Vallis joins Inter-Risco in 32 Senses

Vallis invested through its Sustainable Investments I fund.

The deal sees existing backer Inter-Risco reduce its stake so that the two backers rank pari passu in the capital structure. Together they hold a majority stake; a group of 32 Senses' dentists has reinvested in the business to hold the remainder of the shares.

The additional funding is earmarked for acquisitions.

Previous funding
Inter-Risco committed €11.9m to set up 32 Senses as a shell company to consolidate the Portuguese dental market in October 2011. The platform acquired four dental clinics and three greenfield units in shopping centres at the outset. At the time of the deal, Inter-Risco stated an intention to roll out 150 dental clinics and 30 greenfield sites by 2014. An eventual sale to a foreign trade buyer is envisaged once revenues reach €88m.

Company
Porto-based 32 Senses operates more than 50 practices with 250 dentists between them. The group generates a turnover of €17m. The business operates under the brands 32 Senses Oral Care, Smile-Up and Alba. The business also offers postgraduate dentistry training through its 32 Senses Academy.

People
Afonso Barros is managing partner at Inter-Risco and sits on the company's board alongside partner João Amaro. César Santos and Jorge Barreiros are the respective CEO and CFO of 32 Senses, while dentist Carlos Falcão is CTO.

Advisers
Equity – Telles de Abreu e Associados, Francisco Espregueira Mendes (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Healthcare
• Expansion
• Southern Europe
• Inter-Risco
• Portugal