26 April 2011

Silverfleet Capital sells European Dental Partners to Lifco Dental International AB for €170 Million

Silverfleet Capital, the European buy and build specialist, has agreed to sell European Dental Partners (“EDP”), a leading dental consumables distributor operating in Germany and Central and Eastern Europe (“CEE”), for €170 million in a strategic trade sale to Lifco Dental International AB, the dental products division of Lifco AB, a privately held Swedish industrial group. The closing of the transaction is conditional on receipt of approvals from the competition authorities.

Silverfleet Capital built EDP through a buy and build strategy with 6 acquisitions undertaken over the last 7 years. The platform company, M+W Dental, the leading German dental distributor based in Büdingen, was acquired by Silverfleet Capital in October 2004.

In 2006 both Dentamed and Stomatol were acquired creating the market leading dental distributor in the Czech Republic and Slovakia and creating a platform for EDP to expand into CEE. Then at the end of 2006 EDP acquired Lübeck-based InteraDent Zahntechnik, one of the largest dental laboratories in Germany. The final acquisitions, completed in mid-2007, were the purchase of Prodent International, the Slovenian market leader in dental distribution, together with Dentatus, which is active in Croatia. Over this same period EDP also set up “green field” operations in the Swiss, Austrian and Hungarian dental distribution markets.

Commenting on the transaction, Guido May, the Silverfleet Capital partner responsible for EDP said: “Our buy and build strategy has both created value and built a business with significant scale which, as a result, attracted a strategic trade purchaser looking to increase its market share on an international basis."

Rainer Tönies, managing director of EDP said: “Silverfleet Capital understood the dynamics of our business and, more importantly, as an investor has much experience of undertaking buy and build strategies. Our business is now a leading European player with strong positions in all of its markets and because of this has an excellent strategic fit with Lifco."

Rothschild GmbH acted as the exclusive financial adviser to the selling shareholders. Skadden, Arps, Slate, Meagher & Flom LLP were legal adviser to the sellers.

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