Medicover continue to expand the dental network in Germany
STOCKHOLM, Oct. 6, 2022 /PRNewswire/ -- Medicover acquire 80 per cent of the business of DDent MVZ GmbH ("DDent") from the sole shareholder and CEO Dr. Nicol Dudek. DDent is a chain of 16 mid-size dental clinics with 73 chairs, 200 employees and a dental lab in Northern Germany with headquarter in Hamburg. Dr. Dudek will continue in her role after the acquisition.
The German dental market at EUR 28.8 billion is Europe's largest and is expected to grow 3-4 per cent per annum. The market is highly fragmented. DDent was founded in 2017 with an aim to consolidate the dental market in Northwest Germany and has grown organically and by acquisitions.
DDent together with the recent acquisition of MeinDentist (Berlin focus with 16 clinics and 147 dental chairs) gives Medicover an at scale dental platform to consolidate and grow in the Germany dental field. Both acquisitions will be consolidated from October. Pro forma total revenue for DDent and MeinDentist is estimated to EUR 47 million for 2022. Total purchase price for the two acquisitions is approximately EUR 32 million including debt assumed.
"The acquisition of DDent is a good fit and very synergistic with our previous announced acquisition of MeinDentist. In total we now have over 30 German dental clinics which is a solid foundation for further growth, also bringing in an experienced management team. Medicover is number one in Dental in Poland, with 70 clinics, 400 chairs and look to be a significant player in Germany", says Fredrik Rågmark, CEO Medicover.
For further information, please contact:
Hanna Bjellquist, Head of Investor Relations
+46 703 033 272
[email protected]
Medicover is a leading international healthcare and diagnostic services company and was founded in 1995. Medicover operates a large number of ambulatory clinics, hospitals, specialty-care facilities,laboratories and blood-drawing points and the largest markets are Poland and Germany. In 2021, Medicover had revenue of EUR 1,377 million and more than 38,000 employees. For more information, go to www.medicover.com
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