Universal Partners Limited (Mauritius) – Disposal of interest in Dentex Healthcare Group

Shareholders are advised that Dentex’s shareholders have entered into definitive transaction agreements with Portman Dental Care (“Portman”) resulting in a merger of Dentex with Portman (the “Transaction”).

The Transaction will result in the disposal of the Company’s entire shareholding in Dentex which will be settled through a combination of cash and shares in the merged business. The Transaction is subject to approval from the Competition and Markets Authority (“CMA”) in the United Kingdom (“UK”). The expected timing of completion of the Transaction is during the first half of 2023.
Further information relating to the Transaction will be communicated in due course.

About Portman

Portman was founded in 2009 by the CEO Sam Waley Cohen and is the largest private dental consolidator in the UK with a growing presence in Europe. Core Equity Holdings acquired Portman in 2018 and has grown the business to over 200 practices.

About Dentex

Dentex is a consolidation platform focused on private dentistry in the UK. Universal Partners invested in Dentex in 2017, the year after it was founded when it owned 3 practices. With the support of Universal Partners and other shareholders, Dentex has grown to over 130 practices and is a highly-respected player in the UK dental market with its unique co-ownership partner model. Dentex has a strong management team led by CEO, Barry Lanesman.

The merged entity will form the largest privately focused dental group in the UK and be one of Europe’s pre-eminent dental platforms, with operations currently in 5 European countries and plans to expand further in future. In combination, the multi award winning groups will operate in excess of 350 practices, with more than 2,000 clinicians and more than 4,000 employees and provide dental care for over 1.5 million patients per year.

Dentex’s senior management will be remaining with the new combined business with Barry Lanesman continuing in his role as Dentex CEO.

In the short term, the Transaction will not have a material effect on the current valuation of Dentex as reflected in the Company’s accounts. However, as the Transaction progresses to completion, an increase in the value of Dentex is likely.

Shareholders are therefore advised to exercise caution when dealing in the Company’s securities until a detailed announcement relating to the Transaction is issued by the Company.

The Transaction constitutes an undertaking in the ordinary course of business of Universal Partners and therefore does not fall under the scope of Chapter 13 of the Listing Rules of the Stock Exchange of Mauritius Ltd (“SEM”).

Universal Partners has its primary listing on the Official List of the SEM and a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange.

By order of the Board
25 August 2022