Dental chain to be sold for £80m - report
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- Published: Thursday, 10 March 2016 07:38
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Sky News reports that Southern Dental, the chain based in Sussex, is contemplating a sale that would yield an estimated £80million for its owners. Sky News understands that Dr Mazdak Eyrumlu, who founded Southern Dental a decade ago, has retained advisers to draw up plans for an auction of part or all of the company. However Southern Dental could not be reached for comment.
City sources said a final decision had yet to be made about the timing of an auction, but suggested that it could kick off within weeks. Catalyst Corporate Finance, an advisory firm, is said to have been lined up to handle the deal.
Based in Crawley, West Sussex, Southern Dental is the biggest NHS dental services group in southeast England, with 80 practices and more than 750,000 patients. In its accounts for the year to March 31 2015, Southern Dental said it had continued to grow through a combination of organic expansion and acquisitions "despite a challenging economic environment". Our overall revenue mix of 74% NHS and 26% private has enabled us to grow our NHS commitment and at the same time maintain and grow our private income," the company said. “The group's income continues to be principally from long-term fixed NHS contracts with NHS England."
Shy News also reported that a number of the UK's biggest dentistry providers have attracted private investment over the last decade, including Oasis Healthcare, which is backed by the investment firm Bridgepoint, and its larger rival MyDentist, which is owned by Carlyle. However Southern Dental could not be reached for comment, while Catalyst declined to comment.
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