Dental Corporation Credentials
Dental Corporation’s vision is to lead the consolidation and corporatisation of the Australian and New Zealand dental sector in partnership with industry leading practitioners. This vision has received an outstanding response amongst dentists since our launch in Australia in early 2007.
Dental Corporation initially raised over $20 million in equity to start the business.
In July 2007 we opened our Corporate Centre at Lane Cove, Sydney where we have invested over $500,000 in the establishment of a state-of-the art management, financial and IT system. We also have a smaller state office in the Melbourne CBD.
In September 2007 the Dental Corporation business was launched at a dinner at Aqua Restaurant in Sydney attended by over 80 people including dentists, directors and financiers.
In October 2007 Dental Corporation established an $80 million debt facility with the National Australia Bank.
On 5 October 2007 Dental Corporation acquired our first practice and commenced operations as a dental services provider and since then we have gone from strength to strength.
On 3 October 2008 Dental Corporation welcomed nab Integrated Capital Solutions (nabICS) as the new equity partner after securing a $21 million investment. NabICS is the newly created private equity division of National Australia Bank.
Dental Corporation also increased our debt facility from $80 million to $160 million and at the same time introduced new banks into the funding syndicate. The National Australia Bank remains the primary banker but they are now joined by Bankwest.
In January 2010, Dental Corporation completed a further $41 million capital raising, used to fund its ongoing dental practice acquisition program as well as investment in growing capacity in its existing practice operations. The major participant in the capital raising was Caledonia Investments Pty Ltd.
In conjunction with the capital raising, Dental Corporation also increased its debt facilites while extending the term for a further 3 years. The company’s debt syndicate includes three of the four major Australian banks.
We have the funding secured to continue to grow our business and expand our network of top end practices. As at the end of June 2010 we have a total of 111 practice sites and have agreements in place to purchase a further 13. Combined, these practices represent revenue of approximately $226 million.
