Nordic Capital acquires dental group

Oscar Geen
19 February 2018

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Nordic Capital has acquired and merged three dental chains with operations in the Netherlands, Switzerland and Germany, and one dental technology laboratory.

The new group includes Netherlands-based group Dental Clinics, which owns the brands Dental Clinics Nederland and TopOrtho, with a combined 88 clinics in the Netherlands. It also includes the Swiss chain Adent, which has 22 clinics in Switzerland and was acquired from Oaktree Capital Management. The final dentist chain is Zahstation, a network of six clinics in the Cologne area.

Nordic also bought Dental Partner Holding, a dental technology company with 25 laboratories across Germany.

It has not yet been decided which fund will provide equity for the transaction, Unquote understands. It could be drawn from the €3.5bn Nordic Capital Fund VIII, which was 65% invested as of September 2017, or the forthcoming €4bn Nordic Capital IX, which was announced in May 2017.

The GP said that the group will continue to pursue both organic and acquisitive growth strategies.

Company
Dental Clinics is a chain of dental care providers in the Netherlands with 88 dental and orthodontic clinics operating under the Dental Clinics and TopOrtho brands. The clinics offer general and specialist dental treatments and serve more than 500,000 patients annually. The company was founded in 2007 and has subsequently expanded through organic growth and a clinic acquisition strategy.

Adent is a dental chain with 22 clinics in Switzerland. The company was founded in 1997 when the first clinic was opened in Ecublens, and has subsequently expanded through clinic acquisitions and the opening of new sites.

Dental Partner Holding is a German dental technology company, operating a country-wide network of 35 laboratories in Germany under the Flemming Dental brand together with three locations in Norway under the Artinorway brand. Founded in 1998, the company is headquartered in Hamburg with a technology centre in Leipzig for the manufacturing of dental prostheses.

Zahnstation is a dental chain in Germany, operating a network of six dental clinics in the Cologne area.

People
Nordic Capital – Jonas Agnblad (partner).

Advisers
Equity – Freshfields (legal); PwC (financial due diligence).