Carlyle and Palamon back UK dental care merger

According to media reports, the enlarged group would be worth around £600m, roughly 10 times its £55-60m combined EBITDA. Carlyle is believed to be holding a 75% stake in the new entity; Palamon will hold the balance and share joint governance.

Carlyle invested through the Carlyle Europe Partners III fund, a €5.4bn buyout vehicle focused on investment opportunities in Europe. Palamon Capital Partners had invested £72m in the buyout of ADP in 2009 - the equity came from its €670m Palamon European Equity II buyout fund.

ING, Bank of Ireland, Lloyds and Société Générale provided debt to finance the merger.

IDH and ADP are leading providers of dental care in the UK, primarily focused on NHS dentistry, with close to 450 practices treating more than 3.5 million patients per year. Carlyle and Palamon plan to invest in the business to expand the number of practices, enhance the quality of patient care and grow NHS, private and specialist dental services.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

 

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