Alantra Private Equity’s fourth fund (“Alantra PEF IV” or “the Fund”) has acquired a majority stake in 13 dental laboratories, forming the second-largest platform in Spain, with combined sales of €20mn. As part of the transaction, the current directors of the laboratories have reinvested and will remain involved in the business.
The dental laboratory sector represents an attractive investment opportunity within Spain’s €8bn oral healthcare market. With c. 3,800 laboratories across the country, the sector is highly fragmented, highlighting the potential of digitalized laboratories. These digital labs are expected to triple market growth due to their differential value proposition.
The acquired laboratories specialize in fixed and removable prosthetics, aesthetic treatments and orthodontics. They are distinguished by their advanced digital capabilities, enabling more precise designs and enhanced service for both dentists and patients. The newly formed group, with a nationwide presence in Spain, primarily serves independent dental clinics, which account for 80% of its revenues.
The group is led by Íñigo Sánchez Trujillo, who brings extensive experience in the dental and pharmaceutical sectors. He commented: “The market opportunity is clear, we just needed the right partner to execute this ambitious project. Alantra offers invaluable experience in supporting managers and entrepreneurs with growth, professionalization, and internationalization initiatives.”
Ángel Manotas, Managing Director of Alantra Private Equity, added: “We have created a unique platform within the robust and growing oral healthcare market. Our goal is to further consolidate the sector, expand the platform to at least 25 laboratories, and enter other European markets. This acquisition aligns perfectly with Alantra Private Equity’s investment criteria, both in terms of company profile and project scope.”
In this transaction, Alantra PE has been exclusively advised by EY.
Alantra PEF IV continues its active capital deployment with this acquisition being the Fund’s second investment. In 2023, the Fund invested in Hiperbaric, a world leader in high-pressure food processing and green hydrogen compression.
Despite the difficult fundraising environment, Alantra PEF IV has capital commitments of up to €340mn[1]. The Fund’s investor base includes both institutional and private investors, with 80% having previously participated in earlier funds.
Alantra Private Equity is a Spanish private equity firm specializing in mid-market transactions, with a focus on food and nutrition, healthcare, and industrial technology. Alantra PEF IV is the latest fund in a 30-year strategy aimed at mid-market and family-owned companies with growth potential, mainly in international markets. The Alantra Private Equity team combines private equity expertise with management skills, supported by four operating partners actively involved in the portfolio companies.
[1] Includes the amount corresponding to the second close of Alantra Private Equity Fund IV as well as additional contingent commitments not yet realized
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