Christie & Co advises Real Good Dental group in landmark deal

07 July, 2021 / infocus
 

Specialist business property adviser Christie & Co has advised on the strategic investment in Scottish group Real Good Dental by private equity firm TriSpan in a landmark deal.

Founded in 2012 by Dr Satinder Dhami and Dr Jagdeep Singh Hans, Real Good Dental services more than 350,000 patients across 46 mixed income practices located around the Central Belt of Scotland. Covering circa 85 per cent of the Central Belt’s population, Real Good Dental is the second largest dental group in the country. As well as routine dental care, the group provides aesthetic services under its Westerwood Health brand.

TriSpan is a London and New York based private equity firm that invests in lower mid-cap companies in North America, Europe, and the United Kingdom with annual revenues typically ranging from $20 – $100 million and/or $2 – $20 million of EBITDA. Its focus is on control investments in the growth and buy and build space. TriSpan was backed by specialist secondaries private equity firm, Keyhaven Capital.

Dr Jagdeep Singh Hans said: “I am delighted to announce the partnership of Real Good Dental and TriSpan. We are excited to welcome TriSpan and their investors to the Real Good Dental family. TriSpan is the perfect fit to help the group achieve its aspirational growth plans. It has strong credentials both as investors in the healthcare services sector and as backers of founder-led businesses, and we look forward to working with the team in this very exciting stage of development for our business.”

Dr Dhami, who has now stepped back from Real Good Dental to focus on his other investments, added: “I feel the group is in a very strong position at the moment and I am confident that TriSpan are the right partners, alongside the current management team, to take the group forward.”

In a joint statement, Fady Michel Abouchalache and Joseph-Patrick Dib, partners at Trispan, said: “We are delighted to partner with Jagdeep who has built a group of significant scale, and which has the potential to grow significantly further both organically and inorganically, offering best in class services to Real Good Dental’s patients. We are also delighted to have won the support of Keyhaven Capital as our partner on this journey. We are confident that Real Good Dental will continue to go from strength to strength in what remains a very dynamic sector.”

Paul Graham, Mike Hodges and Hannah Gaskell, of Christie & Co, acted on behalf of Real Good Dental. Mr Graham, Head of Dental at Christie & Co, said: “This is a landmark transaction within the UK dental space and indeed for our team at Christie & Co.

“Real Good Dental sits within the top 10 dental operators in the UK in terms of aggregate number of practices owned. Supported by Mike and Hannah in our Consultancy team, we began advising Real Good Dental during the midst of the COVID-19 pandemic and despite the obvious flux within the market at that time it was reassuring to see significant interest from the investors we approached, it really underpins the strength of the dental market.”

Real Good Dental was also supported by legal advisers Joanne Ellis, Partner and Head of Healthcare at Pinsent Masons, and Charles Wood & Son. The terms of the transaction were not disclosed.

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