Bridgepoint to acquire UK’s largest private dental care services provider Oasis Healthcare


Oasis, the UK’s largest provider of private dental care services and a major provider to the NHS, has been acquired by Bridgepoint in a transaction valuing the business at £185 million.

Founded in 1996, Oasis plc was de-listed from the Stock Exchange in 2007 by Duke Street who are now selling the business.  Under the terms of today's acquisition, Duke Street will rollover a portion of their proceeds to take a minority stake in the business.

Oasis operates over 200 dental practices across England, Wales and Northern Ireland, with over 2000 people, of which 800 are dentists.  Its practices offer a full range of NHS and private general and orthodontic and specialist services Justin Ash, Oasis Chief Executive, said: "Consumers are becoming more demanding of dentistry, and with growth in the dental market generally, it's exciting that Oasis is now set up to lead a transformation in the delivery of high quality dental care. With Bridgepoint as our new funding partner, we will be strongly positioned for further profitable expansion.  We have a successful track record of acquisitions and new openings, and plan on-going and rapid expansion whilst we continue to support our dental teams to deliver great patient care."

Jamie Wyatt, a partner at Bridgepoint, said: "Oasis' financial performance has been impressive throughout the recent economic cycle. It is a robust platform with a commitment to quality and innovation from which to create the only branded dental operator of scale in the UK."

The UK dental market is fragmented and currently estimated to be worth c.£7 billion. It has grown steadily, especially the revitalised private pay market, driven by an expanding, relatively wealthy ageing population who are aware of the importance of dental hygiene and the benefits of regular dental care. The UK has a fragmented dental market of c.34,000 dentists operating from 10,500 practices owned by individual practitioners.  Corporate owners still only represent 10% of the market.  It is estimated that 60% of the UK market is patient funded.

Total banking facilities of £146.5m have been arranged through Bank of Ireland, Barclays, GE Capital, HSBC, ING and Societe Generale.  In total, Bridgepoint will commit £60 million in capex facilities for investment in the development of the business.

Advisers involved in this transaction included:  for Bridgepoint - Rothschild (corporate finance), KPMG (financial, tax, pensions, IT), PWC (commercial), Linklaters (legal), Marsh (insurance); for Duke Street - DC Advisory (corporate finance), PWC (financial), LEK (commercial), SJ Berwin (legal); for Management - Jamieson (financial), Burges Salmon (legal); for lending banks -  Clifford Chance (legal).

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