Phoenix portfolio company Integrated Dental Holdings has floated on the London Stock Exchange. The UK chain of dental practices has raised GBP20 million from institutional investors, of which GBP5 million was for existing shareholders. The capital raised for the company will be used to finance its acquisition and organic growth programmes, enabling the group to increase its market leadership position in the dental practice market. IDH’s market capitalisation at listing was GBP45 million.
IDH was founded in 1996 by David Hudaly, Matthew Allen and Luke Johnson. Phoenix provided development capital of GBP20 million to the business in 1997. Since then IDH has made numerous acquisitions, including Whitecross, a leading branded private sector practice operator.
Phoenix manages in excess of GBP500 million private equity funds on behalf of leading institutions worldwide. The firm has celebrated over 60 realisations from 76 investments made over the past 15 years.