AXA moves for Hutton-backed JHA

Axa Private Equity is one of four bidders that have submitted a first round offer for James Hull Associates (JHA), a cosmetic and specialist dental chain that is backed by mezzanine house Hutton Collins. The investor is thought to be seeking to acquire a 30% stake in JHA in a deal that would reportedly value the business at around £230m. Founder James Hull and Hutton, which control a 57% and 43% holding in the company respectively, would see their interests diluted.

Seperately, Hutton is thought to have provided JHA with a £22.5m loan to facilitate the acquisition of 10 additional practices this year. This would take the total number of practices to 90.

The company was founded by Hull in Newport, South Wales in 1987. In 1997, 3i backed a £3.25m investment into the business, providing £1.75m of equity alongside a banking loan provided by HSBC (formerly Midland Bank). This was followed in 2001 by a £21m funding round that included a £5m equity injection from 3i and a debt package provided by Bank of Scotland Integrated Finance, comprising £13m senior debt and a £3m mezzanine tranche.

Hull bought out 3i's 37.5% interest in JHA in 2006, before bringing in Hutton in a buyout that valued the business at around £80m.

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