Notable European M&A activity

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Dentist endodontist with magnifying glasses and light
  • Pan-European consolidator, European Dental Group, is a leading dental care and services consolidator in Europe, which has been backed by Nordic Capital since 2018. The company boasted revenues of €690m in 2022 and has 5,455 employees. In January 2022, the Group acquired Medident, the France-based dentist clinic network for an undisclosed consideration, providing a foothold in the French dental market
  • Pan-European consolidator, Colosseum Dental Group, has acquired selectively during the year, following their major acquisition of Curaeos, the Netherlands- based dental care provider from EQT Partners in August 2021 for an estimated consideration of €600m. Colosseum Dental acquired Kliniek voor Tandheelkunde Sneek, the Netherlands-based dental clinic in June 2022, whilst Curaeos itself acquired a hospital and various dental practices in Germany in May 2022
  • In February 2023, Innova Capital acquired United Clinics, a leading dental consolidator in Central and Eastern Europe. The Group initially comprised 19 dental clinics located in Poland (6), Lithuania (12) and the United Kingdom (1) and has continued to operate as a platform for consolidating European dental clinics, making several further acquisitions within Poland

    • KSE Stomatologia in February 2023
    • Platinum Klinika and DentalScan in December 2022
    • Dentx Centrum Zdrowego Usmiechu in September 2022
    • Pro Ortodont in August 2022
    • iDentical in July 2022
  • Sweden-based Dentalum Group, which acquires, develops and operates dental clinics in the Nordic region, has made several acquisitions throughout Sweden and is currently considering raising capital to continue consolidating dental clinics in the Nordics

    • ABCARE Tandvard in March 2023.
    • TandCity in January 2023
    • Tandcenter Umea and Tandcenter Lovanger in July 2022
    • Novo Dental in July 2022
    • Skelleftea Tandvard in July 2022
    • Swedish Dental Shanavaz in March 2022
    • Karlatandlakarna and Malarkliniken in January 2022
  • Backed by one of the largest private equity funds in the Baltic region, INVL Baltic Sea Growth Fund, InMedica Group, which completed a €100m merger with MediCA Group in March 2023, and is the largest private healthcare company in Lithuania. InMedica Group has made several acquisitions of dental clinics in the region

    • Vilniaus Implantology Centre Clinic in March 2023
    • RVL Clinic in February 2023
    • Danta Dental Clinic in November 2022
    • Kaunas Implantology Centre in January 2022

Dental lab deals

  • Düsseldorf-headquartered Delabo Group was acquired by Avedon Capital Partners in 2019 and has become one of the largest dental laboratory groups in Germany. The buy-and-build platform has continued to make a large number of domestic acquisitions throughout the year with international expansion beyond the DACH region outlined in its growth strategy

    • Biemadent Zahntechnisches Laboratory in April 2023
    • Reitt & Meyer Laboratory in January 2023
    • Hesse Dentallabor Laboratory in September 2022
    • Walsdorff Zahntechnik Laboratory in August 2022
    • Hans Plewe Laboratory in April 2022
    • Keller Dental-Labor Laboratory in March 2022
    • Schiewe Dental-Labor, Gerling Dental-Labor, Huiss Dental-Labor and Dental Labor Kanzler and Trompeter Laboratories in January 2022
    • Ketterling Dental-Technik Laboratory in June 2023
  • The pan-European Group, Corus Dental, which is a portfolio company of Careventures and Quadrum Capital, holds a market-leading position in digital dental prostheses and consists of 74 labs across Europe. The Group recently expanded into the UK in February 2023 by joining forces with Byrnes Dental Laboratory. Additionally, the Group acquired Sweden-based Nordentic in August 2022, and Netherlands- based Signadens Europe in March 2022, continuing to further expand its market position in the European dental laboratories market through an active buy-and-build strategy
  • Minlay Group, which is the undisputed French leader and a major European dental laboratories platform, was acquired by Adagia Partners from Motion Equity Partners in July 2022

Notable European PE activity

  • A number of further notable PE transactions across Europe are outlined below:

    • UK-based PE firm Transition Capital Partners and Austria-based PE firm Yana Investment Partners acquired Dental Feel Group, the Italy-based dentist chain in February 2023
    • France-based PE firm, Siparex Groupe acquired Odontolia Group, the Belgium-based dental clinic operator in October 2022
    • Poland-based PE firm, Tar Heel Capital acquired Stomatologia Borowski, the Poland-based dental care provider in August 2022
    • Netherlands-based PE firm, Quadrum Capital acquired Opera Signadens, the Luxembourg-based dental laboratory in July 2022
    • Denmark-based PE firm, Axcel Management acquired Oral Care, the Sweden-based dental care services provider in July 2022
    • Netherlands-based PE firm, Bencis Capital Partners acquired 100% stake in Europe Medicare, the Netherlands- based company engaged in providing dental care services in April 2022
    • France-based PE firm, Abenex Capital acquired Denteka, the France-based local dental centres for a consideration of £120m in March 2022

Dental lab PE activity

  • Netherlands-based PE firm, Bencis Capital Partners acquired Clinias, the Netherlands-based dental health care company in May 2022.

Leading pan-European consolidators

  • BUPA – Australia, Brazil, Chile, Hong Kong, Ireland, Mexico, New Zealand, Poland, Spain, Turkey, and United Kingdom
  • Colosseum Dental – Belgium, Denmark, Finland, France, Germany, Italy, Norway, Sweden, Switzerland, The Netherlands, and United Kingdom
  • European Dental Group – Belgium, France, Germany, Norway, Switzerland, The Netherlands, and United Kingdom
Significant Pan-European consolidators with current dental practice locations
Source: Clearwater International research
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