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Synova Capital gets first fund off to a flyer with 5.8x dbg exit

16 Apr 2013

healthcaresq_lrgUK-based private equity firm Synova Capital has made a stunning start to its debut fund by making a 5.8 times return exiting dbg to Carlyle and Palamon Capital.

That sale represented a 77 per cent IRR for Synova, which bought healthcare support services company dbg in 2010.

The business works alongside more than 8,000 dental, GP and veterinary practices throughout the UK providing training, compliance support and engineering series.

Synova managing partner Philip Shapiro said, “We are very pleased with the completion of our successful investment in dbg.

“Since we acquired dbg in 2010, the membership base has more than doubled and profits have trebled.

“We thank the dbg management team and staff for their valuable contribution and hard work. Carlyle and Palamon have a clear vision and ability to continue this growth.”

Carlyle managing director Eric Kump said, “dbg is a well-established business delivering clear benefits to its members, customers and suppliers.

“Carlyle and Palamon have a strong track record in this sector, having acquired Integrated Dental Holdings in 2011.

“While the two businesses will be part of the same investment vehicle, dbg will remain independent and will benefit from the expertise of the investors.”

Synova raised £70m for its inaugural fund in December 2007 having started to court investors in September.

The firm expected to raise £100m by the end of the following month but did not follow up with any announcements detailing a final close on that target.

It targets businesses valued at between £3m and £30m.

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