M&A slowed to a trickle during COVID but the next six weeks will see a flood of deals. HBI examines the deals that are about to happen, the companies looking to IPO, and reviews a handful of deals that remain resolutely on hold for the moment.
PE firm Gimv has upped its stake in German buy-and-build dental platform Gesellschaft für Praxisnachfolge in der Zahnmedizin (GPNZ). The market is the most fragmented in Europe.
Bridgepoint has been confirmed as the buyer for the UK's largest dental group IDH/mydentist, which is to be sold on a 10x EBITDA multiple. The private equity firm already owns a Norwegian dental asset and others are coming to market in the next 12 months, so the deal could see the emergence of another pan-European dental group. But it is a poor outcome for current holders Carlyle and Palamon.
Few investors have been as active in healthcare services as Nordic Capital. Or as ambitious in building pan-European platforms in outpatient sectors such as dentistry, veterinary and ophthalmology. Raj Shah is also looking for new deals - Nordic has just raised a massive €6.1bn for its tenth fund of which 30-40% is destined for healthcare.
The M&A market has roared out of Covid in the first quarter according to the HBI Panel Discussion. Are multiples likely to drop and what is investor appetite?
Finnish outpatient and occupational healthcare specialist Mehilainen has made two acquisitions in Estonia. The company says strong expansion into Estonia is a natural next step in Mehilainen’s internationalisation strategy.
Sneh Khemka has quit Aetna International where he was VP of Population Health & vHealth to become CEO of Simplyhealth, a £240m revenue, not-for-profit provider of cashplans for corporates and private individuals which in total covers 2.3m people in the UK. He tells us that his brief is to rethink how Simplyhealth can best provide access to health care services over the next 30-50 years.
BC-Partners backed for-profit Italian dentistry group DentalPro has signed an agreement to acquire Vitaldent Italia from JB Capital. The agreement will see DentalPro take control of Vitaldent’s 80 dental practices and integrate them into DentalPro’s network and brand.
HBI understands that, despite a pushed-back deadline for final bids having passed last month, there is still no buyer for UK-based dental specialist IDH. What is happening with the process as it approaches its fifth month? HBI speaks to an adviser source to find out more.
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