UK dental partnership group Dentex has raised a further £20m in funding, led by UPL, which brings the total equity investment to date to £94m.
Launched in November 2016, Dentex was developed to provide overstretched dentists with an alternative to selling their practice by enabling them to share in the value created through a dental collective. The model supports autonomy at its core, allowing dentists to release equity and time, whilst retaining clinical independence. They seek to protect the uniqueness of each practice and provide support in all non-clinical functions to enable continuous growth. At the same time, partner dentists benefit from the support of some of the UK’s industry leaders. The first of its kind in the UK, Dentex was immediately embraced, gaining industry awards and recently securing an additional £20m of investment from existing shareholders.
Four years on, under the careful management of CEO Barry Lanesman and having assembled a strong executive team, the company has continued to grow at a steady rate, with a partnership culture at its core and long-term sustainability always being a key focus as Barry and the team built the business.
Justin Rodrigues of Universal Partners says, “Dentex has built an excellent portfolio of practices since we invested in 2017. Whilst 2020 has been a challenging year, Dentex has provided our practices with the necessary support to ensure that our dentists are able to treat their patients in a safe and secure manner. We have a number of high-quality practices in our pipeline, so we are investing additional equity to grow our business and increase our network of dental partners.”
Despite the massive industry-wide disruption caused by the Covid-19 pandemic, which saw dental practices nationwide closed for a period of 11 weeks and a continued downturn with many patients unable to undergo all but essential dental treatments, Dentex has continued to grow. And the organisation still looks set to meet its 2021 targets.
Dentex’s original aim was to onboard 20-30 new dental practices annually, and with an excellent pipeline of practices in due diligence, the Dentex team are confident that they’ll be able to celebrate the company’s fourth anniversary having exceeded their targets.
Barry Lanesman, CEO of Dentex, comments, “2020 has been a tough year for many, but it’s been extremely reassuring to see that the Dentex model is strong enough to not only survive but thrive during one of the most disruptive and unprecedented global events in living memory.
"Back in 2016, when we launched the business, we set ourselves what we thought to be an ambitious target of onboarding 150 dental practices to Dentex by November 2022. At this stage, that figure seems entirely within reach and likely to be met in 2022. This is as great for our partners as it is for the business. We have completed on our first practice since the initial lockdown and have a strong pipeline of practices due to join Dentex in the next few months. With each new practice acquisition, we gain access to new insights and experience, enhancing the strength of all of our partners.”
In four years, Dentex has evolved from a six-person start-up to an established participant in the dental industry, supporting the careers of more than 900 people. The goals continue to be ambitious and with dental excellence and partnership at the core, Dentex will continue to go from strength to strength.