28 June 2007
Silverfleet Capital, a mid-market private equity specialist, has acquired 100% of shares in Prodent International d.o.o. (“Prodent”) through its holding European Dental Partners (“EDP”).
Prodent, the Slovenian market leader in dental distribution, is the fourth add-on in the first 12 months made by EDP, which acts as a strategic platform in the European dental industry. All parties have agreed to keep the purchase price confidential.
Prodent, headquarted in Ljubljana, is the undisputed number 1 in the Slovenian dental market with a share of approx. 30%. The company also holds a strong position in Croatia through its subsidiary Dentatus. The Slovenian market for dental distribution is expected to grow particularly fast in the next four years, mainly due to the increasing degree of privatisation in the sector.
The acquisition of Prodent underlines Silverfleet's commitment to its Buy & Build strategy. The objective is to develop EDP into a pan-European player in the dental industry. Prodent is the fourth acquisition within a year made by EDP. It follows the acquisition of InteraDent, a Lübeck-based company which operates South-East Asia’s largest dental laboratory, as well as Dentamed and Stomatol (both headquartered in Prague). At the heart of EDP is the M&W group, Germany’s leading specialised mail order company for dental consumables and small appliances, which is based in Büdingen and operates companies in Austria, Switzerland and Hungary.
Silverfleet and EDP place great emphasis on management continuity: the fast-growing business will continue to be led by the existing management team. “Prodent is a brilliant strategic fit for the entire group in several respects,” says Horst Trimborn, Chairman of EDP. “The management has excellent contacts to the central and east European countries, so that we can significantly strengthen our market presence in these growth regions”.
Guido May, Managing Director of Silverfleet Capital GmbH comments: “The acquisition of Prodent is a continuation of our Buy & Build strategy of strengthening our investments through external acquisitions to build the value of the company.” Silverfleet has demonstrated the success of this strategy with companies such as the Barracuda Group and The Astron Group, both of which grew substantially through acquisitions under Silverfleet's ownership.
Silverfleet was advised by PwC (Financial/Tax) and Skadden Arps (Legal).