Metric Capital Partners LLP, the pan-European private equity investment firm, has announced that it has led a consortium investment in Dental Company, one of Spain’s leading dental clinic groups. In addition to Metric, the consortium includes existing investor Alter Capital and the company’s CEO, Francisco Ruiz.
As a result of the transaction, Dental Company’s current majority shareholders, Otium and Headway Capital Partners, through Alter Cap II SCR, have exited their investment in the company.
Founded in 2009 and headquartered in Seville, Dental Company currently operates 130 clinics across Spain and provides a broad range of high-quality dental services, including implantology, orthodontics, and general dentistry, among others. After launching its operations in Andalusia, the company has experienced rapid expansion in recent years, developing an extensive nationwide clinic network and establishing a strong position in the Spanish dental market. Over the past three years alone, Dental Company has integrated more than 50 clinics through a combination of acquisitions and new openings, significantly expanding its treatment capacity.
Metric and the other consortium partners will invest to support Dental Company’s next phase of growth, with the objective of reaching 200 clinics by 2028 through a combination of new clinic openings and selective acquisitions aligned with the company’s strategic positioning. To achieve this, Dental Company will continue to leverage the strength of its people, technology, and clinical capabilities, further consolidating its national platform and reinforcing its position as one of the leading players in the Spanish dental sector.
The transaction, completed through Metric’s Fund V, represents the fund’s sixth investment and its third investment in the healthcare sector. It also marks Metric’s eighth investment in Spain, where the firm has committed more than €400 million since inception. For Alter Capital, the transaction completes the exit of the final portfolio company from its Alter Cap II fund, raised at the end of 2018, concluding the fund’s investment cycle and delivering a return equivalent to twice the invested capital. The new investment is being made through Alter Cap III and represents the fund’s twelfth portfolio investment, reaffirming Alter Capital’s strong confidence in Dental Company’s management team.
John Sinik, Managing Partner at Metric and Chairman of its Investment Committee, commented: “Our investment in Dental Company is aligned with Metric’s strategy of strategically expanding its presence in the healthcare services sector by backing high-quality platforms that are well positioned to deliver sustained growth and long-term success. Our disciplined approach ensures that our investments are structured to generate secure, contractually supported returns while preserving significant upside potential with no cap on value creation. This momentum is reflected in our most recent investments, bringing our track record to a total of three healthcare transactions completed within Fund V, in addition to three other successful healthcare investments made through previous funds.”
Miguel Lasso de la Vega, Managing Director and Head of Spain and Portugal at Metric, added: “We are delighted to partner with Alter Capital and Francisco Ruiz, who has led a successful journey at the company since joining in 2011, delivering outstanding results over recent years. Our investment in Dental Company reflects our full confidence in the management team, the platform’s growth potential, and the favorable dynamics of the sector. We look forward to working closely with the leadership team to support the company’s future development.”
Ángel González Bravo, Managing Partner at Alter Capital, stated: “We are particularly pleased to invest in Dental Company for the third consecutive time, a decision that reflects our highest level of confidence in its strategic vision and execution capabilities. Having closely supported the company’s extraordinary growth throughout our previous investment cycles, reinvesting was a natural decision. We remain fully committed to supporting the team during this new phase of innovation and growth, with the goal of continuing to generate sustainable long-term value.”
Francisco Ruiz, CEO of Dental Company, added: “With the support of our new shareholders, we are embarking on an exciting new chapter for Dental Company. We are in an ideal position to accelerate our growth strategy while further strengthening the company’s long-term financial stability. We are delighted to complement the experience and talent of our team with the support, expertise, and resources of a shareholder base that is fully committed to our project.”
Metric was advised by Linklaters on legal matters, while Alter Capital and Francisco Ruiz were advised by Deloitte. The due diligence process was carried out by L.E.K. Consulting, PwC Spain, Bécquer Abogados, and Garrigues.
The sellers were advised by Deloitte and EY-Parthenon, with Arcano acting as financial advisor throughout the sale process.
About Dental Company
Dental Company is one of Spain’s leading dental clinic platforms, with more than 15 years of experience and over 130 clinics nationwide. As one of the country’s leading dental care groups, Dental Company enjoys a strong and established competitive position in the communities it serves. The company offers a comprehensive range of dental services, combining high-quality care with an exceptional patient experience, supported by the expertise of its people, a robust national network of collaborators and suppliers, and best-in-class technological infrastructure.
About Metric Capital Partners
Metric Capital Partners is a leading pan-European private capital manager specializing in financing solutions. The firm has raised more than €3.7 billion from a global investor base and maintains offices in the United Kingdom, France, Germany, Spain, Sweden, Italy, Portugal, and Luxembourg. Since its founding in 2011, Metric has completed 50 investments across 20 countries.
About Alter Capital
Alter Capital is a private equity manager focused on investing in small and medium-sized Spanish companies. The firm is headquartered in Seville and has teams in Madrid and Málaga. It currently manages more than €100 million in assets and maintains a portfolio of 15 companies.
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Founded in 2009 and headquartered in Seville, Dental Company currently...
