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Dunedin all smiles after sealing 2.8x return exiting UK dental group Practice Plan

14 Aug 2013

UK private equity firm Dunedin has exited its investment in dental membership plan Practice Plan Group with its sale to mutual fund Wesleyan Assurance Society for an undisclosed sum.

The sale has realised a money multiple of 2.8 times for Dunedin.

Dunedin backed the management buyout for the company back in 2005. At the time the company had a turnover of £5m.

Practice Plan made two bolt-on acquisitions in 2011, buying UK dental plan Isoplan and dental patient finance company Medenta.

Dental patient finance allows patients to spread the cost of their treatment, with demand for restorative and cosmetic dentistry predicted to grow substantially in the coming years.

Oliver Bevan, investment director at Dunedin who sat on the board said, “Practice Plan has shown consistent growth, both organically and by acquisition despite challenging market conditions.

“This is a core element of Dunedin’s approach to investing: we look for businesses where we can unlock hidden potential in order to maximise value for all stakeholders.

“We have enjoyed an excellent partnership with the management team at Practice Plan and we wish them well in their next stage of growth.”

Just last month Dunedin closed its third fund on its £300m hard cap, ahead of its initial £250m target.

The firm made its last investment from the £250m Dunedin Buyout Fund II in December 2012, with the £34.5m management buyout of oil and gas business Premier Hytemp.

It completed the first investment from its third fund in June through the £43m buyout of IT and technology company Trustmarque Solutions.

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