Overview
In 2005, Dunedin invested in the MBO of Shropshire-based Practice Plan Group Limited allowing the founding shareholders to exit the company leaving former finance director Steve Turnock in place as Managing Director. We provided equity finance alongside a senior debt facility from HSBC's Leveraged Finance and Corporate Banking team in Manchester.

Deal Features
We were introduced to this deal by Grant Thornton in Manchester with a proposition to support the incumbent management team in its desire to buyout the founder shareholders. Four private equity houses were 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 the financial services sector and healthcare markets. Consequently, we were granted exclusivity in a highly competitive marketplace.

We supported the management team and invested in Practice Plan, a company that, despite being one of the market leaders in its field, still presented significant opportunities for expansion. The private dentistry market remains in rapid growth with the vast majority of the private dental market self pay. We firmly believed in the management team's ability to harness these growth opportunities and drive the business forward through the combined industry experience of the management.

Business Description
Practice Plan is one of the UK's leading providers of independent payment schemes to dental practices, involved in the creation and facilitation of healthcare maintenance schemes for healthcare professionals. The company also assists NHS dentists in their conversion to the private sector by providing advice and financial payment plans for patients. While these activities are principally aimed at the dental sector where 90% of Practice Plan's turnover is derived from, vets and opticians are also targeted.

Practice Plan's perspective
"Dunedin have continuously delivered what they said they would, and are good people to do business with. They are straight talking businessmen that are always prepared to listen. They make excellent equity partners." Steve Turnock, Managing Director, Practice Plan