Over: The Bidding War For Ownership Of {my}dentist

Over: The Bidding War For Ownership Of {my}dentist

The battle to control Integrated Dental Holdings (IDH), owners of {my}dentist, appears to be over. 

After Sky News reported that Palamon Capital Partners was close to matching a bid for the company, from Bridgepoint, Palamon has announced on its website that it has partnered with the management team of IDH Group  to enter into a binding share purchase agreement.

A statement on the Palamon website said it would “Acquire The Carlyle Group’s shareholding and the shares held by the other minority shareholders in the Company to become the sole equity sponsor.” 

The company said “The transaction is expected to complete in the third quarter of 2021 following receipt of the necessary regulatory approvals and will be accompanied by a full refinancing of the Company’s third-party borrowings.”

Palamon has been a long-term investor in IDH, having originally acquired the business in 2011 in partnership with Carlyle, a Global Investment Firm.

Palamon said “The transaction reflects Palamon’s strong commitment to IDH and its confidence in the company’s position as the largest NHS provider of dental services in the country.” 

The company said “This follow-on investment will be financed through a new partnership funded by Palamon investors with debt provided by one of the Firm’s largest financing partners, putting in place a solid and stable new capital structure which will support the growth trajectory of the business.”

The IDH Group is thought to offer  dental treatments to more than five million patients every year through its network of nearly 600 dental practices operating under the {my}dentist brand.

IDH also owns Dental Directory, which is now branded as  DD, one of the UK’s largest suppliers of dental and beauty products. DD is said to service more than 12,000 dental practices and 6,000 beauty clinics.

Palamon say that the existing executive management team will remain in place to guide IDH through the next stage of its journey. Chief Executive Officer Tom Riall, and Chief Financial Officer Nilesh Pandya  will both continue in their existing roles will be members of the new Board.

Tom Riall said “This is a great outcome for {my}dentist, our clinicians, our practice teams, and our patients. Building on our long-term partnership with the NHS, this transaction will give us the fresh investment that we need to pursue our exciting plans for the future, and to focus more than ever on helping patients access the affordable care they need and supporting our clinicians to build the careers they want. I am hugely grateful to Palamon for its belief in us and for its support.”

Fabio Massimo Giuseppetti, Partner at Palamon, said, “We are delighted to be renewing our partnership with the exceptional management team at IDH, whose work to position {my}dentist as the premier dental brand in the UK for both clinicians and patients has underpinned the strength and stability of the company throughout the pandemic. Backed by a new capital structure, and with a proven strategy for growth, we are truly excited about the prospects for the future.”

The announcement ends months’ of speculation around IDH’s fate. In January, GDPUK reported that cash-and-carry conglomerate Bestway was involved in a bidding war for IDH with Bridgepoint, an asset fund management group.


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