Bridgepoint sells Oasis to Bupa for £835m

The sale represents a 4x money multiple, according to a source close to the matter. According to unquote" data, the original deal saw the private equity house draw capital from Bridgepoint Europe IV, a €4.8bn vehicle that held its final close in November 2008.

Under the GP's tenure, Oasis has undertaken an acquisitive growth strategy. In April 2014, it acquired Smiles Dental, increasing its number of practices from 204 to 281. The following month it added a further 31 practices via the bolt-on of Reigate-based Apex Dental Care.

In total, the group has acquired 191 practices, expanding its presence into the Irish market. It also invested in a nationwide television advertising campaign.

The business has enjoyed organic growth owing to external factors such as an ageing UK population, broader population growth, government investment within the dentistry sector and an increased appetite for cosmetic surgery.

The GP said in a statement the business had tripled its EBITDA during its holding period. At the time of Bridgepoint's first investment, unquote" reported the company generated EBITDAE of £17.8m.

A Bridgepoint spokesperson told unquote" the vendor specifically targeted an exit to either a trade or financial buyer throughout the process.

Previous funding
Oasis first came under private equity ownership in 2007, when Duke Street took it private in a deal giving the company an enterprise value of £125.5m.

In 2010, Oasis received a further £30m of financing, with Duke Street providing £10m and Partners Group investing £20m, alongside a further £20m of growth capital extracted from the company's operating cash flow.

Bridgepoint then acquired the business in a £185m secondary buyout from Duke Street in April 2013, in a deal that corresponded to an entry multiple of more than 9x.

Total banking facilities of £146.5m were arranged by Bank of Ireland, Barclays, GE Capital, HSBC, ING and Societe Generale, with Bridgepoint committing a further £60m in capex facilities.

A spokesperson for Bridgepoint confirmed the business had received no further investments during the GP's tenure, nor has it refinanced its debt during the three-year period.

Company
Founded in 1996 and headquartered in Bristol, Oasis is a private dental healthcare provider. In addition to its private customers, the firm also provides treatment to NHS patients.

Over the course of Bridgepoint's tenure, the group has expanded from 204 practices to 380 and now employs 1,800 dentists. According to a statement issued by the trade buyer, Oasis generates a turnover of £277m, up from £148m at the time of the GP's first investment.

People
Bridgepoint Capital – Jamie Wyatt (partner).
Oasis Dental Care – Justin Ash (CEO).
Bupa – David Hynam (managing director).

Advisers
Vendor – Moelis & Company (corporate finance); Rothschild (corporate finance); PwC (financial due diligence); Travers Smith (legal); LEK (commercial due diligence).
Company – Barclays (corporate finance); White & Case (legal).
Management – Jamieson (legal); DLA Piper (legal).

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• Topics
• Exits
• UK / Ireland
• Healthcare
• United Kingdom
• Bridgepoint
• Trade sale