Universal Partners Limited has announced its investment of GBP15 million in Dentex Healthcare Group Limited for a total of 36% of the ordinary shares in the company.
Dentex is a dental partnership group operating in the UK with a unique co-ownership model. Universal Partners said the company has the capacity to roll out and support a network of dental practices and they have strategically partnered with several dentists who they will work with to invest in practices that deliver sustainable cash flow generation, predominantly in the growing private dental market.
Universal Partners said the agreement to acquire the stake was concluded an agreement on 28 April 2017
The company disclosed that about GBP 4 million was invested upfront to subscribe for a 36% ordinary shareholding in Dentex. Universal Partners will also subscribe for up to GBP 11 million worth of convertible Loan Notes (“Loan Notes”) which Dentex can draw down on during an 18 month availability period, commencing on the closing date of the ordinary equity subscription.
Also, Universal Partners will have the right to convert the Loan Notes into ordinary shares which will enable Universal
Partners to increase its shareholding to up to 49% of the ordinary equity.