

Fausto Rinallo
Ethica Group
Doctor Dentist is an Italian network of 11 directly operated dental clinics, positioned in the medium-end of the market, mostly located in Milan and other city centers in the Lombardy region.
Founded in 2009 by a dentist with the support of private investors, in 2013 the PE fund Europe Capital Partners V acquired 60% stake of the company with the aim of fueling growth and leveraging on the booming trend of the market. In 2016 Doctor Dentist achieved €9.7 m revenues and is expected to reach €11.5 m in 2017 with a 20% EBITDA margin, thanks to new clinics openings reaching full operation.
Ethica Corporate Finance advised Europe Capital Partners V, the PE holding the majority stake of Doctor Dentist, on the sale of its 60% stake to a minority shareholders, which presented its proposal after the final offer negotiated with a European PE fund, interested in Doctor Dentist as an add-on of a current participation in the dental sector.
Ethica started working with Doctor Dentist in December 2016 by assisting the PE fund on the exit of the investment. Ethica played a key role from the preliminary phase of the process, by presenting concrete interests to shareholders, leveraging on the deep knowledge of the market and its players acquired advising and completing the CareDent deal the previous year.
Ethica was able to structure a competitive sale process and then conducted a one-to-one negotiation with a PE fund, , resulting in a positive evaluation for Europe Capital Partners V, which presented the final offer to other shareholders to understand their position and exercise the drag along right according to Shareholders Agreement.
Following the presentation, one of the minority shareholders proposed to acquire the shares of Europe Capital Partners V at a higher price compared to the final proposal, thus representing the best option for all the shareholders.