Bridgepoint has just purchased Oasis healthcare, one of the largest private dental chains in Britain, as part of a deal valued at £185m as part of a buyout group from Duke Street Capital. This is the second takeover that Bridgepoint has been able to complete in the past six years. As part of the new deal Duke Street Capital will have to give some of their proceeds to Bridgepoint in order to retain a minority stake in the dental business.
The equity and cash deal will be funded by a £147m loan that has been financed via Barclays, Bank of Ireland, HSBC, Societe Generale, ING, and GE Capital. As part of the arrangement Bridgepoint will also release £60m for capital expenditure to Oasis healthcare. Other investments owned by Bridgepoint include Pret A Manger the sandwich chain and Fat Face the fashion retail store.
Chief executive of Oasis, stated that the group has been planning for a large and quick expansion. Duke Street plans on investing some of the money that it earns from Oasis to keep a minority stake in the company. Originally Duke Street had placed Oasis on the market for £77m back in 2007.
Oasis was founded in 1996 and today has over 200 dental practices spread out over the UK. It employs over 2,000 staff members out of which about 800 are dentists. It is also a major NHS supplier and offers plenty of private services to patients in many different areas including Sheffield, Ripon, Askern, Leeds, Doncaster, York, and more.