In 1996, we identified the opportunity to build a national business in the dentistry sector. Working with management, we helped build a public sector dentistry business, principally through acquisition, and eventually floated on Aim in 2003.

In 2004, Risk Capital Partners helped fund a take-private of Integrated Dental Holdings. With closer strategic direction, the business went on to become the UK’s largest operator of dental surgeries, now with over 250 practices and two million patients nationwide.

Why we invested:

• NHS not coping with public dentistry demands
• Business undervalued on the public market
• Intimate knowledge of business through eight year investment period

Outcome

Management undertook a management buyout in April 2006, in a transaction that valued the business at more than £100 million. We achieved an IRR of over 400%, which generated a return of over 10x.