With the Financial Advice of BBVA: Dentix Reaches Agreement with KKR to Boost Its International Expansion with €200m of Credit Financing
- As a result of this agreement, Dentix will further expand its presence in
Europeand Latin America, and open new markets in Asia Pacific
- This transaction is direct lending financing, which does not entail the entry of KKR into the equity of Dentix
- This is KKR's thirteenth investment in
Spainin the last 6 years, and its second direct lending investment following the financing to SARquavitae in 2015
- BBVA has acted as financial advisor in this transaction. PwC Financial, Tax & Legal Services, Ropes & Gray and
Linklatershave advised on legal and tax matters, and Due Diligence in this investment
Dentix currently operates 251 clinics in four countries (
Dentix entrusted BBVA, as financial advisor, with the search of the best option to finance its strong international expansion. BBVA is also one of the reference banks of the company in consumer finance.
After assessing different alternatives, an agreement has been reached with KKR, who proposed an attractive bespoke unitranche solution that met the company's needs for flexibility.
This investment is part of a strategic financing operation that will help to boost growth in the company's existing markets, in the markets where it has announced expansion plans for 2017 (
Different model from other dental chains
Dentix is a wholly Spanish and family owned dental company which adopts a different business model from other Spanish chains and insurers. The Dentix model, based on its own clinics, aims to make cutting-edge dentistry accessible to everyone.
On the one hand, this is achieved because all clinics are owned (not franchised), which allows to eliminate the margins of intermediaries and to maintain a rigorous control over the management of the clinics, its processes and patient services. On the other hand, Dentix buys materials at an international level, achieving economies of scale by negotiating prices with its global suppliers and achieving better conditions. And lastly, the use of cutting-edge technologies, such as CAD-CAM or
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about
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