- A syndicate of underwriters have agreed to purchase 6.1 million subordinate voting shares for gross proceeds of $100 million
- Proceeds will be used to support dentalcorp’s acquisition program
- During 2021, dentalcorp completed 62 acquisitions, representing 67 additional locations
- dentalcorp will report its complete audited financial results for the fourth quarter and full-year 2021 in March
- dentalcorp is Canada’s largest and fastest-growing network of dental practices
- dentalcorp Holdings Ltd. (DNTL) opened trading at C$16.99 per share
dentalcorp Holdings (DNTL) has entered into an agreement with a syndicate of underwriters, led by CIBC Capital Markets, BMO Capital Markets and TD Securities Inc.
The underwriters have agreed to purchase 6,135,000 subordinate voting shares at a price of $16.30 per share for gross proceeds of approximately $100 million.
The underwriters have been granted an over-allotment option for additional gross proceeds of up to $15.0 million.
Proceeds will be used to support dentalcorp’s acquisition program.
In 2021, dentalcorp completed 62 acquisitions, representing 67 additional locations. These acquisitions are expected to represent more than $43 million in 2021 EBITDA.
“We continued to execute on our growth strategy of accretive acquisitions in 2021, with the 2021 PF Adjusted EBITDA that we expect to report for our 2021 acquisitions exceeding our expectations at the time of our IPO by more than 20 per cent,” said Graham Rosenberg, Founder and Chief Executive Officer.
“This equity raise will support our acquisition program, which accelerated in the latter half of 2021, in part from our increased investment in live engagement with prospects, which supported the expansion and the conversion of our acquisition pipeline. We are beginning 2022 with a robust pipeline and a high degree of conviction in delivering another very strong year of acquisitive growth, providing us with the privilege of delivering great patient care to more Canadians coast-to-coast.”
The company expects that it will report Q4 2021 revenue that is approximately 20 per cent higher than for the same period in 2020.
“Despite Omicron, our fourth quarter 2021 revenues are expected to increase over the third quarter of 2021, with a return to sequential quarterly growth underpinned by solid same-practice sales growth and strong acquisitive growth. We continue to demonstrate dentalcorp’s resilience during waves of COVID variants and we remain focussed on continuing to grow our business organically, while expanding margins over the medium term,” continued Mr. Rosenberg.
dentalcorp will report its complete audited financial results for the fourth quarter and full-year 2021 in March.
dentalcorp is Canada’s largest and fastest-growing network of dental practices. Leveraging its industry-leading technology, dentalcorp offers professionals the opportunity to retain their clinical autonomy while unlocking their potential for future growth.
dentalcorp Holdings Ltd. (DNTL) opened trading at C$16.99 per share.