Accent Equity divests Oral Care to Axcel

12 July, 2022

  • Accent Equity and minority shareholders have agreed to divest Oral Care to Axcel, a Nordic private equity investor
  • During Accent Equity’s ownership period, Oral Care has continued to lead the Swedish market for mobile dentistry and has built a network of dentistry clinics in Sweden and Norway, forming a formidable platform for further growth
  • Oral Care has been developed into a leading platform to drive the consolidation of the Nordic dentistry market

The investment fund Accent Equity 2012 L.P. (“Accent Equity”) and minority shareholders have signed an agreement to divest the Oral Care group to Axcel Fund VI (“Axcel”), a Nordic private equity investor focusing on mid-market companies.

Since the initial investment in 2017, Accent Equity has supported a consolidation of the Swedish and Norwegian dentistry markets and a cementation of Oral Care’s leading position within mobile dentistry. Over the last few years, Oral Care has successfully developed a complete platform of dental clinics including a dedicated professional organisation and support functions. Oral Care has also over the past two years established a position in Norway. Oral Care continues to be recognised as one of the foremost quality-focused private dentistry providers in Sweden and Norway, currently operating 14 dentistry clinics.

“We are very happy to pass the baton to Axcel who will continue to support Oral Care’s management in their growth ambitions in Nordic dentistry. Oral Care has come a long way in the development of a solid dentistry platform, but the dentistry market remains highly fragmented and will benefit from the continued support from a professional investor to drive consolidation. We are confident that Axcel will provide excellent support to Oral Care’s management in this respect in the years to come”, says Daniel Winberg, Partner at Accent Equity Partners, investment advisor to Accent Equity.

“We are grateful for the support, trust and strategic guidance we have received from Accent Equity and the board over the years. 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. We look very much forward to continue to execute on our growth strategy together with Axcel and we are confident that this is the beginning of an exciting new phase in our journey”, says Niclas Palmstierna, CEO of Oral Care.

The transaction is conditional on approval by the Swedish Competition Authority and closing is expected in Q3 2022. Alantra (M&A), Mannheimer Swartling (legal), and Deloitte (financial and tax) assisted Accent Equity in connection with the transaction.

For additional information, please contact:
Daniel Winberg, Partner at Accent Equity Partners, +46 (0) 70 247 41 47,
Niclas Palmstierna, CEO Oral Care, +46 72 250 20 00,

About Oral Care:
Oral Care is one of Sweden's largest private care providers within dentistry, and offers 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. Oral Care has approximately 375 employees and generated approximately SEK 400 million in revenues 2021 (pro forma).

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns. Accent Equity Partners is the investment advisor to Accent Equity 2012.
Follow Accent Equity on LinkedIn

About Axcel:
Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies within business services, health care, IT & Tech and consumer goods, with a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of EUR 2.8 billion. These funds have made 65 platform investments, with more than 150 larger add-on investments and 48 exits.

2022 Accent Equity V (2012)