Corus expands into Scandinavia with the integration of Nordentic, the region’s largest player in dental technology
- The integration will see the company offering its products and services in Spain, France, the Netherlands, Belgium, Sweden, Norway, Denmark and Portugal through 63 laboratories and more than 1,500 employees.
- Corus will continue to have the support of its current private equity investors Careventures and Quadrum Capital for future growth.
Barcelona (ES)/Amersfoort (NL)/Mälmo (SE), Paris (FR) [30] August 2022 – Corus, the leading digital dental laboratory group in Europe, has acquired Nordentic, Scandinavia’s largest player, to further consolidate its footprint in the European market of dental prosthesis and orthodontics.
Nordentic generates €40m revenue distributed among 13 laboratories delivering high-quality innovative products and services in Sweden, Norway and Denmark. The company, headquartered in Mälmo, will help Corus continue its mission of leading the European digitalisation of the sector while maintaining a highly localised and personalised service through each individual lab within the network. The company’s current chief executive, Johnny Tekin, will become a key executive within Corus, keeping his responsibilities whithin the Scandinavian region. Also, following the integration model of Corus, the management and lab directors of Nordentic will become shareholders of Corus while Adelis (private equity investor supporting Nordentic until today) is stepping out.
This is a first step for Corus within the Nordics with further expansion planned both in Scandinavia and further afield. As part of its strategy, the group seeks to integrate reputed local entrepreneurs who then become shareholders, maintaining the highest level of service locally to their existing clients. Corus works as a fully integrated digital platform where dentists can interact with the laboratory and the patient whilst ensuring the traceability of the prescription, efficient and high quality products and services to meet the patient expectations. The Corus network offers a global solution to dentists based on an innovative and differentiated portfolio of protocols of work, products, services, training and education while maintaining a local and personal environment, thus ensuring a better patient dental care and experience.
With 63 laboratories and over 1,500 employees the group will serve more than 12,000 dental practices spread across Spain, France, Netherlands, Belgium, Sweden, Norway, Denmark, and Portugal. Following the integration of Nordentic, the company plans to grow its revenue to a total of circa €180m by the end of 2022 by combining organic growth and the consolidation of more laboratories, both in current and new regions. Current private equity investors Careventures and Quadrum Capital have committed to continue their support to the company´s plans of future growth.
Nicolas Bonnard, co-CEO at Corus, said: “We share the vision and values with Nordentic and we are excited to add their knowledge to ours. By working together, we will be able to enhance our skills and consolidate our position as the leaders in the advanced digital dentistry within Europe, while delivering a highly localised and personalised service to all our clients and, ultimately, the patients. We continue to work towards further expansion in Europe creating an unrivalled network that works towards the digital progress of the sector.”
Jeroen Van Asten, co-CEO at Corus, added: “The digitalisation of processes across all sectors has become key and, in dentistry this is highly relevant. When it comes to creating innovative products and services, we strive to deliver efficiency and quality to the dentist while improving the patient comfort and experience. Being at the forefront of innovation, the Nordics region is a key market for us, that adds to the leading expertise and knowledge that we have integrated from all the European markets we are present so far. We look forward to continuing this expansion that has helped us become leaders in the world of digital dentistry.”
Johnny Tekin, CEO Nordentic, stated: “To join forces with a European leading dental lab group is a dream that comes true, where we can continue to shape the future of our industry together with Corus. The values and the vision that we share have made this integration possible. The synergy in all fields makes this journey so interesting and creates possibilities not only for the technicians but also for all our clients and their patients. We will continue to develop products and use the latest technique that we will be able to use for changing lives. The vision “Making Scandinavia Smile” will also include Europe now!”
Deloitte Corporate Finance, Baker&Mckenzie and Alvarez&Marsal have advised Corus on the deal. As for Nordentic and Adelis the advisors were Clearwater, White&Case and Svalner.
ENDS
About Corus
Corus is the leading European company in cutting-edge dental prostheses and orthodontics Centralized service centers in Barcelona (Southern Europe) and Amersfoort (Northern-Europe). Founded in 2015, Corus is immersed in the paradigm shift towards a new dentistry, 100% digitalized, personalized and with added value for the dentist and the patients. Since its creation, Corus has integrated more than 60 dental prosthesis laboratories distributed between Spain, France, Portugal, Netherlands and Belgium, with a team of more than 1,200 professionals, offering to dentists differentiating and exclusive protocols, products, services, training and education.
About Nordentic
Nordentic is the leading dental lab group in Scandinavia with over 20 labs that have come together as one Group since 2016. The group has pioneered the technical development of the industry by combining management’s deep industrial knowledge with strategic integrations. Nordentic has evolved as one of Europe’s leading dental labs Group, solely focusing on onshore/local production.
About Careventures
Careventures is a pan-European Private Equity firm based in Brussels and Barcelona, specialized in healthcare services investments. Careventures is defined by its pan-European vision, combined with its devoted hands-on and responsible approach. By backing differential projects and entrepreneurs in their mission to improve the quality of European healthcare, Careventures supports innovative ideas and models, while creating high value to its investors and society. The PE firm accumulates more than 100 successful add-on transactions, in 10 different EU countries with more than 6,000 employees across its managed companies.
About Quadrum Capital
Independent investment company Quadrum Capital helps businesses in the mid-market sector to achieve their growth ambitions in a responsible way. Entrepreneurial mindset and spirit, strong commitment, high-quality management experience, a network and financial power form the basis for this. Quadrum Capital has offices in Woerden and Almelo, and stands out due to its strong regional connections and its no-nonsense mentality.
For more information:
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Charles Font
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