Portobello buys five dental clinics

Amedeo Goria
04 September 2017

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Spanish fund manager Portobello Capital has acquired and merged five dental and aesthetic medicine clinics in Spain.

The deal is the first investment from the GP's latest fund, Portobello Capital Fondo IV, which held a €500m first close in July 2017. As initially reported by unquote" in early August, the purchase relates to five businesses: Unidental, Laser 2000, Dr Senís, Avadent and Realza Capital-backed Plénido Dental.

Former Burger King general manager Juan Olave will be the CEO of the merged group, while Jordi González will join the group as the chief financial officer from UK dental clinics chain Oasis Dental Care, formerly backed by private equity firm Bridgepoint.

Following the merger, the GP aims to support the company's international growth strategy.

A source close to the GP told unquote" that the fund manager had raised €40m in additional commitments for its latest vehicle at the time of publication, and aims to reach a final close by the end of 2017. The fund is domiciled in Madrid and has a €600m hard-cap.

Previous funding
Realza acquired an initial 62% stake in Plénido Dental in October 2007; the deal value was set below the €25m mark. In February 2009, the GP increased its stake up to 85%, and still held 72% when it sold the stake to Portobello in August 2017, according to its website.

Company
The merged group will be based in Madrid and will manage 300 dental and aesthetic medicine clinics across the Spanish market.

According to a statement, the group has an aggregate €95m turnover with a €14m EBITDA.

People
Portobello Capital – Iñigo Sánchez-Asiaín (co-founding partner).
Realza Capital – Alfredo Zavala (co-founding partner).

Advisers
Equity – PwC (financial due diligence, legal, tax); Strategy& (commercial due diligence); Marlborough Partners (debt); Jones Day (debt).
Vendors – Baker McKenzie (legal); Acebo y Rubio Abogados (legal).