Bridgepoint Group plc, the listed private equity firm that made headlines with its sale of Oasis Dental Care to Bupa in 2017, is returning to UK dentistry. According to Sky News, Bridgepoint has agreed terms to acquire mydentist — the country’s largest dental group — from Palamon Capital Partners in a transaction expected to value the business at between £750 million and £800 million.
The deal is set for announcement on Friday, 18 July 2025, and will hand Bridgepoint a 600-practice platform with over 4 million patients, generating £562 million revenue and £74 million EBITDA in the last financial year. This implies an EV/EBITDA multiple in the low 10s — below the 12–14× multiples seen at the height of the private equity roll-up cycle. Morgan Stanley is acting as sell-side adviser, with completion targeted for the third quarter, subject to regulatory clearance.
For Palamon, the sale caps a three-year overhaul since it acquired control from Carlyle in 2021 for roughly £700 million. Palamon pivoted mydentist to an even NHS–private revenue split, divested its consumables business for £152 million, and boosted EBITDA margin to 14.6 percent. The expected headline price implies a near-3× equity return — a strong result in a sector experiencing both regulatory strain and persistent public demand.
The backdrop is a widely reported crisis in NHS dentistry access. Nearly 14 million adults in England are unable to secure NHS appointments — the highest figure on record — and public satisfaction is at an all-time low. Earlier this month, the government pledged 700,000 new urgent appointments and a three-year service commitment for new NHS dentists, but private-pay demand continues to surge. Mydentist’s own private income rose by 24 percent in its most recent financial year.
Private equity’s appetite for UK dental groups remains robust. Last year, Portman and Dentex merged to form a £435 million revenue operator, while CapVest combined Rodericks and Dental Partners. By comparison, Bridgepoint’s purchase comes at a discount to the multiples paid for Oasis in 2017 and for Portman-Dentex in 2023 — reflecting higher interest rates and the increased risk tied to NHS contracts.
Bridgepoint, which manages £38.7 billion in assets, is returning to a familiar playbook. The firm quadrupled its money on Oasis between 2013 and 2017 and has fresh capital after closing its latest buyout fund this summer. Market observers expect Bridgepoint to accelerate mydentist’s private revenue mix, expand its digital offer, and pursue further bolt-on acquisitions, potentially across Europe.
The sector’s challenges remain acute. While leverage in such buyouts is typically set at 5–5.5× EBITDA, ongoing NHS contract reforms and dentist shortages are likely to put pressure on margins and integration. However, regulatory approval is expected to be straightforward, given market fragmentation and continued government focus on dental access.
If anyone can make teeth sparkle for investors, it may be the firm that last turned a £185 million investment in Oasis into an £835 million sale. The real test will be whether Bridgepoint can repeat the trick in a more complex, and closely watched, market.
Source Links:
Sky News
ION Analytics
The Probe
GOV.UK
The MBS Group
Travers Smith
Business Sale Report
Dentistry
Palamon
