Practice Plan
Sectors: Business Services, Healthcare
Deal Type: MBO, Current
Transaction Value: Not disclosed
Dunedin contact:
Oliver Bevan
Nicol Fraser
Overview
In 2005, Dunedin invested in the MBO of Shropshire-based Practice Plan, allowing the founding shareholders to exit and backing a management team led by Steve Turncock and Nick Dilworth. We provided equity finance alongside a senior debt facility from HSBC's Leveraged Finance and Corporate Banking team in Manchester.
We were introduced to the opportunity by Grant Thornton in Manchester, with four private equity houses considered in the process. Our team was able to quickly establish a strong rapport with the Practice Plan management team who recognised the value of our expertise in financial services and healthcare. Consequently, we were granted exclusivity in a highly competitive marketplace.
Business Description
Practice Plan is the leading provider of practice-branded dental plans and insurance in the UK. The company assists NHS dentists in their conversion to the private sector by providing advice and financial payment plans for patients. Despite being one of the market leaders in its field, Practice Plan has significant opportunities for further growth.
Value Creation
Dunedin has supported Practice Plan in its growth and strategic development since the MBO. This has involved a doubling of the membership base, improved market position, divestment of non core subsidiaries, geographical expansion into the Irish market and the establishment of an insurance underwriting subsidiary. Dunedin has also supported the personal development of the Board throughout the investment.
Practice Plan's perspective
"Dunedin has provided genuine strategic input and support in to the development of the business. They're also really good people to deal with. As a house, they do more than just write the investment cheque. I'd recommend Dunedin to anyone needing equity." Nick Dilworth, Managing Director, Practice Plan
