July 5 (LPC) - Private debt investment firm Alcentra has provided around £100m in debt financing to back Core Equity Holdings’ investment in Portman Dental Care, according to a source familiar with the deal.
The debt was financed with a term loan on a £20m adjusted Ebitda, the source said.
The financing also includes an acquisition line.
Portman was founded in 2009 by the amateur jockey Sam Waley-Cohen and manages 75 dental practices across the UK.
Waley-Cohen will continue as chief executive officer and retain a significant stake in the company.
Private equity firm Livingbridge invested in the company in 2014 and has now exited the business.
Core Equity investment means the company is valued at more than £300m, Sky News reported.
Alcentra declined to comment. (Editing by Christopher Mangham)