Portman Dental Care to merge with Dentex to create one of Europe’s largest dental care platforms
Cheltenham-based Portman Dental Care has announced its intention to merge with London-based Dentex.
With equity funding from Core Equity Holdings the combined entity will join together to form the largest privately focused dental group in the UK and one of Europe’s largest dental care platforms, with in excess of 350 practices, more than 2,000 clinicians and more than 4,000 employees providing dental care for more than 1.5 million patients per year.
The transaction consolidates the merged entity’s position as one of Europe’s pre-eminent dental platforms with operations currently in 5 European countries and plans to further expand this in the near future.
Completion is subject to customary regulatory approvals.
Despite the substantial size of the group, Portman and Dentex have their roots in being family and community focussed with the founders being very hands on. This has been a competitive advantage to both and they aim to maintaining this approach.
This strategic combination will provide a platform for continued rapid growth supported by enhanced investment in the service provision to patients, clinicians and colleagues.
Portman’s founder and Group CEO, Sam Waley Cohen, said: “For over fourteen years Portman’s mission has been to transform dentistry for customers, colleagues and clinicians. Combining with Dentex allows us to accelerate this mission and bring real transformative change to dentistry. We are excited to have the Dentex team join us on this mission and look forward to getting to work with the outstanding clinicians in Dentex and their excellent management team as we bring the businesses closer together. We remain as committed as ever to bringing the best learning from retail, healthcare and digital services into our combined group and to providing an exceptional environment for clinicians and colleagues in order for them to provide the highest standards of clinical care to our patients”
Barry Lanesman, CEO of Dentex, added: “I couldn’t be more pleased to be entering this merger with Portman and backed by Core Equity Holdings. Core Equity Holdings has successfully supported the evolution of Portman and their sister companies in Norway, Benelux and France.
"Dentex has reached a key milestone in our growth journey. We faced an exciting choice on whether to continue on our own, or forge new horizons in a joint group.
"I am delighted that the next phase of the journey will be with Portman and Core Equity Holdings. Our mission has been to build a successful, inclusive, co-owned dental business that improves the running of practices, creates value for our dentist shareholders and liberates lifestyles. We’re delighted to have achieved this and see the combined group as the natural home for Dentex’s next phase of growth. I look forward to working with Julie Ross (Portman’s UK MD) and Sam over the coming months to share best practices and bring both companies together. Our unwavering commitment to looking after our clinicians and practices is unchanged and we believe that our combined knowledge, our shared vision and the benefits of scale will allow us to deliver outstanding support to our practices and clinicians and amazing care to our patients”
Dentex’s senior management will be remaining with the new combined business with Barry Lanesman continuing in his role as Dentex CEO and Nick Neto continuing as Dentex COO. The deal is expected to complete in late 2022 subject to regulatory approval.
Portman and Core Equity Holdings were advised in respect of the transaction by Moelis & Company as financial advisors and Baker McKenzie as legal advisors.
