UK - Palamon acquires ADP in £136m deal

Palamon, alongside co-investors AlpInvest Partners, Morgan Stanley Alternative Investment Partners and LDC, invested £72m into the deal, while Lloyds TSB Corporate Markes Acquistion Finance and RBS provided a senior debt package of £37.5m. The senior lenders have also provided a significant acquisition facility to support the continued growth of ADP.

Established in 1985, ADP is the third largest UK dental chain and the second largest provider of NHS dentistry in the UK, controlling 122 practices and serving 1.5 million patients. In 2008, the business generated revenues of more than £70m.

In March 2007, Kaupthing Capital Partners acquired ADP in a £75m secondary buyout from Milestone Capital Partners. Milestone had taken control of the business in 2006 as part of its acquisition of Anglo-French investor European Acquistion Capital, which had backed the BIMBO of ADP in a £35m deal in 2002. EAC committed £10m for a majority stake in the business.

Jonathan Heathcote, who led the transaction for Palamon, worked on the original deal for European Acquisition Capital back in 2002.

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• UK / Ireland