Shareholders of Integrated Dental Holdings

In February 2008, Merrill Lynch Global Private Equity acquired Integrated Dental Holdings, the UK's largest owner of dental practices, from LGV Capital for an undisclosed amount. Canaccord Genuity advised the shareholders of IDH and the management team. Finance for the deal was provided by Bank of Ireland, Barclays, Merrill Lynch and RBS.

IDH, headquartered in Bolton, is the UK's leading provider of NHS dental services, operating more than 200 practices serving more than 1.5mlion patients nationwide with over 700 dentists and 1,700 employees. Under LGV's ownership, IDH's network has expanded from 127 practices to more than 200 through a combination of new openings and acquisitions. The management team, lead by David Hudaly, Chief Executive, is staying in place and has reinvested part of its shareholding.

This is the second time Canaccord Genuity has acted for the shareholders of IDH, the first being in Spring 2006 when we advised on the sale of the business to LGV. Canaccord Genuity acted as advisor to the Company under LGV's ownership. Despite the credit crunch and turbulent stock market since initiating the process in the Summer of 2007, the price achieved exceeded expectations set at the start of the process and the transaction met the timetable set out at that time.

Canaccord Genuity acted as sole financial advisor to the shareholders of Integrated Dental Holdings (including the provision of debt advice) and the management team.