EQT sells stake in Swiss Smile to Jacobs Holding

Swiss Smile has nearly doubled its revenues under EQT's stewardship, according to an official statement. Financial details have not been disclosed.

Swiss Smile's new owner is Zurich-based investor Jacobs Holding, the investment vehicle of Klaus Jacobs, the now-deceased former owner of Toblerone-maker Jacobs Suchard. The investor already purchased another dental chain this year when it acquired Colosseum Smile from IK Investment Partners in January. 

During EQT's investment period in Swiss Smile, the company acquired four dental practices in Switzerland, as well as opening two new practices in Winterthur and Berne. Further acquisition targets have already been identified.

With EQT's support, the company recruited a new CEO and CFO and implemented a new IT infrastructure. The number of employees has grown to 240, up from 160 in 2013.

Previous funding
EQT acquired a minority stake in Swiss Smile for a CHF 44m investment in August 2013 via its Mid Market Europe fund, and entered into a partnership agreement with management. It simultaneously announced plans for acquisitions of specialised clinics.

Company
Founded in 2002 by dentists Haleh and Golnar Abivardi, Swiss Smile now operates 11 clinics in Switzerland and has franchises and joint ventures in Russia and India. It is headquartered in Zurich and employs around 240 people. The company generated revenues of CHF 3.9bn in 2012 – the last year that financial results are available – and the figure is understood to have nearly doubled since then.

People
EQT Partners – Vesa Koskinen (partner).
Swiss Smile – Franz Maier (CEO).

Advisers
Vendor – Baker McKenzie (legal); Bär & Karrer (tax); KPMG Luxembourg (tax).

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• DACH
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• Switzerland
• EQT
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