Metric Capital Acquires Dental Company in Spain

Metric Capital Partners has initiated a significant ownership transition for Dental Company, Spain's leading dental services provider. The pan-European private equity firm spearheaded a consortium acquisition, bringing on board existing investor Alter Capital and the company's chief executive, Francisco Ruiz, as partners. This strategic move, fueled by Metric's Fund V, signals a new chapter for the Seville-based dental operator, which boasts a network of 130 clinics across Spain.

The acquisition marks the culmination of a successful investment cycle for previous majority stakeholders Otium and Headway Capital Partners, who exited their positions via Alter Cap II SCR. During their tenure, Alter Capital reportedly achieved a substantial return, doubling its initial investment. This transaction concludes Alter Capital's involvement with its prior fund, aligning with its strategy of realizing investments at the close of fund cycles.

Dental Company, established in 2009, offers a broad spectrum of dental treatments, including advanced implantology and orthodontics. Its growth trajectory has been robust, evidenced by the integration of over 50 clinics in the last three years through a dual approach of strategic acquisitions and organic expansion. This established operational strength provides a solid foundation for future development.

Looking ahead, the consortium, led by Metric Capital Partners, is set to propel Dental Company towards an ambitious target of 200 clinics by 2028. This expansion blueprint involves both the establishment of new facilities and the pursuit of carefully selected acquisitions that complement the company's existing market presence. The focus will remain on leveraging technological advancements and enhancing clinical expertise to solidify its competitive edge within the dynamic Spanish dental market.

This deal represents Metric Capital Partners' sixth deployment from its Fund V and its third healthcare-related investment within this fund. It also underscores the firm's sustained commitment to the Spanish market, bringing its total investment commitments in the country to over €400 million. The transaction further solidifies Metric's strategic focus on the European healthcare and professional services sectors.

For Alter Capital, this reinvestment through its Alter Cap III vehicle highlights its continued confidence in Dental Company and its strategic sector focus. This marks Alter Capital's twelfth portfolio company within its current fund, reinforcing its dedication to healthcare and business services investments.

The transaction saw significant advisory support, with Linklaters providing legal counsel to Metric Capital Partners. Deloitte advised both Alter Capital and Francisco Ruiz. The sellers received advisory services from Arcano Partners, alongside Deloitte and EY-Parthenon.