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12 January 2012

Big smiles as Evodental secures equity finance

Press Release 12th January 2012

The North West Fund for Development Capital (NWFDC), managed byYFM Equity Partners, has invested £400,000 of equity finance in Merseyside's Evodental, a specialist provider of private dental implants.

Evodental was founded by dentist and entrepreneur Dr Rajesh Vijayanarayanan (Vijay) in 2008.  The company is based in Huyton, Merseyside and Vijay and his team has built a client list of over 500 and employs 10 staff. The investment from The North West Fund for Development Capital will enable Evodental to expand its existing business premises, provide more treatment rooms and employ additional staff to meet the growing demand for private dental implants.

The North West Fund for Development Capital is a sub-fund of the £185m North West Fund that is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB).

Dental implants are an alternative to conventional bridges and partial dentures. Patients of Evodental have typically either lost teeth and require a partial implant or require more extensive complex implants for four or more teeth. The company specialises in the Evodental one-day smile, where it can surgically implant a full set of teeth pain-free in a day using its on-site laboratory.

Evodental has a highly experienced and dedicated team. Dr Vijay qualified from the University of Liverpool in 1994. He ran several dental practices before founding the Evolution Dental Group in 1998. He has been placing implants for 7 years and completed specialist courses in Implantology in London and Paris in 2004.  Clinical Director at Evodental is Professor Paul Coulthard, Head of Department of Oral and Maxillofacial Surgery at the Manchester University School of Dentistry and Honorary Consultant Oral Surgeon at Central Manchester University Hospitals NHS Foundation Trust. Stephen O'Brien is the managing director of Evodental and has over 20 years experience in banking and business.  Stephen Blank will join the Evodental board as a non-executive director.

Deborah Heyes, Investment Director at YFM Equity Partners who led the deal said: "There is a growing market for specialist dentistry and the Evodental team have one of the best reputations in the UK for providing specialist cost effective dentistry. We look forward to working closely with Vijay, Paul and Stephen as they expand the business to cater for this growing demand."

Dr Rajesh Vijayanarayanan, founder and technical director of Evodental commented:

"I am passionate about helping patients have the very best oral hygiene and I enjoy taking the time to advise people about how to achieve this. All of Evodental's clients leave our premises with a big smile, because we take care to ensure that they have a customised treatment plan at an affordable price. I am excited about partnering with YFM Equity Partners as the North West team can help us transform our business and treat more patients locally and across the UK."

Andy Leach, CEO, of North West Business Finance said:   

"This is a great addition to a portfolio of growing businesses that The North West Fund is supporting. In 2011 the Fund invested in 54 inspiring entrepreneurs providing them with the support and finance they required to grow their businesses for the benefit of the economy in the North West. We will continue to do the same in 2012 with many more deals in the pipeline. In securing equity funding from The North West Fund for Development Capital, Evodental has the potential to achieve a step change in its growth and ambition."  

Nicola Frost, corporate partner at Cobbetts in the North West, said: "We were delighted to work with YFM Equity Partners on The North West Fund for Development Capital's maiden investment in such a dynamic business. The investment demonstrates the growing interest from investors in the cosmetic health and beauty sector, but also the continued appeal of equity investment from ambitious entrepreneurs looking to grow their businesses."

YFM Equity Partners, through the North West Fund for Development Capital, invests between £100k and £2m in businesses across all stages of development.  Contact the team on 0161 832 7603 for further information.

Legal advice was provided to Evodental by Weightmans and Cobbetts advised YFM Equity Partners.

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