IDH to float on stock market
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- Published: Monday, 01 June 2015 07:58
- Written by News Editor
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The Telegraph and The Sunday Times have reported that Europe's biggest dental chain, Integrated Dental Holdings (IDH), has revived plans for a £1bn London stock market float. IDH is currently majority owned by Carlyle, one of the world’s largest private equity firms. A listing of IDH, which has over 600 practices across England, Scotland and Wales, will mean ‘a £150m pay-day for the company’s senior managers’, who own a 15.5pc stake in the company.
The dental chain is reported to be the largest provider of public dental care in the UK, with around 85pc of revenues generated from NHS patients. However, the latest accounts filed by the group’s parent company, Turnstone Equity, reveals that IDH is gradually increasing sales from its private and specialist dentistry practice. IDH, which employs over 3,370 dentists and nurses, made £346m of sales from the NHS and £54m from the private sector. Total pre-tax profits were £18.1m.
IDH was founded in 1996 by Luke Johnson, the Pizza Express entrepreneur and Patisserie Valerie owner. He sold the business in 2006 for just over £100m to the private equity arm of Merrill Lynch. Carlyle then bought a majority stake in IDH and merged it with Pamplona Capital Partners’s rival dentist firm, Associated Dental Practices, in a £600m deal in 2011.
The Telegraph understands that Carlyle which owns just under 65pc and Pamplona, which owns around 20pc, has also held converstions with other private equity buyers about a sale, but these failed to reach an agreement on price. Sources said that a listing is now their preferred option and they have told bankers at Goldman Sachs and Credit Suisse to float the business in the autumn.
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