Advent International’s Acquisition of 76 DENTIX Clinics

ONTIER advised Clínicas DENTIX, while Garrigues advised Advent on the deal.

Account Control Ius+Aequitas Administradores Concursales, S.L.P. (Ius+Aequitas), as Insolvency Administration of DENTIX Group, has formalised the anticipated and direct sale of 76 DENTIX clinics to certain companies owned by the private equity firm Advent International.

The sale of the production units and their acquisition by Advent International means that a significant part (76) of the clinics can remain open, preserving the employment of more than 660 people who were not subject to the redundancy programme carried out and thus allowing the activity and pending treatments to continue, either directly in these clinics or indirectly thanks to an agreement reached with certain Vitaldent clinics. In this way, the Insolvency Administration, thanks to the offer received from Advent and the quick intervention of the Court, has been able to fulfil its commitment to provide a satisfactory solution to DENTIX´s patients.

DENTIX filed for voluntary Insolvency proceedings on 5 October 2020, after initial negotiations for its sale failed and the clinics closed their doors in November. On 2 December, IUS+AEQUITAS was appointed as insolvency administrator and only twenty (20) days later, the acquisition agreement was reached, which after the immediate admission to proceedings by the Court on 23 December 2020 was authorised by Judge D. Andrés Sánchez Magro.

Garrigues advised Advent with a team including partner Álvaro López-Jorrin (Picture), Corporate/EU & Competition partner Oriol Armengol, Restructuring & Insolvency partners Adrian Thery and Borja García-Alamán, Corporate/Finance partner Gaspar Atienza, Corporate partner Félix Ferreño Pérez, Employment partner José Manuel Mateo, Employment counsel Eva Diez-Ordas Berciano, Corporate/Finance principal associate Jon Goirigolzarri, Restructuring & Insolvency senior associate Pablo García Castro and Corporate senior associate Katiana Otero Saavedra.

The ONTIER Special Situations team was led by ONTIER CEO Bernardo Gutierrez de la Roza and Finance counsel Alberto Manzanares, and the team was comprised of M&A director Víctor Artola, M&A associate María Barbed, Insolvency partner Eutimio Martinez, Insolvency associate Ignacio Esmoris, Insolvency counsel Daniel Rodríguez Ruizdelvilla and Employment principal associate Luis Sanchez Quiñones. On the other hand, the ONTIER Int team was comprised of Carlos Correa (Chile), Lorenzo Hernandez (Mexico), Carmen Fernández Vadillo (Italy), Yao Trinh (UK) and Alvaro Leyva (Colombia)

Involved fees earner: Oriol Armengol Gasull – Garrigues; Gaspar Atienza Becerril – Garrigues; Eva Diez-Ordas Berciano – Garrigues; Félix Ferreño Pérez – Garrigues; Pablo García Castro – Garrigues; Borja García-Alamán de la Calle – Garrigues; Jon Goirigolzarri Artaza – Garrigues; Álvaro López-Jorrín Hernández – Garrigues; José Manuel Mateo Sierra – Garrigues; Katiana Otero Saavedra – Garrigues; Adrian Thery Marti – Garrigues; Victor Artola Recolons – Ontier; María Barbed Isusi – Ontier; Ignacio Esmorís Ruiz de Alegría – Ontier; Bernardo Gutiérrez de la Roza Pérez – Ontier; Alberto Manzanares Secades – Ontier; Eutimio Martínez Suárez – Ontier; Daniel Rodriguez Ruiz de Villa – Ontier; Luis Sanchez Quiñones – Ontier;

Law Firms: Garrigues; Ontier;

Clients: Advent International; Dentix;

Author: Federica Tiefenthaler