Vitaldent plans its international jump and the IPO

Vitaldent prepares for his big leap. The chain of dental clinics has just closed the purchase of 76 Dentix clinics in Spain, currently in bankruptcy. But he hopes that this operation will be one more in an intense acquisition campaign that takes the Spanish brand abroad again and ends up being listed on the stock market, according to financial sources.

Advent bought Vitaldent in 2019 from JB Capital, Javier Botín’s investment bank, which rescued it from bankruptcy. And finally this week, through its investee, it has managed to close the acquisition of 76 Dentix clinics in Spain after more than a year probing the takeover of its main competitor. In the middle there has been a frustrated purchase attempt by KKR and a bankruptcy that will lead to liquidation of the rest of the company founded by Ángel Lorenzo Muriel.

By virtue of the agreement signed in December between Advent and Dentix’s bankruptcy administrator, the law firm Ius Aequitas, the venture capital fund acquired the Dentix brand, which it plans to maintain in Spain. For the time being, Advent has decided to keep the two brands in separate partnerships and to address a possible merger or removal of the Dentix brand in the future. For the moment, it has decided that they are managed by the same management team, led by Javier Martín as CEO of Vitaldent since its purchase by JB Capital.

Advent assumed a liability of about 62 million in this operation. For this, a part has been subscribed in the equity of this vehicle. And the other in a loan granted by Abanca, BBVA, Sabadell and Peppers, a financier of KKR.

The purchase of Dentix has been the best known operation, but not the only one that Vitaldent has carried out in recent months. He has just acquired the Noonz children’s dentistry firm, a firm with five clinics in Madrid, Marbella, London and Bilbao. He plans to have 30 in the next three years.

When Advent joined Vitaldent, the company had about 150 owned clinics and 300 franchises. After these two acquisitions, and an intense purchase campaign for its franchisees, Vitaldent has 270 owned clinics, in addition to the 76 of Dentix and 35 under franchise. All of them add up to around 400 establishments, and in 2021, Vitaldent expects to increase this number by some 40 more establishments. 35 belong to this chain and 5 to Moonz.

The goal is to reach between 500 and 600 of its own clinics in Spain in the next three to four years. And many others abroad. To do this, the next step is to tackle the international leap. At the moment, the dental firm has already detected opportunities in four regions: Portugal, Italy, the United Kingdom and the Nordic countries.

The fund thus aims to achieve a European leader in dental health. And that it is large enough to go public in the next few years. Some plans for which it is considering making its debut both in the Spanish market and in another of the reference European markets, such as Euronext or Deutsche Börse.


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