Private healthcare group Bupa has announced an £835m takeover of dentistry chain Oasis from a private equity group.
Bupa, advised by Barclays bankers, was said to be in competition with other private equity groups for the acquisition of Oasis, which was owned by Bridgepoint.
The private equity house, advised on this deal by Moelis and Rothschild, acquired Oasis for €219m (£187m) in 2013.
Bridgepoint partner and head of healthcare investment Jamie Wyatt said:
Oasis' performance has been impressive. With its robust clinical platform and a commitment to quality and innovation, it has become the leading branded dental operator of scale in the UK. It will continue to lead future consolidation of the UK dentistry market as it extends its brand in the market.
Oasis runs 380 UK dental practices, with more than 1,800 dentists, serving two million people across both the public and private sectors.
The company, chaired by former Marks & Spencer boss Lord Rose, claims an annual revenue of £277m.
“As part of the Bupa family, we can really develop further and continue to transform the UK dentistry market,” said Oasis chief executive Justin Ash.
“Above all, the success of Oasis is built on the talent and commitment of our clinicians and staff, and the loyalty of our two million customers. We will continue to focus on their needs every day.”
Bupa UK managing director David Hynam said:
There’s strong customer demand for high-quality, value-for-money dental services that are convenient and easy to use. Bupa and Oasis have a shared commitment to putting customers first, and we look forward to working together and welcoming the Oasis team into Bupa.