Waterland sells market leader in dental technique

As market leader in the Netherlands Excent is an attractive business for investors.

After an extremely competitive sales process participated in by 30 potential buyers, Excent was sold for an above average multiple to the combination of De Hoge Dennen Capital and Friesland Bank Investments. Management will return as a shareholder in the company. The smoothly conducted process, including vendor due diligence and attracting acquisition funding, meant it was possible to complete the sale in only four months. PhiDelphi acted as advisor to Waterland and the management.

Excent (www.excent.eu) is the leading dental technique laboratory group in the Netherlands, using the most up to date (CAD/CAM) technology to provide dentists with prostheses, crowns, bridges and implants. The company operates from 28 dental technique laboratories and has 450 employees. Excent is the largest player on the Dutch market, almost three times the size of its closest rival. The company has grown steadily in the last two years with Waterland's assistance, thanks to a successful buy and build strategy in which 17 dental technique laboratories were taken over. Management and new shareholders are also pursuing expansion, both organically and through further acquisitions.

Friesland Bank Investments (www.frieslandbankinvestments.nl) invests in medium-size companies with a demonstrable track record, substantiated business strategy, good ambitious management and a good market position. Friesland Bank Investments also holds interests in Vandervalk+Degroot, Hartman, ArboNed and Alrec International.

De Hoge Dennen Capital (www.dehogedennen.com) is the investment company of the De Rijcke family. De Hoge Dennen invests in Dutch medium-sized companies, active in trade, industry or provision of services that stand out because of ambitious management and good growth prospects. De Hoge Dennen holds interests in Toys “R” Us, Robidus and Star Group.

Waterland (www.waterland.nu) assists medium-size companies in the Netherlands, Belgium and Germany by accelerating their growth strategy in sectors affected by one of the following trends: ageing, leisure outsourcing and sustainability. Excent’s growth strategy is illustrative of Waterland's investment policy. Waterland holds interests in Fa-med, Health City and Optisport.

PhiDelphi Corporate Finance (www.phidelphi.com) is one of the largest independent players in the Dutch merger and acquisitions sector. PhiDelphi supervises medium-size and large companies during the entire purchase or sale process of a company or business division. PhiDelphi is the only Dutch member of Close Brothers International and with 450 professionals in 20 countries the strongest international merger and acquisition network for transactions on the medium size market.

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