The North West Fund for Development Capital (NWFDC), a state-backed business growth initiative managed by UK regional investor YFM Equity Partners, has invested £400,000 of equity finance in Evodental, a specialist provider of private dental implants.
Evodental was founded in 2008. The company is based in Huyton, Merseyside, serves more than 500 clients and employs ten staff. The investment from The NWFDC will enable the company to expand its existing business premises, provide more treatment rooms and employ additional staff to meet the growing demand for private dental implants.
Patients of Evodental have typically either lost teeth and require a partial implant or require more extensive complex implants for four or more teeth. The company specialises in the ‘Evodental one-day smile’, where it can surgically implant a full set of teeth pain-free in a day using its on-site laboratory, the firm said.
Deborah Heyes, an investment director at YFM Equity Partners who led the deal, said, “There is a growing market for specialist dentistry and the Evodental team have one of the best reputations in the UK for providing specialist cost effective dentistry. We look forward to working closely with [management] Vijay, Paul and Stephen as they expand the business to cater for this growing demand.”
Andy Leach, CEO of North West Business Finance, added, “This is a great addition to a portfolio of growing businesses that The North West Fund is supporting. In 2011 the Fund invested in 54 inspiring entrepreneurs providing them with the support and finance they required to grow their businesses for the benefit of the economy in the North West. We will continue to do the same in 2012 with many more deals in the pipeline. In securing equity funding from The North West Fund for Development Capital, Evodental has the potential to achieve a step change in its growth and ambition.”
NWDFC is n a sub-fund of the £185m North West Fund that is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB). Through the fund, YFM invests between £100,000 and £2m in businesses across all stages of development.
Launched in January last year and previously known as the Venture Capital and Loan Fund, the evergreen vehicle is one of the largest public sector funds of its kind in Europe and the largest in the UK.
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