Ironbridge targets $1b for Fund III, invests $95m in dental business
Australian private equity house Ironbridge Capital has said it will target up to A$1 billion ($1 billion) for its third fund, for which it will begin fundraising in the second half of this year.
Joint Chief Executive and Founding Partner Neil Broekhuizen told Deal Journal Australia that the vehicle will seek to raise between $500 million and A$1 billion.
This announcement comes as Ironbridge seals its last investment out of Fund II, buying a 60% stake in Sydney-based Southern Cross Dental Laboratories for an enterprise value of $95 million. The deal - which is the private equity firm's first in the dental industry - succeeds previous healthcare investments by Ironbridge in private hospital operator Affinity Health, drugs manufacturer iNova Pharmaceuticals, diagnostics and day surgery firm Healthbridge and elderly care operator Qualcare.
Southern Cross supplies dental services, as well as providing dentists around the world with products such as crowns, dentures, bridges, sleep apnea devices, splints and invisible braces. It has been generating annual revenue growth of 20%.
"We consider that it has significant growth potential in the Australian marketplace but also offshore where it has a small but established presence in New Zealand, the United Kingdom and Ireland," Broekhuizen said. "The overlaying dental arena is now driven by an element of cosmetics and also an ageing population."
Southern Cross CEO David Penn received corporate finance advice from Fort Street Advisors on the transaction.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.