EQT has invested CHF44m in Swiss dental chain swiss smile 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 per cent 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 specialisation.
“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 per cent 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.
