Oakley Capital (“Oakley”), a leading pan-European private equity investor, is pleased to announce that Oakley Capital Fund V (“Fund V”) has agreed to acquire Flemming Dental, Excent, and Artinorway Group (combined as the “Company”) in a carve-out from European Dental Group (“EDG”), a leading pan-European oral care and services provider, to form one of the leading dental laboratories groups in Europe.
The Company provides a comprehensive range of services, including the design and manufacture of dental prostheses (crowns, bridges and dentures) and orthodontics (braces, retainers and aligners), utilising technology including CAD software, computer-aided milling and 3D printing, as well as local craftmanship. The Company currently services c.5,000 clinics across nearly 70 dental laboratories throughout Europe.
The Company currently services c.5,000 clinics across nearly 70 dental laboratories throughout Europe.
Oakley will work closely with the management to establish Flemming Dental, Excent and Artinorway Group as an independent business and to become a leader in the global dental lab market. Through this transaction, Oakley is leveraging its network of entrepreneurs, partnering with Hidde Hoeve, the co-founder of Excent Tandtechniek, a group of dental laboratories acquired by EDG in 2018. The collaboration between Oakley and the Company’s experienced management team will see the execution of an ambitious growth strategy, driven by organic growth, international expansion and targeted M&A.
Fund V’s investment
Through Fund V’s investment, the Company will benefit from Oakley’s extensive expertise in digitalisation, helping the Company to capitalise on technological innovation in the dental lab industry and the rapid digital transformation of the market. Fund V’s investment will enable Flemming Dental, Excent and Artinorway Group to accelerate innovation and the adoption of cutting-edge technology, providing solutions with unparalleled precision for dental clinics and their patients across Europe and beyond. The European dental lab market is large and growing with strong customer stickiness, valued at approximately €10 billion today, and is also highly fragmented offering compelling opportunities for value creation through buy-and-build, which is an area Oakley has extensive expertise in.
In Oakley we have the ideal partner to support Flemming Dental, Excent and Artinorway Group as they begin the next chapter as an independent business. We are well positioned to capitalise on the accelerating digitalisation of dental laboratories. Together with the current management we will maintain focus on our clients, local craftsmanship and innovation. Oakley’s expertise will be invaluable as we execute our growth strategy to become the leader in the global dental lab market.
Hidde Hoeve
Excent Co-founder and CEO of the new combined entity
Oakley was advised by Paul Hastings, PwC, LEK and KPMG in connection with this transaction.
This is a key inflection point for the dental laboratory industry, with rapid digitalisation poised to revolutionise dental design and manufacturing, and patient care. We look forward to working closely with Hidde Hoeve and the management team as we establish Flemming Dental, Excent and Artinorway Group as an independent company and leverage transformational new technologies to unlock its full potential for future growth.
Peter Dubens
Managing Partner and co-Founder — Oakley Capital
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