Bridgepoint in exclusivity to acquire G Square's Dentego

Although exclusivity has been awarded, the deal still requires more work to be done, according to an adviser tracking. The process has been complex, as a substantial difference between reported and adjusted EBITDA has proven to be a point of contention for bidders, two of the sources said.

The asset could be sold in the EUR 500m EV mark, two advisers not involved said.

The G Square-owned company reported EUR 15m in cash EBITDA, with a run-rate EBITDA in the EUR 30m-EUR 35m range, while adjusted EBITDA stood at around EUR 60m, as previously reported.

First bids were due this February with several sponsors showing interest in the asset, including Ardian, Ares, BC Partners, Brigdepoint, Eurazeo, IK and Wendel, as reported.

Eurazeo, Ardian and IK withdrew their offers, one of the sources familiar said, with another of the sources saying that BC Partners also withdrew.

Smaller French peer Denteka was also on the market, as reported. Abénex Capital acquired a minority stake in the business, according to local media reports.

Founded in 2013 by James Cohen and Raphaël Tapiero, Dentego is based in Boulogne-Billancourt, in the Greater Paris region. It operates 72 clinics in France according to its website.

Bridgepoint, Eurazeo and IK declined to comment. Dentego, Lazard, G Square did not respond to a request for comment. Ardian and BC Partners could not immediately be reached for comment at the time of publication.

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• Topics
• Buyouts
• France
• Healthcare
• France
• Bridgepoint
• Ardian (formerly Axa PE)
• BC Partners
• IK Investment Partners
• Eurazeo