EQT has invested CHF 44 million in Swiss dental chain swiss smile (“swiss smile” or the “Company”) based on a partnership agreement with the founders and majority owners Dr Haleh Abivardi and Dr Golnar Abivardi. The sisters are both dentists and founded swiss smile in 2002. The existing minority shareholders have been bought out with the new funds provided by EQT.
swiss smile operates several clinics in Switzerland and has franchises or joint ventures in UK, Russia and India. The Company is the leading quality dental chain in Switzerland with a 28% market share among dental chains. swiss smile also has its own cosmetics products range in a joint venture.
The funds provided by EQT will be used to further develop the existing business and expand in Switzerland, mainly through acquiring top quality clinics, often with a high degree of specialization.
“The Swiss dental market is attractive, not the least because it is extremely fragmented. swiss smile has a proven track record in expanding both organically and through acquisitions and we are happy to partner with the founders in the continued growth and development of this well positioned business”, says Stanley Brodén, EQT Industrial Advisor and designated vice Chairman of the swiss smile Board of Directors.
Over the past two years swiss smile has already made several successful acquisitions. The Swiss market for dental care is divided among more than 4,500 dentists. Around 25% of all Swiss dentists are planning retirement before 2020, creating a need for ownership change in many clinics. In addition, dental chains are expected to gain market share in the coming years as patients increasingly demand more convenient opening hours, a modern infrastructure and high medical standard.
“With EQT, we have found a strategic partner that brings both capital and thorough experience and sector knowledge. Together, we will be able to drive the development of swiss smile and a consolidation of the Swiss dental market”, says Dr Haleh Abivardi who shares the role of CEO with her sister Dr Golnar Abivardi.
Johan Hähnel, EQT Spokesman +46 8 506 55 334
Michael Föcking, EQT Partners +49 69 247 045 130
Stanley Brodén, EQT Industrial Advisor +46 706 02 72 11
EQT is the leading private equity group in Northern Europe with approximately EUR 20 billion in raised capital, portfolio companies with total sales of more than EUR 25 billion and over 550,000 employees. The funds’ investment philosophy is to help acquired companies grow and develop into great and sustainable companies, both under EQT’s ownership and with future owners. The result so far: the over 60 previously or currently owned portfolio companies have during EQT’s ownership seen an average annual increase in the number of employees by 11%, sales by 11% and earnings by 15%. Almost all of the return on investments is attributed to operational improvements such as increased sales and efficiency gains.
EQT supports a growth oriented business strategy, which has its roots in the Nordic culture, and a transparent governance model, combined with access to EQT’s unique international network of industrialists. By implementing clear strategies and having access to operational expertise and ownership skills, the portfolio companies develop and grow. The strategies and implementation of operational excellence are driven by the appointed CEO and management team, board members who are handpicked from EQT’s Industrial Network. Portfolio companies are monitored by more than 120 Investment Advisory Professionals from EQT Partners. EQT’s funds represent the investment of hundreds of investors from all parts of the world.
Funds launched since the beginning of 2012 are managed in the Netherlands, the UK and Luxembourg. EQT Holdings AB, based in Stockholm, Sweden is the parent company of these general partners/fund managers. This means that EQT applies a corporate structure with transparency for all stakeholders, unique in the private equity industry.
EQT’s mission since its first investment two decades ago remains the same – create value in medium-sized to large companies in Northern and Eastern Europe, Asia and the United States by investing, helping them to develop and transform into great, leading companies.
More information can be found on www.eqt.se
About swiss smile
swiss smile is the leading quality dental clinic chain in Switzerland. The Company differentiates itself via a broad service offering, high quality standards and long opening hours, thereby providing patients with maximum flexibility. Besides its operations in Switzerland, swiss smile has franchises or joint ventures in UK, Russia and India. Both in Switzerland and internationally, swiss smile has won several prizes for its innovative concept, exceptional services and excellent quality
More information can be found on www.swiss-smile.com