Adelis exits Nordentic to PE-backed Corus

The acquisition takes Corus, which offers dental lab products and services, into the Nordics from a network across France, Iberia, and the Benelux countries. 

The transaction is expected to close in Q3 of 2022. 

Corus aims to have a revenue of EUR 180m by the end of 2022, following the integration with Nordentic and consolidation of other laboratories, the company said in a statement. 

Spain-based CareVentures, the major stakeholder, has been working with Lincoln International to secure refinancing for the growth strategy, as first reported by Unquote's sister publication Debtwire. 

The refi structures Corus off EUR 20m-EUR 25m in EBITDA, and could provide an acquisition line in the region of EUR 40m-EUR 50m, as reported. 

CareVentures first formed the asset in 2015, while Quantum Capital joined as a minority shareholder in March this year when its portco Signadens, a Dutch peer with EUR 25m sales, merged with Corus.  

After the Nordentic acquisition, the group will operate through 63 laboratories and more than 1,500 employees. 

Adelis first acquired Nordentic via its maiden fund, Adelis Equity Partners Fund I, in May 2017 for EUR 30m, according to Unquote data. Nordentic management and lab directors will become shareholders in Corus. 

The GP said that Nordentic had grown to 20 dental labs over the course of its tenure. 

The exit is the second in a week for Fund I, as the 2012 vintage fund reaches the end of its lifespan. Adelis earlier raised a continuation vehicle for its tropical disease diagnostics company SSI Diagnostica. 

Other unrealised assets include Christmas tree grower Green Tree Group, sporting goods chain Intersport, and digital marketing agency Genaraxion (formerly known as Sogemedier).

Advisors

Adelis - Clearwater International (M&A); White & Case (legal) and Svalner (tax).

 

 

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