Relevant Documents:2018 Report
2016 Press Release
Spanish dental company Dentix, privately owned by its founder Ángel Lorenzo Muriel, is in talks with one investment fund for a deal involving a debt restructuring and new money provision, sources told Reorg.
The deal, which is still being defined, should be finalized by the end of the summer. The company will then have the plan sanctioned and implemented through a Spanish court.
The company had to close for more than two months and presented a
preconcurso de acreedores in Spain in March amid the Covid-19 outbreak. It furloughed 3,200 employees.
Dentix debt includes a €160 million loan provided by KKR. The fund is working on a waiver for the facility, sources said. Other lenders include BBVA, Bankia, Abanca, Santander, Ibercaja and Liberbank.
In 2018, the company reported €441 million revenue, a 15% increase from 2017, and a €38 million EBITDA, according to the company’s latest available earnings report.
Law firm Freshfields Bruckhaus Deringer is assisting the company’s banks, while Dentix has appointed Ontier as its legal advisor, sources said.
KKR provided €200 million of long-term credit financing to Dentix in 2016. BBVA acted as financial advisor for the transaction, PwC Financial, Tax & Legal Services, Ropes & Gray and Linklaters advised on legal matters and PwC Financial conducted the financial due diligence.
Dentix is executing a disposal of its South American subsidiaries to Evolvere Capital, according to Spanish
press reports. Its Italian subsidiary Dentix Italia filed for
concordato preventivo in July, according to
press reports.
Dentix is a wholly family owned dental company. The group has 350 dental clinics and operates in Spain, the U.K., Holland, Portugal, Italy, Mexico, Chile, Colombia, Peru and Australia. The company had more than 5,500 employees in 2018.
Dentix did not respond to Reorg’s request for comment at the time of publication.
--Lucia Camblor, Luca Rossi