. In addition, Lumity will continue the sale of various lines of cosmetic and skin products, including products for the repair of skin damage, age spots, acne, fine lines, wrinkles and pigmentation problems.

Skin Nuvo International was a three-year-old company that operated 37 laser centers located in upscale malls, many in high-income areas such as Marin County and Beverly Hills. On June 23, SpaTrade reported that the company had declared bankruptcy. The "medispa" chain ran into trouble when two separate clinics badly burned two Northen California women during laser hair removal procedures. Critics say that Nuvo's practices took a "doc in the box" approach that endangered patients, and that the company's physician supervision really meant too few medical directors stretched to thin over too many properties.