Advance Capital Partners, a private equity investor focused on the Adriatic region, has signed a share purchase agreement with Provectus Capital Partners to acquire a 50% stake in Adria Dental Group (ADG), the largest dental services platform in Southeast Europe. Following the transaction, Provectus and Advance Capital Partners will jointly support ADG’s next phase of growth.
“We are pleased to welcome Advance Capital Partners as a partner that shares our vision for ADG and look forward to continuing to support its next phase of growth,” said Ivan Dujmović, partner at Provectus Capital Partners.
Adria Dental Group operates a network of 12 clinics across 16 locations in Croatia, Slovenia, and Italy, employing more than 700 professionals and generating more than €60m in annual revenues.
Provectus made its initial investment in Arena Dental in July 2021, establishing the foundation of the Adria Dental Group and pursuing the consolidation of a highly fragmented dental market. At the time of the initial investment, Arena Dental had approximately 60 employees and generated €3m in revenues.
“Adria Dental Group has under the stewardship of Provectus, demonstrated exceptional growth and, in just five years, established a leading position in the region,” said Tim Umberger, boardmember at Advance Capital Partners. “We continue to see significant opportunities for further growth and development.”
The partnership with Advance Capital Partners marks the beginning of the next strategic phase in ADG’s development as it continues in its growth strategy, further consolidating still fragmented dental markets of Croatia, Slovenia, Italy, and Serbia, and building a regional leader in dental care.
“With the support of both shareholders, we look forward to further expanding our network and continuing to deliver the highest quality dental care across the region,” said Gordan Muškić, CEO of Adria Dental Group.
Tim Huddart and James Blackburn of h2Radnor assisted Muškić and his colleagues in advance of the investment.
Press release: Advance Capital Partners to Acquire a 50% Stake in Adria Dental Group from Provectus Capital Partners
