Travers Smith LLP has advised longstanding client Bridgepoint and management on the sale of Oasis Dental Care, the UK's leading private dental services provider to BUPA, in a transaction valuing the business at £835m.
Acquired by Bridgepoint in 2013, Oasis is the leading branded operator of scale in its market with 380 practices and over 1,800 dentists, serving both the private and public sectors in equal measure. Under Bridgepoint ownership, Oasis offered longer and more convenient opening hours, completed 191 practice acquisitions as part of its consolidated strategy and introduced transparent online and practice pricing.
UK dentistry is a £7bn market with underlying long-term growth driven by structural factors including favourable demographics (such as ageing and a growing population), government policy trends (as dentistry becomes a higher profile public service) and the growth in cosmetic dentistry. This is also reflected in the widening product offering from Oasis and in the strong private pay like-for-like growth in the business.
The Travers Smith team was led by head of private equity Paul Dolman with support from senior associate Genevieve Marten and associates Clarissa Otte and Sally Hirst. Finance advice was provided by partner Donald Lowe supported by associate Daniel Domb. Competition advice was provided by partner Stephen Whitfield and associate Alana Tinkler. Commercial advice was provided by partner Richard Brown and associate Richard Offord. Financial services regulatory advice was provided by partner Phil Bartram and associate Andrew Howarth. Tax advice was provided by partner Simon Skinner and associates Camilla Woodall and Joseph Sheldrick.
Completion of the transaction is subject to regulatory approvals.
BUPA was advised by White & Case LLP. Management was also advised by DLA Piper.