Pan-European consolidators

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Whilst the UK healthcare market is unique in several ways, many of the same market dynamics present in the UK also exist in Europe. The European market remains highly fragmented creating significant opportunities for consolidators in similar or adjacent countries to invest.

Despite Brexit, the UK is expected to remain a core market for European dental consolidators with Bupa, Colosseum Dental and European Dental Group already having a number of practices in the UK.

Notable European deals:

Dentius Belgielei was acquired by Florac as discussed above.

In June 2021, German-based private equity firm Hannover Finanz completed the domestic acquisition of Dental Direkt, a supplier for dental laboratories specialising in implant components. The transaction fee was not disclosed.

European dental consolidator, Colosseum Dental Group, made number of acquisitions recently including:

  • The acquisition of Curaeos as discussed earlier
  • A majority stake in Miro Srl, an Italy- based dental treatment clinic. The transaction completed in May 2021 for an undisclosed sum
  • Tandlaegerne Bertheisen & Valdmarsson, a Danish dental clinic operator in May 2021 for an undisclosed fee
  • French dental care provider, Dentelia, for €31.6m (£27m) in January 2021

Oris Dental Holding, a portfolio company of Bridgepoint Advisers acquired Swedish Academy for Advanced Clinical Dentistry, the Sweden-based provider of dentistry courses and operator of dental clinics, for an undisclosed consideration in April 2021.

Pan-European consolidator, Dentix, filed for voluntary insolvency in October 2020. It’s assets have been subsequently acquired by a number of businesses including:

  • VitalDent, backed by Advent International, acquired 76 clinics in Spain for c.£55m in April 2021
  • DentalPro, backed by BC Partners, acquired the Italian assets of the business in February 2021

Private equity firm Glide Healthcare Partners acquired Tandarts Today, a dental clinic chain. Both businesses are based in the Netherlands and the value of the transaction made in April 2021 was not disclosed.

    Leading Pan European consolidators

    Looking ahead

    returns to scale from investment opportunities are still abundant in the market and further activity in the sector is set to continue at pace

    Ageing populations and growth in cosmetic dentistry are likely to support growth in the dental market over the longer term. In the immediate future, growth will be driven by recovery to pre-COVID levels of activity.

    Although consolidation activities have been high within the sector, this has done little to unify a sector that remains highly fragmented. The good news for investors is that returns to scale from investment opportunities are still abundant in the market and further activity in the sector is set to continue at pace.

    Recent deals in the sector have continued to attract multiples of 10x - 15x, with higher multiples being paid for dental businesses which have a demonstrable platform for growth.

    Private equity interest in the sector is expected to remain high given the potential to scale rapidly. Pan-European consolidators will continue to invest in the UK, recognising that the impact of Brexit on the UK dental market will not
    affect growth.

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