Fausto Rinallo
Ethica Group
Bistar S.r.l
Deal Type
Acquisition
Sector
Healthcare
Completion Date
24th June 2016
Deal Value
Not disclosed
Company Background
CareDent is a rapidly expanding Italian network of dental clinics located both at street level and shopping malls in medium-sized cities in Northern Italy. Counting 38 clinics in 2016 some are directly operated and some are under franchise.
Founded in 2009 by two young entrepreneurs with a 20-years experience in the franchising industry, CareDent achieved an impressive growth by tripling the number of new openings in the last 3 years, thanks to the booming of the dental chain market in Italy and the successful business model developed in Spain by the owner of the CareDent brand.
In 2016 CareDent is expected to reach a total turnover of approximately €28 mln with a 20% EBITDA margin, and to yield significant growth rates in the following years, thanks to a scalable business model ensuring a highly profitable roll-out.
Deal Summary
Ethica Corporate Finance advised the shareholders of Bistar S.r.l., the holding company which manages CareDent dental clinics in Italy, on the sale of the 80% stake to L Capital, the European private equity fund sponsored by the luxury conglomerate LVMH.
The two founders and shareholders of Bistar S.r.l. retain 10% each and will continue leading the Group.
Value Added
Ethica started working with CareDent in June 2015, following the preliminary approach of a private equity fund.
Ethica played a key role from the preliminary phase of the process, by advising and supporting the Group in the acquisition of the brand license for the Italian market for 35 years, in the acquisition of several minority stakes in the clinics and in the proper application of the accounting principles, thus making the Group an attractive investments for the financial market.
Ethica was able to identify a selected panel of potential buyers and structure a competitive sale process, resulting in a high valuation for shareholders. In addition, Ethica advised the founders on the new shareholder structure, allowing the existing shareholders to maintain the management of the Group while benefiting from the strategic and financial support of the investor.
Bistar S.r.l deal contacts
Key members of the Ethica Group deal team crucial in the Bistar S.r.l transaction
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