Apposite invests in Riverdale

Kenny Wastell
02 January 2019

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Apposite Capital has invested in newly founded UK healthcare group Riverdale Healthcare alongside management in order to support its acquisition of dental practice operator Alpha Vitality Group.

Riverdale will pursue an acquisitive growth strategy across the UK.

Apposite is currently investing from its second fund, a £125m vehicle that held a final close in June 2018 and writes equity cheques of £10-20m.

Following the deal, Alpha managing director Ian Gordon will continue in his current role, while Apposite partner Rory Pope will take a seat on the Riverdale board of directors. Apposite has also introduced MW Solicitors and CurrentBody.com chairperson Mike McGrath as non-executive director at Riverdale.

Debt
Metro Bank provided a debt package to support the transaction.

Companies
Founded in 2018 and headquartered in London, Riverdale is a provider of healthcare services.

Alpha Vitality is headquartered in Stokesley, North Yorkshire, and operates 10 dental practices in north-east England. The business operates on an NHS referral and private care basis.

People
Apposite Capital – Rory Pope (partner); Alex Cunynghame (investment executive).
Riverdale Healthcare – Mark Seekings (chairperson, CEO).
Alpha Vitality Group – Ian Gordon (managing director).

Advisers
Equity – Grant Thornton (corporate finance); Hazlewoods (financial due diligence, tax); Pinsent Masons (legal).
Company (Alpha Vitality Group) – Dental Elite (corporate finance); Schofield Sweeney (legal); Swallow & Company (financial due diligence, tax).
Management – Squire Patton Boggs (legal).
Debt – Gateley (legal).