Bupa in bid for Oasis – report
- Details
- Published: Thursday, 06 October 2016 08:23
- Written by News Editor
- Hits: 3479
Sky News has reported that Bupa is making a takeover bid for Oasis, the dentistry chain, Bupa has reportedly held preliminary talks with Oasis Healthcare's management and shareholders about a deal, although the discussions are said to be at a very early stage. Estimates of Oasis' value suggest the company, owned by private equity firm Bridgepoint, could be worth in the region of £500m.
Sky News also reports that Bupa is far from the only prospective bidder for Oasis, with a string of private equity firms queuing up to make offers for the company. Oasis is chaired by Lord Rose, the former boss of Marks & Spencer, and run by chief executive Justin Ash. It is one of several large-scale privately owned providers of dental care, with others including MyDentist, which is backed by Carlyle, another private equity firm. Southern Dental, a smaller rival to Oasis, has also been running a sale process, although the current status of that is unclear.
Oasis owns more than 300 dental practices across the UK, which remains a relatively fragmented market for dental care, despite further acquisitions since Bridgepoint bought the company in 2013. In May 2014, it bought Smiles Dental and Apex Dental Care in deals which added more than 110 practices.
Accounts filed at Companies House for the year ended 31 March 2015 showed a 63% rise in Oasis' turnover to £234m, with pre-tax profit up more than half to £30m. In his foreword to the accounts, Lord Rose described Oasis as "the only branded group offering a sizeable mix of both NHS and private treatment".
In a statement issued to Sky News, an Oasis spokesman said: "Oasis is the UK's number one provider of private dental care and continues to be highly successful. It's business as usual as far as the company is concerned and we don't comment on speculation." Bupa declined to comment.
You need to be logged in to leave comments.
Report