
Corus Dental sponsors mandate Houlihan Lokey to review options
Sponsors Careventures and Quadrum Capital have hired Houlihan Lokey to explore options for Spanish dental prosthetics company Corus Dental, according to three sources familiar with the situation. A sale of a stake in the company is among the options, they noted.
The company is expected to be marketed off an EBITDA in the region of EUR 40m to EUR 50m, said two of the sources, although one of them noted that a portion of that is from a deep M&A pipeline. Corus Dental's current EBITDA stands at around EUR 30m-EUR 35m, this second source added.
The process is tipped to launch post the European summer break, said one of the sources.
Corus Dental explored a refinancing last year, to secure an acquisition line to fund further bolt-ons, as reported by Unquote's sister publication Debtwire. One of the sources said BlackRock refinanced the business on the back of that process, which was led by Lincoln International.
In the second quarter of this year, Corus Dental's two sponsors had been close to appointing either Houlihan Lokey or Jefferies in a bid to find a new strategic partner, as per a media report.
Healthcare-focused PE firm Careventures formed Corus in 2015. The group now owns more than 84 laboratories in nine European countries and has reported revenue of more than EUR 180m, according to the sponsor's website. Quadrum Capital joined the shareholder structure in March 2022 when Corus Dental merged with the former's portfolio company Signadens.
The two sponsors were to own 70% of the enlarged Corus Dental, with Careventures remaining the primary shareholder, according to a Spanish-language media report at the time of the merger. The remaining 30% were to be held by directors of the different laboratories acquired, as well as the Corus management team.
Houlihan Lokey, Careventures, Quadrum Capital and BlackRock did not respond to requests for comment.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Czech Republic-headquartered family office is targeting DACH and CEE region deals
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds