Formerly known as Integrated Dental Holdings (IDH), MyDentist runs nearly 550 dental clinics across the UK, with more than four million patients.

Palamon transitioned from a minority owner of the business to a controlling shareholder in 2021, when it outbid Bridgepoint to take over former owner Carlyle’s stake. The sponsor reportedly paid GBP 700m for the asset, towards the top end of expected valuations based upon comparable transactions.

In the year to March 2023, MyDentist (Turnstone Equityco 1 Ltd) made GBP 74m in EBITDA on GBP 562m of revenue.

Working with CEO Tom Riall, Palamon has been reshaping the business which historically focussed on lower margin NHS dentistry. In FY23, it generated 41% of its revenue from private patients, up from 32% in the prior year. It also divested its supplier of dental consumables, DD Group, to Sun European Partners for GBP 152m in net proceeds.

Morgan Stanley declined to comment. MyDentist and Palamon did not return requests for comment.