INVESTMENT Case
Oral Care
Oral Care is one of Sweden's largest private care providers within dentistry, offering general dental care at clinics for all ages and mobile dentistry for elderly care patients. The company is active in four regions and seven counties in Sweden, as well as in Norway, and has a growing network of clinics for general dental care.
During Accent Equity's ownership, Oral Care drove the consolidation of the Nordic dentistry clinics market, resulting in increased revenues and EBITDA by 2.6x and 4.5x, respectively.
During Accent Equity's ownership, Oral Care drove the consolidation of the Nordic dentistry clinics market, resulting in increased revenues and EBITDA by 2.6x and 4.5x, respectively.
Industry:
Health care, dentistry
Type of investment:
Secondary
Investment theme:
Accelerated growth
Entry/exit:
2017/2022
When Accent Equity acquired Oral Care in 2017, the company was mainly a provider of so-called mobile dental care (bedside dentistry) for elderly, having only a small operation or physical clinics.
During Accent Equity's ownership, Oral Care successfully developed into a complete platform of physical dental clinics, including a dedicated professional organization and support functions, while maintaining its leading position in mobile dentistry.
Oral Care also established a position in Norway, operating at the time of exit a total of 14 clinics in Sweden and Norway. The expansion of the clinics network was achieved by consolidating the Nordic dental care market through a large number of add-on acquisitions which were fully integrated.
During Accent Equity's ownership, Oral Care successfully developed into a complete platform of physical dental clinics, including a dedicated professional organization and support functions, while maintaining its leading position in mobile dentistry.
Oral Care also established a position in Norway, operating at the time of exit a total of 14 clinics in Sweden and Norway. The expansion of the clinics network was achieved by consolidating the Nordic dental care market through a large number of add-on acquisitions which were fully integrated.
Key initiatives and results during Accent Equity's ownership
- Developed a recognized, quality-centric dentistry provider with a wide network of dentistry clinics and an unparalleled presence in mobile dentistry
- Fully integrated a large number of acquisitions, while driving consolidation of the Nordic dentistry market
- Establishment of dedicated support functions
- Expanding geographical coverage to previously underserved parts of Sweden, as well as establishing a strong presence in Norway
- Increased earnings by close to 7 times
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Together with our owners and board, we have created a formidable dentistry platform and consolidated the Swedish and Norwegian dentistry markets. During this journey we have maintained our strong focus on quality and our people, always ensuring that Oral Care is an excellent place to work.
Exit rationale and process
Having recovered rapidly from a challenging situation during the Covid-19 pandemic, Oral Care showed strong momentum both in terms of organic growth and consolidation pace leading up to the time of exit.
Preparations for an exit began in late 2021, and the company generated strong interest from both financial and strategic buyers. Ultimately, the company found a new owner in Axcel, a financial owner, who will be highly supportive of management's ambitions to continue to grow and develop the company. The transaction was finalised in August 2022.
Having recovered rapidly from a challenging situation during the Covid-19 pandemic, Oral Care showed strong momentum both in terms of organic growth and consolidation pace leading up to the time of exit.
Preparations for an exit began in late 2021, and the company generated strong interest from both financial and strategic buyers. Ultimately, the company found a new owner in Axcel, a financial owner, who will be highly supportive of management's ambitions to continue to grow and develop the company. The transaction was finalised in August 2022.