Notable M&A activity

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Notable deals in recent months:

Pan-European dental consolidator, Colosseum Dental Group acquired Curaeos, a Netherlands-based dental care provider from EQT Partners in August 2021. The size of transaction was not disclosed but is thought to be under €600m off an EBITDA of €30- 35m resulting in a multiple of 17.1 - 20.0x. Curaeos itself has operations in the Netherlands, Germany, Italy, Belgium, and Denmark.

In July 2021, an undisclosed minority stake in Dentius Belgielei, a dental services company based in Belgium, was acquired by Florac SAS, a private equity firm based in France, for consideration of €45m.

UK-based venture capital firm, Intermediate Capital Group, acquired Godt Smil, a Danish chain of dental clinics, from the Danish private equity firm, Maj Invest Equity. The transaction was announced at the end of June for an undisclosed sum.

In May 2021, IDH Group, a dental service provider with reported revenues in excess of €702m (£600m) in 2020, was acquired by Paloma Capital Partners, a UK-based private equity firm that has held a minority stake in the business since 2011. US-based private equity business, The Carlyle Group, sold its 57.5% stake for an undisclosed fee. The deal is thought to have valued the business at €819m (£700m), 10.0x adjusted EBITDA.

Notable UK deals:

The Real Good Dental Company, a dental services provider based in the UK, was acquired by private equity firms TriSpan and Keyhaven Capital Partners in July 2021.

VIDA Dentistry, a high end private dental practice, was acquired by The Dental Management Partners in June 2021 for an undisclosed fee.

IDH Group was acquired Paloma Capital as discussed above.

Dentex Healthcare Group acquired Martin Docking Limited and Dental Precision, that offer dental treatment and care services, in August 2021 for an undisclosed fee.

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Clyde Dental Practice acquired a number of dental practices in recent months, picking up McIntyre Corbet & Associates, Fairmilehead Dental Practice, Short’s Dental, Stewarton Street Dental Practice, F J Murphy BDS MJD, Dental Care Perth Limited, Sandgate Dentistry and Grays Dental Practice between October 2020 and April 2021.

Portman Healthcare acquired TDSML Limited (t/a The Dental Surgery) in March 2021 for an undisclosed fee.

Riverdale Healthcare Limited, a dental service provider has made a number of recent acquisitions including:

    • The acquisition Village Dental Practice, The Grange Dental Centre, and Westland Dental Studio in February 2021
    • Dental care service provider, InDental Practice Limited in January 2021

    Apposite Capital’s dentistry investment group portfolio company, Riverdale Healthcare, made two bolt-on acquisitions in 2020. J R P Jones & Associates, a dental services provider, was acquired for an undisclosed consideration in October 2020. Earlier in the year, Riverdale also acquired Framwellgate Dental Surgery for an undisclosed sum.

    Bupa Dental Care has continued to make acquisitions in the dental sector, most recently the acquisition of Shaw & Associates Dental Surgeons for €9m (£7.5m) November 2019. Shaw & Associates had two locations in Yorkshire and generated revenues of €3.4m (£2.9m) leading to a multiple of 2.9x revenue.

    Houston Dental Group was acquired by Alliance Dental Care in June 2019 for an undisclosed fee. The transaction forms part of Alliance’s strategy to grow their geographic reach into the Southwest of England.

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