Bidders Asked To Swallow Oasis Dental Chain
Bridgepoint is preparing to hire bankers to oversee a sale of Oasis, Britain’s second-biggest dentistry provider.The dentistry chain chaired by Lord Rose, the man spearheading the campaign for the UK to remain in the European Union, is preparing to put itself up for sale.
Sky News understands that the owner of Oasis Healthcare, which owns more than 300 practices across the UK, is about to kick off talks with prospective advisers about a formal auction of the business.
A sale will value the business at several hundred million pounds, and is expected to generate a decent return to Bridgepoint, its owner since 2013.
The timing of a process has not yet been finalised, but it is likely to coincide with – or come shortly after – an auction of Southern Dental, a smaller rival to Oasis.
Southern, which was founded by Dr Mazdak Eyrumlu a decade ago has retained Catalyst Corporate Finance, an advisory firm, to sell itself less than two years after an earlier auction was abandoned.
MyDentist, a larger competitor owned by buyout firm Carlyle, has also been exploring a sale or flotation, although it is unclear whether it is likely to change hands this year.
Oasis has been chaired by Lord Rose since shortly after Bridgepoint acquired it for £185m, since when it has announced a number of further bolt-on acquisitions to bolster its size.
In May 2014, it bought Smiles Dental and Apex Dental Care in deals which added more than 110 practices.
Accounts filed at Companies House for the year ended March 31, 2015 showed a 63% rise in turnover to £234m, with pre-tax profit up more than half to £30m.
In his foreword to the accounts, Lord Rose described Oasis as “the only branded group offering a sizeable mix of both NHS and private treatment”.
In addition to Oasis and his role at Britain Stronger in Europe, Lord Rose chairs Ocado, the online grocer, and FatFace, the fashion retailer.
Bridgepoint declined to comment on Monday.