March 7, 2021

Advent International, Vitaldent’s largest shareholder, one step away from acquiring 80 Dentix clinics in Spain


Madrid

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The venture capital fund Advent International has submitted an offer for the acquisition of 80 Dentix clinics in Spain, as well as the Dentix brand. This will mean the restart and completion of hundreds of treatments for patients affected by the bankruptcy of the chain of dental clinics and the maintenance of employment associated with these establishments, as reported by the firm in charge of managing the bankruptcy of creditors of Dentix lus + aequitas. It so happens that Advent International is majority shareholder of Vitaldentsince June last year, after acquiring the majority of the capital stock from JB Capital Markets chaired by Javier Botín.

Specifically, as EFE has reported, Advent International’s offer has already been presented in the Commercial Court number 2 of Madrid, and has the approval of the largest financial institutions of the patients of the company and the favorable report of the Dentix bankruptcy administration.

In this regard, the representative of the bankruptcy administration Eliseo Martínez has acknowledged his satisfaction «For this first step reached from the consensus and the responsibility of all those involved, especially on such special dates and after so much uncertainty ”.

Within the same offer, Advent International has made available a bridging loan in order to reopen “quickly and safely” a significant number of Dentix clinics, to provide a solution to pending treatments. The reopening and assumption of the patients would be done with the support of Pepper Money, BBVA, Cetelem, Abanca Servicios Financieros and Sabadell Consumer Finance. In this way, the necessary expenses for the reopening in safe and operational conditions will be financed in the first weeks of 2021.

An offer referred “immediately” to court that yesterday gave a five calendar day schedule for possible allegations by the parties or improvements to the offer placed on the table.

The OCU, for a global agreement

In this regard, the Organization of Consumers and Users (OCU) has valued positively that Advent International acquires this package of clinics and asks that it materialize “as soon as possible so as not to harm the oral health of Dentix customers for longer.” . Along these lines, they have opted for a global agreement that allows all those affected to complete their treatments and not just those who financed it.

Vitaldent’s largest shareholder

Advent International knows the sector well: since June 2019 it has been the largest shareholder in Dentix’s main chain of competing clinics: Vitaldent. The venture capital fund acquired the majority of the capital stock of this firm from the hands of Jb Capital Markets, the fund directed by Javier Botín, who remains in the shareholding.

It is not the only significant operation carried out by this investment fund, which between 2003 and 2007 owned Parques Reunidos and contributed to the growth of Jazztel back in February 1999. It was also present in the share capital of the Tinsa appraiser until November 2010 and in the Spanish Maxam, a company specialized in energy materials for mining, civil works or sports cartridges, until August 2018.

In bankruptcy since October

In this regard, in a statement, Lus + aequitas has justified this speed to “avoid the deterioration of the operational situation of the clinics that are the object of sale.” In this sense, they have reaffirmed that Dentix patients «They continue to be our top priority as the main stakeholder, together with workers, creditors and other affected parties ”.

At present, after an agreement with the shareholder of the Dentix group companies, the consursal administration has replaced in all its faculties the management bodies of the chain of dental clinics. Dentix filed for bankruptcy in early October this year due to doubts about the possibility of reaching a financing agreement. This led to the closure of the clinics in mid-November. Its staff, of some 2,600 people, is immersed in an ERTE due to force majeure.

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