Mergers & Acquisitions

Majority of 4Dental Sold to Curaeos

By 6 July 2018 No Comments

 

“YES Corporate Finance understands the art of successfully guiding an entrepreneur and the company in the sales process, taking into account the culture of a company”

Left to right: Selma Baouch (AKD), Marcel van den Burg (4Dental), Arjan Boonekamp (YES CF), Lars van der Veen (YES CF), Erik van Stek (Star International Investment Group), Bouwe Bölger (4Dental).

YES Corporate Finance has successfully seconded the sale of the majority of the shares of 4Dental Holding N.V. (“4Dental”) to Curaeos B.V. (“Curaeos”).

4Dental
4Dental Tandtechniek is the result of the merger of 4 renowned dental labs in 2005. One of the dental labs was already established in 1912. Based in Arnhem, 4Dental has branches in 18 cities in The Netherlands and -by way of a subsidiary- 9 cities in Thailand. The company produces fixed and removable dental prosthetics both made manually and with CAD/CAM technology. Furthermore, 4Dental offers clinical services and digital workflow for implantology. Examples of offered products are crowns, bridges, dentures and anti-snoring devices available at dentists, orthodontists and dental surgeons. The company employs approximately 300 employees in The Netherlands and more than 700 are employed in Thailand. For more information about 4Dental: www.4dental.nl (Dutch only)

After the merger in 2005, 4Dental became a Dutch market leader. Moreover, The Thai subsidiary is market leader in Thailand with the biggest lab of South East Asia. 4Dental can be characterized as a successful and profitable company with combined (Dutch and Thai) revenues of approximately € 30 mln. The 9 shareholders of the company have mandated YES Corporate Finance to second in the sales process. Most of the shareholders will remain a minority shareholder after the transaction.

Curaeos
Curaeos is the parent company of a rapid growing dental platform with a broad range of activities in The Netherlands, Belgium, Denmark, Germany and Italy. The organization is Europe’s largest dental company and serves the market with various brands by means of a vertical integrated business model. All local activities are supported by a strong team of professionals which enables further professionalization and growth. Swedish private equity fund EQT supports Curaeos’ European expansion with expertise and international network. For more information about DentConnect (operating company of Curaeos): www.dentconnect.eu

Role YES Corporate Finance
YES Corporate Finance has assisted and advised the shareholders of 4Dental in a competitive sales process. YESCF has successfully executed the following actions:

  • Conducting preparations on the sales process
  • Drafting the information memorandum
  • Seeking and selecting appropriate buyers, both domestically and outside The Netherlands
  • Analyzing received bids
  • Working out the deal structure and valuation
  • Negotiating on the sales price & additional conditions including the sales- and purchase agreement

We have intensively and pleasantly collaborated with Smart Transactions (a.o. Vendor Assist and coordinator of the due diligence) and AKD (legal advisor).

Bouwe Bölger, CEO 4Dental:
“An intense and informative period has resulted in a successful sale of the company through the professional assistance of YES Corporate Finance and the strong partnership between all involved advisors”.

Marcel van den Burg, Director and shareholder 4Dental:
“As entrepreneur and director of a longstanding company, and familiarized with the company and the sector, it is tempting to facilitate the sales process by yourself. Along the sales process, I found out that this is a misunderstanding. The collaboration with YES Corporate Finance was intense, sometimes even confronting, but above all pleasant and constructive. Most of the entrepreneurs have limited experience and expertise with mergers and acquisitions yet have the tendency to manage the sales process themselves. YES CF has the ability to second an entrepreneur and the company in the sales process, without losing sight of the culture of the company and all financial, social and emotional aspects that come along.”

Erik van Stek, informal investor and seller:
“The sale of 4Dental was quite a complex transaction due to a number of reasons. By involving YES Corporate Finance from the very start of exploring (strategic) opportunities by the shareholders, we have been able to make the company ready to be sold. Essentially, this means making the shareholders structure with quite some subsidiaries less complicated. Along with this, with the help of YES CF strategic value has been created by properly visualizing and optimizing the structuring around the Thai subsidiary. I consider the collaboration as pleasant with a positive professional and personal outcome”.

Highlights of the transaction:

  • 4Dental, a Dutch dental market leader (production of crowns, bridges and dentures), is successfully sold to Curaeos. Most of the shareholders will keep a minority stake in 4Dental
  • Curaeos is a large, rapid growing company and dental platform with a broad range of activities in The Netherlands, Belgium, Denmark, Germany and Italy. The company is backed by Swedish private equity fund EQT
  • A group of 9 shareholders and one informal investor sell a major part of their shares of 4Dental, which safeguards the continuity of a 100 years old company with 300 employees in The Netherlands and 700 employees in Thailand

Click here for more examples of successful transactions.

More information:

Arjan Boonekamp
Managing Partner
+31 6 8127 1573
boonekamp@yescf.nl

YES Corporate Finance