Summit’s DentalPro bolts on Giovanni Bona for €80m

According to press reports, the deal saw DentalPro shareholders injecting €10m of fresh capital in the business, while the remainder was raised through a €70m bond issue.

The leverage package has been listed on the Vienna Stock Exchange and fully supplied by Pemberton Asset Management through its European Mid-Market Debt Strategy fund.

DentalPro shareholders include buyout firm Summit and the Italian holding company Vam Investments, which currently own a 58% and 21% stake in the business, respectively. According to a statement, Vam supported the acquisition with a €2.1m equity ticket.

Following the acquisition, the business will manage 80 clinics across Italy with a staff of 800. The merged group aims to use the fresh capital to boost its expansion through the opening of 20 new clinics in Italy and expects its headcount to grow to 1,000 people by the end of 2016. In the next three years, the group intends to open 50 more new clinics across the country.

As part of the deal, DentalPro founder and CEO Michel Cohen will become chairperson and CEO of the new company.

Previous funding
In April 2015, Summit acquired a 58% stake in DentalPro, while existing shareholder Vam, alongside several high-net-worth individuals and the management team, acquired the remaining 42% stake.

Company
Founded in 2001 and headquartered in Pinerolo, the group Giovanni Bona manages 43 dental clinics and employs 330 people. The company posted a turnover of €40m in 2015.

The merged group expects to generate a combined €100m in revenues and €20m EBITDA in 2016.

People
Summit Partners – Scott Collins (managing director); Thomas Tarnowski (principal).
DentalPro – Michel Cohen (co-founder, CEO); Samuele Baruch, Paolo Tonveronachi (co-founders).
Giovanni Bona Cliniche Dentali - Giovanni Bona (founder).

Advisers
Equity – N+1 (M&A); White & Case (legal); EY (commercial due diligence, tax).
Vendor – Finint Corporate Advisors (corporate finance); Raynaud Studio Legale (legal); Studio Vernero Manavella & Associati (tax).
Debt – Clifford Chance (legal).

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• Topics
• Portfolio management
• Healthcare
• Southern Europe
• Italy
• Summit Partners
• Acquisition finance