Apposite Capital today announced it has made a ‘substantial investment’ in clinically-led dental care group Riverdale Healthcare to help fund its newly acquired stake in North East England based dental provider Alpha Vitality Group.
Financial details of the transactions have not been disclosed but Metro Bank has provided debt for the investment.
Alpha Vitality Group has ten practices in its portfolio, providing a mix of NHS and private family dental services, implant and private orthodontics.
Apposite Capital partner Rory Pope (pictured), who is joining the board of Riverdale Healthcare, said: ‘Healthcare services companies are a key focus for Apposite and a sector where we have had excellent outcomes. Alpha Vitality Group is a solid platform which has built a strong reputation with its NHS and private customers. We are delighted to support the combined Riverdale Healthcare and Alpha Vitality Group management team in their ambitions to grow further through acquisition in the North East and across the UK.’
Riverdale Healthcare chairman and CEO Mark Seekings said: ‘The management team at Riverdale are delighted to be partnering with Apposite, and investing in the further growth at Alpha Vitality. We feel the Riverdale team offer substantial experience and knowledge of the dental market to this newly formed dental group. Together with the clinical expertise of the Alpha Vitality team and a shared ethos of excellent customer care, we aim to develop Riverdale Healthcare substantially over the coming years.’
Alpha Vitality Group was established by Dr Ian Gordon and Dr David Birkin when they took over a single practice in Catterick Garrison in 2008.
Commenting on the acquisition, Gordon, who will continue as managing director, said: ‘Having spent the last decade developing Alpha Vitality with my partners Ben Wild, David Birkin, Guy Wells and Neeraj Diddee, we felt the time was right to build for the future. Riverdale offers exactly what we are seeking for Alpha Vitality and our team: a blend of business and managerial experience along with a shared ethos for empowering and supporting teams to deliver the dentistry, customer service and staff relations which have allowed Alpha to grow and flourish since 2008.’
In conjunction with its investment in Riverdale Healthcare, Apposite has introduced Mike McGrath as non-executive director.