Investcorp leads INR 545 Crore Investment in Global Dental Services

Bahrain:– Investcorp, a leading global alternative investment firm, today announced that it has led an investment of INR 545 Cores in Global Dental Services Limited (GDS), Asia’s largest dental chain and among the top 15 global Dental Services Organizations. This marks Investcorp’s fourth healthcare investment in India and its first in the dental industry in the country.

Founded in 2011 by its current CEO, Amarinder (Amar) Singh, the GDS group owns and operates 340 clinics across 24 cities and 12 states in India under the brand “Clove Dental”. Supported by 841 dentists (521 of whom hold advanced, MDS degrees) each Clove clinic provides full range of dental treatments in each of its locations.  Organized in clusters of 15 to 30 clinics, each cluster has dedicated Implantologists, Orthodontists, Prosthodontists, Endodontists, Periodontists, Oral Surgeons, Pedodontists, and General Dentists, to ensure that each patient is always treated by the most qualified dentist.  Computer Vision and AI-based software technologies ensure that every clinic is 100% hygienic and sterilized and all SOPs are adhered to at all times.   

Clove Dental also operates mobile dental clinics to provide dental care to the under-served communities. Clove “Heritage” (charitable) clinics, including the one inside Delhi’s Red Cross Hospital, offers highly subsidized treatments to the communities who need such care the most. Clove dentists lead over 500 dental awareness camps in local communities, each month, as part of its goal to provide the perfect and healthy smile for all 1.2 BN Indians.

Recently, GDS Group has also launched a Direct to Consumer (D2C) brand called LoveMySmile (LMS), focused on smile correction products and solutions which include Aligners, Braces, and Teeth whitening solutions. LMS offers a Dentist-led unique solution for smile correction through a combination of D2C and in-clinic procedures that provides both convenience and high-quality outcomes to its customers.

This investment will fund GDS’s expansion strategy which aims to increase its commercial presence while continuing to offer high-quality dental services in existing and adjacent markets as well as grow its hybrid model and products for smile correction. The investment illustrates Investcorp’s commitment to invest in market-leading business services, information technology and healthcare businesses in India and accelerate their expansion and competitive positioning globally.

Gaurav Sharma, Head of Private Equity, India at Investcorp, said, “Today, the Indian dental services market is worth $3 billion. It is highly fragmented with large hospitals and dental chains accounting for under 10% of all practices, although this number is expected to double in the next five years. Investing in a single specialty segment, within healthcare, aligns well with our thesis of backing scaled and differentiated assets. In India, Clove Dental represents our fourth healthcare deal in the underpenetrated field of dental care that offers an attractive opportunity. With better hygiene and growing awareness about healthcare, patients are increasingly relying on organized chains for professional medical services. We look forward to this partnership and supporting the company in scaling its operations in India.”

“We are pleased to have made our fourth healthcare investment in India by investing in Global Dental Services. The company has a very good growth potential  and is poised to achieve significant scale.  It is backed by its strong business fundamentals and experienced management team. We look forward to this partnership and supporting the company in seeking to realise its full potential.” Yusef Al Yusef, Head of Investcorp’s Private Wealth

Investcorp has earlier concluded three healthcare deals in India: V-Ensure Pharma Technologies, Neprhoplus (a dialysis chain), and ASG Eye Hospitals, where Investcorp recently sold its entire stake to General Atlantic and Kedaara. Globally, Investcorp has invested in Acura, Germany’s second largest dental platform.

Amar Singh, CEO of Global Dental Services Limited said, “This partnership will empower us to prepare to achieve our expansion goals, add latest technological equipment in our clinics, bring professional, ethical, and high-quality dentistry to many more Indian communities. The experienced teams and network of our new partners will enable us to significantly accelerate our growth. I am looking forward to our partnership with Investcorp.”

In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business. In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors. Its investments over the last four years include V-Ensure, NDR Warehousing, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, and Safari Industries.

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About Investcorp

Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes, infrastructure and insurance asset management. Since our inception in 1982, we have focused on generating attractive returns for our clients while creating long-term value in our investee companies and for our shareholders as a prudent and responsible investor.

We invest a meaningful portion of our own capital in products we offer to our clients, ensuring that our interests are aligned with our stakeholders, including the communities that we operate within, towards driving sustainable value creation. We take pride in partnering with our clients to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with an innovative, entrepreneurial approach. In January 2022, Investcorp issued its 2021 Responsible Business Report which outlines its Environmental, Social, and Governance (ESG) highlights for 2021 and specific initiatives the Firm implemented to meet its goals:

Investcorp has today 13 offices across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, 2022, Investcorp Group had US $42.7 billion in total AUM, including assets managed by third party managers, and employed over 480 people from 50 nationalities globally across its offices. For further information, visit www.investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.

About Global Dental Service Limited (GDS)

GDS owns and operates Asia’s largest chain of dental clinics and among the top 15 global Dental Services Organizations (DSOs), under the brand name Clove Dental (“Clove”). Clove has a network of 340 company owned and operated clinics in 24 cities across 12 states in India and offers all the 6 major dental specialties in each of its clinics. It has built a strong customer centric brand with stringent processes backed by a proprietary AI enabled technology platform that spans its entire value chain. GDS has recently forayed into aligners and smile correction through its brand LoveMySmile and is uniquely positioned to provide dentist led hybrid solutions direct-to-consumer (“D2C”) at home and in-clinic.

Media Contacts:
Investcorp
Nada Abdulghani
nabdulghani@Investcorp.com



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