Private capital and the future of dentistry: what the {my}dentist and Donte deals really mean for the market

In the last seven days, we’ve seen two significant moves in the European dental sector: Bridgepoint’s new partnership with {my}dentist in the UK and the €1 billion acquisition of Spain’s Donte Group by the Ontario Teachers’ Pension Plan (OTPP). Both transactions reflect a continued appetite from large-scale investors for dental platforms that offer scalability, operational stability, and a focus on affordable care.

The {my}dentist Sale in Context

While exact terms haven’t been publicly confirmed, the deal is understood to have closed at an EBITDA multiple of sub-10x, potentially closer to 9x. For owners of practices with EBITDA in the £3 million-plus range, this figure has raised eyebrows. Many had previously hoped for valuations above 10x - typically seen in group or platform sales where buyers aim to create value through arbitrage.

But does a 9x multiple for a group generating around £100 million in EBITDA signal a reset for the rest of the market? The answer is no.

Multiples are driven by buyer demand, not by precedent alone. There is a limited pool of investors capable of acquiring a group of {my}dentist’s scale. By contrast, businesses with EBITDA between £3 million and £10 million are far more appealing to a broader range of buyers. These mid-sized groups often offer stronger scalability, clearer growth pathways, and lower integration risk. In short, they sit firmly in the market’s sweet spot.

Quietly Reshaping the Model

It’s also important to acknowledge what this deal really rewards: {my}dentist’s methodical transformation over recent years. Behind the scenes, the group has been reshaping its estate, consolidating smaller sites into super hubs with multi-chair, multi-specialist setups that improve patient outcomes while driving operational efficiency.

This evolution has made them smarter and more aligned with what modern dental delivery should look like. It’s precisely the kind of innovation institutional investors look for: scalable infrastructure, strategic foresight, and a leadership team with a long-term vision.

Investors aren’t just buying EBITDA, they’re buying track records, management depth, and readiness for the next five years.

Donte Group: A Different Type of Buyer, a Different Strategy

In Spain, Donte Group has been acquired by Canadian pension fund OTPP for €1 billion, representing a 2.6x multiple of its €385 million revenue. The deal ends Advent’s six-year ownership, during which Donte was transformed into a professionally run, clinically-focused platform with over 400 clinics. OTPP plans to support further organic growth, with some selective M&A, reflecting a broader trend of long-term capital entering healthcare and prioritising sustainable expansion over quick returns.

Assuming an EBITDA margin of around 20%, Donte’s EBITDA would be roughly €77 million. This implies an EV/EBITDA multiple of approximately 13x - ironically, the multiple often referenced by UK operators as a ‘gold standard’.

• Revenue: €385 million

• Assumed EBITDA margin: 20%

• EBITDA: €385m × 20% = €77 million

• Enterprise Value (EV): €1 billion

• EV/EBITDA multiple: €1,000m ÷ €77m = 13x

Will These Deals Reshape the UK Market?

These transactions are notable, but they are unlikely to reset pricing trends across the UK dental sector. A critical point is often missed - sellers can become overly focused on the multiple itself, when what really matters is what’s being multiplied.

A well-run, consistently profitable practice with stable EBITDA will always be more attractive than one reliant on short-term adjustments or inconsistent performance.

Large-scale deals like {my}dentist’s operate at a different end of the spectrum, involving complex financial structuring, significant operational risk, and a narrow pool of buyers. For most UK practice owners, whether they run a single-site private clinic or a regional group, the fundamentals remain unchanged. If your business is strong, well-governed, and has a clear growth path, there will always be interest.

Final Thoughts

Now more than ever, it’s vital to step back from market noise, especially from commentators who talk down valuations while quietly growing their portfolios. Take proper advice and run a competitive process. The market will ultimately decide what your business is worth. Remember, multiples are just one part of the story; what matters is building something worth multiplying. Strong governance, operational discipline, and forward-thinking strategy will always be rewarded.

To find out more about the impact of these deals on the dental market, contact: paul.graham@christie.com or 07739 876 621