Apposite's Riverdale Healthcare bolts on dental practises

The deal was sourced in a proprietary fashion by the management team of Riverdale dedicated to bolt-on acquisitions, and additional equity was injected into Riverdale to fund the acquisition, Unquote understands.The combined business will offer a greater range of private and specialist treatments.

Riverdale, including the bolt-on, has an enterprise value of less than €25m, Unquote has learned.

Apposite invested in Riverdale alongside management in Q1 2019, in order to support its acquisition of dental practice operator Alpha Vitality Group. Th GP invested via Apposite Healthcare Fund II, which held a final close in 2018 on £145m and writes equity cheques of £10-20m. At the time of the investment, the ambition for Riverdale was to pursue a buy-and-build growth strategy across the UK.

Riverdale Healthcare was the fund's seventh investment. 

Company
The dental practices Hebburn and Pelaw, both based in Tyne & Wear, are located within two miles of one another and comprise a total of five surgeries. The businesses employ nine people in total. 

People
Riverdale Healthcare – Mark Seekings (CEO); Chris Aylward (chief investment officer).
Apposite Capital – Rory Pope (partner); Alex Cunynghame (investment executive).

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• Topics
• Expansion
• UK / Ireland
• Healthcare
• United Kingdom
• Apposite Capital