What’s Your Dental Implant Practice Worth?
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Subscribe to this PostEver consider an IPO of your dental practice? You might surprised at what you’ll get. UK dentist, James Hull, will crown his reputation as one of UK’s leading
dentists after putting his business up for sale priced at up to £50m.
Hull, who failed in an attempt to float James Hull Associates (JHA) in 2004, has hired NM Rothschild, the investment bank, to hold an auction. The deadline for initial bids is the middle of this week.
A sale would provide a windfall for Hull, who founded JHA in 1987. Potential bidders include private-equity firms and rival healthcare groups. JHA aims at the top end of the market, offering a range of treatments such as jaw reconstruction and cosmetic procedures, including teeth whitening. It also has centres offering services such as osteopathy and chiropody.
Although Hull is widely admired for the way he has built up the business from his original practice in Newport, Gwent, JHA was bruised by the failure of its planned float early in 2004. It had hired Numis for the listing, and hoped to attract a valuation of £65m. That proved too ambitious, and Hull fired Numis. Since then he has bought out 3i, the venture-capital company, which had been his main financial backer. Bank of Scotland retains a small stake.
Paul Saper of the consultant LCS International said: “James Hull’s segment of the dental market has benefited from growth from implants and other aesthetic products.”
Source: www.timesonline.co.uk
How much is that in U.S. dollars??
Is this guy dreaming? The british pound is about 1.80 dollars and I am assuming the m stands for Million. He’s hoping to attract 65 million pounds or about 115 million dollars? Wish I could get that for my practice! Thats a lot of implants!
THE JAMES HULL GROUP LIMITED
NOTES T0 THE FINANCIAL STATEMENTS
Year ended 30 April 2010
14. POST BALANCE SHEET EVENTS
l) On Monday 13 December 2010 the ultimate controlling party, Hutton Collins Capital Partners ll LP, consented to the restructuring of the group.
2) Specialist Dental Limited reorganised its share capital. The Ordinary shares were designated A
Ordinary shares and were each subdivided into 1,000 A Ordinary shares of 0.1 pence per share. The
company was also authorised to allot 99,000 B Ordinary shares of 0 l pence per share
3) £15m of mezzanine debt owed to two AXA entities convened to B Ordinary shares split between the two AXA entities (AXA Mezzanine ll S A , SlCAR (73,359 shares in exchange for £11m of debt) &
MD Mezzanine S A., SICAR (25,64l shares in exchange for £3.9m of debt))
4) J D Hull & Associates Limited agreed to transfer amounts owed by Specialist Dental Group Limited
(£3.4m) and Specialist Dental Holdings Limited (£1.8m) to Specialist Dental Limited resulting in an
amount owed by Specialist Dental Limited to J D Hull & Associates of £5.2m
5) Specialist Dental Holdings Limited (“SDH”) and Specialist Dental Group Limited (“SDG”) were placed into administration
6) SDH released and discharged Specialist Dental Limited (“SDL”) and JDH Holdings Limited (“JDHH”) of liabilities of £0.3m and £O.lm respectively.
7) SDG released and discharged SDL of liabilities of £101.2m
SDL formally notified the Administrator that it would not pursue the amounts owed to it by SDH and SDG following the transfers in (4) above.
9) Broomco (4226) Limited was incorporated.
10) The two AXA entities detailed in (3) above swapped their shares in SDL (49.9%) for shares in Broomco (4226) Limited
11) The AXA entities entered an agreement to provide additional borrowing facilities of £7m to Broomco (4226).
The impact of the above transactions is to reduce the Group‘s net borrowings from £154m to £42m, there was no direct impact on tlus company.
15. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
At 30 April 2010 the immediate parent undertaking was Specialist Dental Limited and the ultimate parent undertaking was Specialist Dental Holdings Limited; the ultimate controlling party was Hutton Collins Capital Partners Il LP. The smallest and largest group in which the company has been consolidated is Specialist Dental Limited.
On 13 December 2010 the entire share capital of Specialist Dental Limited was acquired by Broomco (4226) Limited, becoming ultimate parent undertaking, and the ultimate controlling party became AXA Private Equity.
On 25 January 2011 Broomco (4226) Limited changed its name to Grosvenor l Limited.
JDH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 April 2010 • ‘
13. CONTINGENT LIABILITY
The company is a member of a group banking arrangement with other members of the Specialist Dental Holdings Limited group of companies, and has given an unlimited cross guarantee on the bank overdraft and loan facilities of the group. The company has also given a debenture over the whole of its assets as security for the group banking facilities. As at 30 April 2010, the total amount outstanding in respect of these facilities was £37,259,000 (2009 – £47,875,000)
14. RELATED PARTY TRANSACTIONS
The company’s transactions with other businesses within the Specialist Dental Limited group are all in the normal course of business. In accordance with the exemption offered by Financial Reporting Standard 8, there is no disclosure in these financial statements of those transactions.
There were no related party transactions with either Specialist Dental Holdings Limited or Specialist Dental Group Limited.
15. POST BALANCE SHEET EVENTS
l) On Monday 13 December 2010 the ultimate controlling party, Hutton Collins Capital Partners ll LP, consented to the restructuring of the group.
2) Specialist Dental Limited reorganised its share capital. The Ordinary shares were designated A
Ordinary shares and were each subdivided into 1,000 A Ordinary shares of 0.1 pence per share. The
company was also authorised to allot 99,000 B Ordinary shares of 0 l pence per share
3) £15m of mezzanine debt owed to two AXA entities convened to B Ordinary shares split between the two AXA entities (AXA Mezzanine ll S A , SlCAR (73,359 shares in exchange for £11m of debt) &
MD Mezzanine S A., SICAR (25,64l shares in exchange for £3.9m of debt))
4) J D Hull & Associates Limited agreed to transfer amounts owed by Specialist Dental Group Limited
(£3.4m) and Specialist Dental Holdings Limited (£1.8m) to Specialist Dental Limited resulting in an
amount owed by Specialist Dental Limited to J D Hull & Associates of £5.2m
5) Specialist Dental Holdings Limited (“SDH”) and Specialist Dental Group Limited (“SDG”) were placed into administration
6) SDH released and discharged Specialist Dental Limited (“SDL”) and JDH Holdings Limited (“JDHH”) of liabilities of £0.3m and £O.lm respectively.
7) SDG released and discharged SDL of liabilities of £101.2m
SDL formally notified the Administrator that it would not pursue the amounts owed to it by SDH and SDG following the transfers in (4) above.
9) Broomco (4226) Limited was incorporated.
10) The two AXA entities detailed in (3) above swapped their shares in SDL (49.9%) for shares in Broomco (4226) Limited
ll) The AXA entities entered an agreement to provide additional borrowing facilities of £7m to Broomco (4226).
The impact of the above transactions is to reduce the Group‘s net borrowings from £154m to £42m