Bridgepoint acquisition of Dentego collapses

The vendor's price expectations of around EUR 500m were not met by Bridgepoint, whose offer was in the EUR 400m-500m bracket, one of the sources and one of the advisers said.

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

The sale process encountered complexities around the difference between reported and adjusted EBITDA, proving to be a sore point for bidders and lenders, as reported by Unquote sister publication Debtwire.

The Lazard-led sale process saw Ardian, BC Partners, Eurazeo and IK withdraw their offers, as reported.

G Square invested EUR 25m in Dentego between 2017 and 2018 through its Luxembourg-based subsidiary Molair Holding, according to a press report.

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 as per its website.

Bridgepoint declined to comment. Dentego, Lazard, and G Square did not respond to a request for comment. 

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