Apposite Capital backs dental platform, Riverdale Healthcare, to support its investment in Alpha Vitality Group
Stokesley North Yorkshire – 2 January 2019.
Alpha Vitality Group announce that Apposite Capital, the private equity firm with an exclusive focus on healthcare, together with management, has made a substantial investment in Riverdale Healthcare to part fund their investment in Alpha Vitality Group. Debt for the investment has been provided by Metro Bank.
Alpha Vitality Group is a ten practice dental group operating in North Yorkshire and North East England offering a mix of NHS and private family dental services, implant and referral services and NHS and private orthodontics. Financial details of the transactions are not disclosed.
Ian Gordon, Managing Director of Alpha Vitality Group commented: “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. I will continue as Managing Director of Alpha Vitality, working with both my existing partners who have managerial and clinical director roles within Riverdale and, of course, with the new Riverdale management team. Riverdale’s eagerness to work with us has given me real confidence for the future – as has the support and interest in the business from Apposite.”
Mark Seekings, Chairman and CEO of Riverdale Healthcare 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.”
Rory Pope, Partner, Apposite Capital who is also 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.”
In conjunction with its investment in Riverdale Healthcare, Apposite has introduced Mike McGrath as Non-Executive Director. Mike brings significant experience in both private equity and multi-site roll-outs. He chairs a number of companies including leading consumer law firm, MW Solicitors, and online beauty retailer, CurrentBody.com.
Advisers to Apposite Capital and Riverdale Healthcare: Grant Thornton (corporate finance), Hazlewoods (accounting and tax), Pinsent Masons (legal)
Advisers to Alpha Vitality Group: Dental Elite (corporate finance),
Schofield Sweeney (legal), Swallow & Co, Stokesley (accounting and tax)
Advisers to Metro Bank: Gateley (legal)
Advisers to management: Squire Patton Boggs (legal)
Tel: 07785 938574
About Apposite Capital
Apposite Capital is an independent investment firm focused exclusively on healthcare investing in European headquartered companies operating in healthcare services, social care services, medical products, pharmaceuticals and pharmaceutical services, and digital health.
The firm operates at the smaller end of the private equity market, providing both capital and expertise to businesses offering ‘disruptive’ models that aim to improve or reduce the cost of care provision and which have the potential to become market leaders.
Apposite has an in-depth sector knowledge covering key aspects of the healthcare industry internationally coupled with local insights, an exceptional network and an entrepreneurial mindset which it applies to drive the growth of its portfolio companies.
Apposite was established in 2006 and is headquartered in London, UK.
About Riverdale Healthcare
Riverdale Healthcare is led by an industry leading, dental sector led management team comprising Mark Seekings (Chairman and CEO), Gus Fichardt (Chief Financial Officer) and Chris Aylward (Chief Investment Officer) .The team has been assembled to lead a new consolidation model in the UK dental market founded on shared values; a promise of honesty, integrity and an ethical approach to dental services for its patients.
About Alpha Vitality Group
Alpha Vitality Group is a ten practice dental group operating in North East England and North Yorkshire offering a mix of NHS and private family dental services, implant and referral services and NHS and private orthodontics.
The first practice, Vitality, was founded in Stokesley in 2008 by husband and wife team Ian and Jayne Gordon. This was closely followed by the first Alpha practice, an acquisition in Catterick Garrison, by Ian Gordon and David Birkin. The other Alpha partners, Ben Wild, Guy Wells and Neeraj Diddee joined the team to expand the group through acquisition and tender as well as a collaboration with Ross Hobson , founder of Windmill Orthodontics. All existing partners are registered dental practitioners and remain as contractors and clinicians following the restructure.
Alpha Vitality Group is headquartered in Stokesley, North Yorkshire.
Alpha Dental Group: First Class in NHS Dentistry
Alpha epitomises what a forward thinking NHS practice strives for. We are committed to providing a first class NHS dentistry service for our patients as well as a supportive, engaging and challenging environment for our people to achieve their goals.
Our Core Values
We have three underpinning values at Alpha Dental Studio that we believe contribute to our success. These attributes are not only the essence of our brand, but are rooted in each and every member of the Alpha Dental Group.
We pride ourselves on our teamwork, each practice team works seamlessly as a practice and as a group, each member working effectively together to the benefit of our patients.
It’s our passion to provide the very highest standards for our patients. We expect our people to be professional, work hard and project at all times the positive ethos of Alpha Dental Studio
Alpha Dental Studio promises to provide a very special working environment for our team supporting career development with the benefit of a vibrant social programme; we enjoy celebrating success. We aim to provide a positive dental experience for our patients.
Who we are
Alpha Dental Studio is a very well established team that has worked together for many years – this is one of our biggest strengths – teamwork is one of the core values of the Alpha Dental group alongside professionalism and fun.
All partners graduated from Newcastle University and all are from the North East and Yorkshire regions.
Together we form a strong team who work hard to ensure the practice you visit offers a high standard of care.
We are all committed to our own development and education and to that of the dentists and support staff who work with us.
Alpha Dental Studio holds regular team meetings and training days and pulls in the expertise of other colleagues to offer advanced treatment such as Orthodontics and Dental Implants.
We aim to make you feel welcome as a patient – we rely on your support and welcome feedback and comments as to how we can improve the service we offer. Patient feedback questionnaires are available on reception.
History of the Group
Alpha Dental Group is a thriving group of eleven established practices with five partners.
In October 2008, Dr Ian Gordon and Dr David Birkin took over a practice in Catterick Garrison and launched the first Alpha Dental Studio.
Other acquisitions and new sites followed rapidly with additional partners Ben Wild, Guy Wells and Neeraj Diddee joining the Group.
2009 was a busy year with new sites in Great Ayton, Leyburn, Hawes and Bedale opening in April and Northallerton in May.
2010 started in a similar way with a new practice in Thirsk in January and Fairfield, Stockton on Tees in February.
2011 saw the acquisition of an established Practice in Kirkbymoorside.
The group won an orthodontic contract in 2012 in partnership with windmill orthodontics.
All the partners of the business are qualified Dentists and work clinically in the group as well as providing managerial leadership and support for our Head Office team based in Stokesley.
The partners are good friends as well as business colleagues and have a track record of working together and building successful practices and teams.
Ian Gordon and Ben Wild were partners in The Dental Centre Group on Teesside with David Birkin, Guy Wells and Neeraj Diddee all working within the group from very early in their careers.
Association of Dental Groups www.dentalgroups.co.uk
Alpha Dental Studio are members of the association of dental groups (ADG) who provide patients with high quality, consistent care and treatment. Members are all UK companies with more than ten practices.The scale of members’ practices mean that patients can be confident that the service they experience in one practice in Middlesbrough for example will be the same as that in London for example.
Dentists across member companies are highly qualified and undergo frequent training programmes to ensure they are skilled in the latest treatment solutions and the most up to date technology. Providing reassurance through professionalism and concern for patients is at the heart of ADG members’ approach to dentistry.
Members are continually guided by the feedback of patients and work to provide the best possible patient experience.