Advent International reaches an agreement with JB Capital Markets to acquire Vitaldent
- Advent and JB Capital Markets, who will remain a shareholder, will join forces to drive Vitaldent’s growth strategy forward
- Vitaldent, with ~300 clinics throughout Spain, is one of Europe’s leading dental services providers
Madrid, 7 June 2019 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has reached an agreement with JB Capital Markets to acquire Vitaldent, a leading network of dental care clinics in the countries where it operates. JB Capital Markets – chaired by Javier Botín – has been the company’s majority shareholder since November 2016 and will remain invested in Vitaldent going forward. Financial terms, which are subject to authorisation by the relevant authorities, have not been disclosed.
Advent, together with JB Capital Markets – which has forged the company’s solid market position – will jointly pursue a value creation plan based on both organic and inorganic growth pillars for Vitaldent. The experienced management team, led by Javier Martin, will continue to manage day-to-day operations at the company.
Vitaldent operates approximately 300 owned and franchised clinics in Spain, making it one of the largest dental chain networks in Europe. The company offers a wide range of services, including general odontology, surgery and implants, endodontics, dental aesthetics, prosthesis orthodontics and paediatric dentistry.
Gonzalo Santos, Head of Advent in Spain, said: “We are delighted to have invested in Vitaldent in partnership with JB Capital Markets, making us majority shareholders in the business. We intend to help the management team accelerate the company’s growth and strengthen its leadership position in the sector through a buy and build strategy. At Advent we believe that this is the most appropriate approach for the companies we invest in that operate in fragmented industries”.
Rafael Garabito, Managing Director of JB Capital Markets said: “We are pleased to have able been to lift the company out of the critical situation in which it was immersed when we came on board in 2016, generating trust, providing financial stability and strengthening management across all levels of the business. This growth was achieved thanks to the successful management of CEO Javier Martín and the rest of the management team and the professionals that make up the Vitaldent family. We are confident that Advent is the ideal partner to continue growing during this new phase and that Vitaldent will continue to be the undisputed leader in the provision of dental services, helping to improve the quality of life of more and more people over the coming years”.
Advent has significant experience in the healthcare sector. Over the past 28 years, the firm has invested $7 billion in 42 companies in the sector worldwide. Recent healthcare investments include Definitive Healthcare, a leading data and analytics provider across the healthcare system; AccentCare, a leading US provider of post-acute healthcare services; BioDuro, a leading global life sciences contract research and development organization based in China; Zentiva, a top European generics pharmaceutical company; Deutsche Fachpflege Gruppe, Germany’s largest outpatient intensive care provider; Syneos Health, Inc. (NASDAQ: SYNH), formerly INC Research Holdings, a U.S.-based global provider of outsourced clinical development and commercialization services to biopharmaceutical companies and ATI, a leading outpatient physical therapy provider in the United States.
Advent International was advised by JP Morgan, Garrigues, EY, and JB Capital Markets by Uría Menéndez and KPMG.
Pemberton provided the financing for the transaction.
NEW ADVENT INTERNATIONAL FUND
On June 6, 2019, Advent announced that it has completed fundraising for Advent International GPE IX Limited Partnership (“GPE IX” or the “Fund”). The Fund reached its hard cap of $17.5 billion (€15.6 billion) and surpassed the $16 billion (€14.3 billion) target after six months in the market. Advent’s previous global fund, GPE VIII, closed on $13 billion in 2016.
GPE IX will pursue the same proven strategy as Advent’s eight prior Global Private Equity (GPE) funds, investing in buyout, corporate carve-out, public-to-private and growth equity transactions, primarily in Europe and North America and selectively in Asia and Latin America.
Sector specialization has been at the heart of Advent’s approach since its inception, and the Fund will continue to focus on five core industries where the firm has significant experience and knowledge: (1) business and financial services; (2) healthcare; (3) industrial; (4) retail, consumer and leisure; and (5) technology, media and telecom.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. As of December 31, 2018, the firm had $36 billion (€31 billion) in assets under management, which does not include the $17.5 billion (€15.6 billion) raised for GPE IX. With 14 offices in 12 countries, Advent has established a globally integrated team of more than 195 investment professionals across North America, Europe, Latin America and Asia. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit www.adventinternational.com
About Advent Spain
Advent has been operating in Spain for almost 30 years and currently has six investment professionals in the country and 80 employees around Europe. The firm has invested in excess of €600 million in 10 companies located in Spain, a country which offers a wide range of opportunities for a firm such as Advent, which is firmly committed to the markets in which it is present.
About JB Capital Markets
JB Capital Markets is a Spanish firm with offices in Madrid and London that provides high value-added financial services to clients, drawing from the extensive financial experience of more than 175 professionals.