TIDMOCI
RNS Number : 8619I
Oakley Capital Investments Limited
10 August 2023
10 August 2023
Oakley Capital Investments Limited
Oakley Capital Investments Limited(1) ("OCI") is pleased to
announce that Oakley Capital Fund V(2) ("Fund V") has, subject to
regulatory approval, agreed to acquire Flemming Dental, Excent, and
Artinorway Group (combined as "the Company") in a carve-out from
European Dental Group ("EDG"), a leading pan-European oral care and
services provider, to form one of the leading dental laboratories
groups in Europe.
OCI's indirect contribution via Fund V is expected to be c.GBP35
million.
Note that the above figure only relates to OCI's share of
Oakley's overall investment in Flemming Dental, Excent, and
Artinorway Group.
Further details on the transaction can be found in the below
announcement from Oakley Capital(3.)
Oakley Capital invests in Flemming Dental, Excent and Artinorway
Group
Oakley Capital ("Oakley"), a leading pan-European private equity
investor, is pleased to announce that Oakley Capital Fund V ("Fund
V") has agreed to acquire Flemming Dental, Excent, and Artinorway
Group (combined as the "Company") in a carve-out from European
Dental Group ("EDG"), a leading pan-European oral care and services
provider, to form one of the leading dental laboratories groups in
Europe.
The Company provides a comprehensive range of services,
including the design and manufacture of dental prostheses (crowns,
bridges and dentures) and orthodontics (braces, retainers and
aligners), utilising technology including CAD software,
computer-aided milling and 3D printing, as well as local
craftmanship. The Company currently services c.5,000 clinics across
nearly 70 dental laboratories throughout Europe.
Oakley will work closely with the management to establish
Flemming Dental, Excent and Artinorway Group as an independent
business and to become a leader in the global dental lab market.
Through this transaction, Oakley is leveraging its network of
entrepreneurs, partnering with Hidde Hoeve, the co-founder of
Excent Tandtechniek, a group of dental laboratories acquired by EDG
in 2018. The collaboration between Oakley and the Company's
experienced management team will see the execution of an ambitious
growth strategy, driven by organic growth, international expansion
and targeted M&A.
Through Fund V's investment, the Company will benefit from
Oakley's extensive expertise in digitalisation, helping the Company
to capitalise on technological innovation in the dental lab
industry and the rapid digital transformation of the market. Fund
V's investment will enable the Company to accelerate innovation and
the adoption of cutting-edge technology, providing solutions with
unparalleled precision for dental clinics and their patients across
Europe and beyond. The European dental lab market is large and
growing with strong customer stickiness, valued at approximately
EUR10 billion today, and is also highly fragmented offering
compelling opportunities for value creation through buy-and-build,
which is an area Oakley has extensive expertise in.
The transaction is subject to regulatory approval.
Oakley Capital Managing Partner and co-Founder Peter Dubens
commented:
"This is a key inflection point for the dental laboratory
industry, with rapid digitalisation poised to revolutionise dental
design and manufacturing, and patient care. We look forward to
working closely with Hidde Hoeve and the management team as we
establish Flemming Dental, Excent and Artinorway Group as an
independent company and leverage transformational new technologies
to unlock its full potential for future growth."
Excent co-founder and CEO of the new combined entity Hidde Hoeve
commented:
"In Oakley we have the ideal partner to support Flemming Dental,
Excent and Artinorway Group as they begin the next chapter as an
independent business. We are well positioned to capitalise on the
accelerating digitalisation of dental laboratories. Together with
the current management, we will maintain focus on our clients,
local craftsmanship and innovation. Oakley's expertise will be
invaluable as we execute our growth strategy to become the leader
in the global dental lab market."
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications Limited
+44 20 7952 2000
Rob White / Michael Russell
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Chris Clarke / Darren Vickers / Owen Matthews
Notes:
LEI Number: 213800KW6MZUK12CQ815
(1) About Oakley Capital Investments Limited ("OCI")
OCI is a Specialist Fund Segment ("SFS") traded investment
vehicle that aims to provide shareholders with consistent long-term
capital growth in excess of the FTSE All-Share Index by providing
liquid access to private equity returns through investment in the
Oakley Funds (2) .
A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/
The contents of the OCI website are not incorporated into, and
do not form part of, this announcement.
(2) The Oakley Funds
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II, Oakley Capital Private Equity
III, Oakley Capital IV, Oakley Capital V and Oakley Capital Origin
Fund and are unlisted lower-mid to mid-market private equity funds
that aim to provide investors with significant long-term capital
appreciation. The investment strategy of the Funds is to focus on
buy-out opportunities in industries with the potential for growth,
consolidation and performance improvement. The Oakley family of
funds also includes Oakley PROfounders Fund III and Oakley Touring
Venture Fund, which are venture capital funds focused on
investments in entrepreneur-led, disruptive, technology led
companies.
For more information on the Oakley Fund strategies in which OCI
invests, please click here.
(3) Oakley Capital, the Investment Adviser
Founded in 2002, Oakley Capital Limited has demonstrated the
repeated ability to source attractive growth assets at attractive
prices. To do this it relies on its sector and regional expertise,
its ability to tackle transaction complexity and its deal
generating entrepreneur network.
Important information
Specialist Fund Segment securities are not admitted to the
Official List of the Financial Conduct Authority. Therefore, the
Company has not been required to satisfy the eligibility criteria
for admission to listing on the Official List and is not required
to comply with the Financial Conduct Authority's Listing Rules.
The Specialist Fund Segment is intended for institutional,
professional, professionally advised and knowledgeable investors
who understand, or who have been advised of, the potential risk
from investing in companies admitted to the Specialist Fund
Segment.
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END
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