Fast-growing Bristol-based dental group Oasis has been bought by private healthcare giant Bupa for £835m, triggering a multi-million pound pay-out for its management.
The firm, consistently named in lists of the UK’s super-growth firms, was half owned by its management and half by private equity firm Bridgepoint. 
Bupa is understood to have been in competition with a number of other private equity buyers to acquire Oasis.
The firm, founded in 1996, has expanded to become the UK’s number one provider of private dentistry. It has undergone a number of ownership changes during its expansion, each time bringing in fresh capital to fund more growth. It has also made several acquisitions itself to spur growth.
It now runs 380 dental practices across the UK with more than 1,800 dentists, serving 2m people across both the public and private sectors.
In the year this March it clocked up sales of £275m on which it made a profit of £13m.
Oasis CEO Justin Ash, pictured, said: “Our growth is accelerating and enthusiasm is building amongst dentists and customers.
“We now believe that as part of the Bupa family that we can really develop the business further and that we can continue to transform the UK dentistry market.
“Bridgepoint has been very good at asking us what our world will look like and how we can make sure we’re winning in five years’ time. It’s been a very motivating way to run a business.
“Above all, the success of Oasis is built on the talent and commitment of our clinicians and staff and the loyalty of our customers. We will continue to focus on their need every day.”
With the UK dentistry market worth £7bn and has strong underlying long-term growth driven by structural factors including favourable demographics – such as ageing and a growing population - government policy trends as dentistry becomes a higher profile public service, and the growth in cosmetic dentistry.
This is also reflected in the widening product offering from Oasis and in the strong private pay like-for-like growth in the business.
Bupa UK managing director David Hynam said: “There’s strong customer demand for high-quality, value-for-money dental services that are convenient and easy to use. Bupa and Oasis have a shared commitment to putting customers first, and we look forward to working together and welcoming the Oasis team into Bupa.”
Bridgepoint bought the firm for £185m in April 2013 from buy-out firm Duke Street, which six years earlier had acquired it for £77m.
At the time Bridgepoint said it would provide funding of £60m to help the business expand its presence in the UK dental market.
Since then it has tripled its earnings as it completed 191 practice acquisitions as part of its consolidation strategy, entered the Republic of Ireland market and ran the first national dental chain TV campaign – which led to a 12% rise in appointments.
Bridgepoint partner and head of healthcare investment Jamie Wyatt said: “Oasis’ performance has been impressive. With its robust clinical platform and a commitment to quality and innovation, it has become the leading branded dental operator of scale in the UK. It will continue to lead future consolidation of the UK dentistry market as it extends its brand in the market.”
In April it was ranked 18th on the Sunday TimesProfit Track 100 after having achieved 99% profit growth between 2014 and 2015, and expanding its practice by 65% through the acquisitions of Apex Dental Care and Smiles Dental. In September it appeared in the 12th annual Sunday Times Grant Thornton Top Track 250 this weekend at number 61 – up from 119 last year.
Mr Ash joined Oasis in 2008 and is widely credited with building it up to become the UK’s first national dentistry brand.
Prior to joining Oasis he was managing director of LloydsPharmacy and has held senior positions in the service and retail sector including general manager of KFC in the UK and Ireland, and commercial director of Bristol-based Allied Domecq Spirits and Wines, Europe.
