Rodericks

The Opportunity

Rodericks is a leading provider of NHS, private and specialist dental services through its practices across England and Wales. We invested in Rodericks in September 2017 with the aim of helping the business accelerate their acquisitive growth to establish them as a market leader in NHS dentistry.

At the time of our investment Rodericks was operating 71 practices and was an attractive opportunity given its strong position in a fragmented market and close ties with NHS commisioning teams.

The Strategy

Under CBPE’s ownership Rodericks grew significantly its operational foodprint as well as enhancing the management team, making 6 senior to strengthen the team. Significant focus was also placed on operational improvements with investments being made in technology and real time data analytics.

M&A was a significant avenue of potential growth for the business but the business had only recently started tapping into acquisitions as a lever of growth. During our ownership we invested to create a best-in-class M&A and integration team and by the end of our investment the business had completed 72 practice acquisitions and was sourcing >50% of deals off-market.

Whilst growing and professionalising the business, management retained a constant focus on clinical quality resulting in >94% of patients recommending Rodericks to friends and family.

Considerable progress was made on the development of Rodericks private offering while maintaining strong relationships with their core NHS base with Rodericks playing a key part in the provision of NHS urgent care during the Covid pandemic.

The Result

Rodericks grew revenues and EBITDA significantly during our ownership and was able to expand their footprint from 71 to 143 dental practices. The Group also enhanced and expanded the services that they provide and at the time of exit Rodericks was serving over 1.4 million patients across the UK and employing over 1,600 people.

We exited our investment in Rodericks Dental in March 2022 in a sale to private equity fund CapVest Partners generating a 3.3x return.