Martin Mayhew comments on new ADP partners
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- Published: Wednesday, 02 December 2009 18:48
- Written by News Editor
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| Palamon Capital Partners, a private equity firm, has acquired a majority stake in Associated Dental Practices Ltd (ADP) in a transaction valued at £136 million. Established in 1985, ADP is the second largest provider of National Health Service (NHS) dentistry in the UK with 122 practices serving 1.5 million patients. Martin Mayhew, ADP Group Clinical Director, has sent a statement to GDPUK, describing Palamon as a high quality investment partner.’
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“At ADP, we remain committed to the highest possible clinical standards, and to the principles of the NHS. We want to work with caring, ambitious and high quality dentists, supporting staff and practices, and to build a sustainable and clinically effective service for patients. We may not always get it right, and sometimes we do get it wrong, but I believe in each of our 123 practices and the teams that try to deliver a first class service to their patients and PCTs each and every day. It is these practices that are the building blocks for the Company and the foundation of a successful business today and in the future. These are my principles!”
The Palamon press release continues:
‘Palamon, alongside co-investors AlpInvest Partners, Morgan Stanley Alternative Investment Partners and LDC, have invested £72 million. ADP has been acquired from Smith & Williamson, the administrators of Kaupthing Capital Partners, the former private equity arm of Kaupthing Bank hf and the management. The transaction also involved refinancing the business with a senior debt package of £37.5 million provided by Lloyds TSB Corporate Markets Acquisition Finance and Royal Bank of Scotland. The senior lenders have also made available a significant acquisition facility to support the continued growth of the Company.
‘ADP is led by CEO, Bharat Patel, and his management team, who will continue to manage the business going forward. Mr Patel joined the Company in 2003 when the business had 15 practices and is considered to be the architect of the significant growth of the business over the last six years.
‘Commenting on the transaction, Jonathan Heathcote, Partner at Palamon Capital Partners, said: “With its experienced management team and strong reputation, ADP is an excellent platform with which to continue to consolidate the highly fragmented UK dental market. We expect that the industry will see significant changes in the next decade and want ADP to be at the forefront of providing both primary care trusts and patients with efficient and high quality clinical services.”
‘Bharat Patel, CEO of ADP commented: “We have ambitious plans to increase further the number of NHS dental practices within the ADP Group and to extend the range of services we offer patients. It was therefore important to partner with investors that had both the financial resources and a clear vision of how the market will evolve. With the backing of Palamon and its co-investors, the Company is now in a strong financial position and able to take on the next phase of growth.”
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