MBK buys Korea dental scanning player Medit, Unison exits

MBK will acquire a 99.5% stake in the business from major shareholders including Unison Capital Korea, founder Min-ho Jang, and related parties. The North Asia-focused private equity firm will commit about KRW 1trn from its fifth flagship fund, which closed on USD 6.5bn in May 2020.

Jang and other parties will retain a stake in Medit by re-investing a significant portion of the sale proceeds, according to a statement. Medit’s core management team is also participating.

Unison acquired an approximately 50% stake in the company for KRW 320bn in 2019 and is said to have supported a 2.5x increase in revenue since then. Korean media previously reported that multiple global private equity firms were bidding for the asset, with the valuation likely to reach KRW 2.5trn-KRW 3trn.

Medit is the largest player in the dental scanner industry globally with a 24% market share last year, up from 22% in 2021. It has 230 dealerships across more than 100 countries, with strong distribution footprints in the US, Germany, and China. Sales came to KRW 190.5bn in 2021, while EBITDA reached KRW 105.9bn. Sales and EBITDA are projected to hit KRW 270bn and KRW 150bn in 2022.

It is one of five companies that together control 85% of the market. The statement cited predictions from unnamed experts that Medit and 3Shape would come to dominate the industry. Medit’s competitive advantages are said to include the accuracy and speed of its technology, its lightweight components, price, and compatibility.

The global market penetration for dental scanners was 3.9% in 2018 and is expected to be 30-40% by 2027. Industry growth is projected to exceed more than 28% per year between 2023 and 2027.

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• Topics
• North Asia
• Buyouts
• Trade sale
• Healthcare
• South Korea
• MBK Partners
• Unison Capital