Evodental sinks teeth into Â£800k investment
A Knowsley-based provider of dental implants has secured an £800,000 investment to support its roll-out across the UK.
Evodental, which specialises in extensive and complex implant work as an alternative to conventional bridges or dentures, will use the equity investment from the Merseyside Special Investment Fund (MSIF) to consolidate its laboratory offering.
This will allow for it to launch more clinics, supported by this facility.
Evodental was founded in 2008 by Dr R P Vijayanarayanan (known as Dr Vijay) and its senior management team also includes Professor Paul Coulthard, head of department of oral and maxillofacial surgery at the Manchester University School of Dentistry.
As part of the investment, Paul Coburn joins as finance director and Andrew Thirkill, previously marketing director at Ultralase and SK:N, takes up a role to support the company's marketing development.
An integrated corporate finance and legal team from Brabners Stuart and Brabners worked alongside the management and the company throughout the transaction and fundraising process.
Dr Vijay said: "Whilst the business has grown significantly since we started, it is the right time now for us to expand and roll out new practices across the UK, the first of which will open shortly in London. We are delighted to have the support of MSIF as we continue this development."
MSIF investment director Mark Borzomato added: "Dr Vijay is a leading expert in his field and is very passionate about what he does. Alongside his co-directors he forms part of an innovative and focused management team. Evodental has built up a fantastic reputation with the capacity to grow significantly.
"We are delighted to be on board as investors and look forward to working with the team to grow the business throughout the UK."
Legal advice to the management and newco was provided by Denise Walker and Daniel Hayhurst of Brabners. Paul Rimmer and Will Munday of DWF provided legal advice to MSIF, with financial due diligence performed by Richard Johnson of Mitchell Charlesworth.
Picture caption: Dr Vijay, MSIF's Mark Borzomato and Evodental managing director Steve O'Brien.