Current press releases

10 February 2008

Merrill Lynch Global Private Equity acquires Integrated Dental Holdings from LGV Capital

Merrill Lynch Global Private Equity ("MLGPE"), the private equity arm of Merrill Lynch & Co., has acquired Integrated Dental Holdings ("IDH"), the UK's largest owner of dental practices, from LGV Capital ("LGV") for an undisclosed amount.

IDH, headquartered in Bolton, is the UK's leading provider of dental services operating more than 200 practices serving more than 1.5 million patients nationwide with over 700 dentists and 1,700 employees. Under LGV's ownership, IDH's network has expanded from 127 practices to more than 200 through a combination of new openings and acquisitions, including the acquisition of Orthoworld in July 2007, expanding its services into specialist orthodontics and implants.

IDH is committed to NHS dentistry and to expanding its services through working closely with Strategic Health Authorities, Primary Care Trusts and Local Health Boards across the UK to create new NHS dental practices and additional dental access for NHS patients.

MLGPE plans to continue the leadership of the current management team headed by David Hudaly as Chief Executive and including Andy Morris, Darrin Robinson, Lindsey Walker and Jo Weir.

Commenting on the investment, Eric Kump, a Managing Director at MLGPE said: "This is a very exciting opportunity for MLGPE. We are delighted to be supporting such a dynamic and high quality company, which has worked closely with the NHS to improve access to NHS dentistry across the country. The management team are committed to NHS dentistry, clinical excellence and staff development. We will support their plans to grow the business to better serve the dental needs of the population."

Commenting on the investment, Michael Mowlem, a Managing Director at LGV said: "IDH represented our fourth investment in the healthcare sector. We have backed the business during a period of significant growth and consolidated its position as leader in its market place through both organic growth and acquisitions. We would like to thank David, his senior management team, Chairman Gavin Casey and all the staff for their hard work in making this a successful investment for LGV but more importantly helping service the needs of the community providing professional and dental services. We are confident of their continued success."

Commenting on the acquisition, David Hudaly, Chief Executive of IDH said: "With the full backing of MLGPE, we will be able to lead the company through its next phase of development. Our focus on the NHS will continue, as we strengthen our position as a preferred provider of high quality dental care. IDH has built up a strong foundation for growth over the past twelve years and we have ambitious plans to further increase the number of dental practices and extend the range of services we offer patients. LGV has been a supportive partner of our business throughout its period of investment, which coincided with a period of great change in our industry. On behalf of the management and staff, I would like to thank LGV for their support and guidance."

Merrill Lynch Investment Banking and PricewaterhouseCoopers Corporate Finance acted as advisor to MLGPE and Hawkpoint Partners Limited acted as advisor to LGV and management.

Financing for the transaction has been provided by Bank of Ireland, Barclays, Merrill Lynch and RBS.