CPE News (5/6/2021) – dentalcorp Holdings Ltd., a portfolio company of L Catterton, Imperial Capital Group and OPTrust, has filed an amendment to its preliminary base PREP prospectus for the proposed initial public offering of subordinate voting shares.
dentalcorp is proposing to issue between 36,842,105 and 43,750,000 subordinate voting shares priced at between $16 to $19 per share for gross proceeds of $700 million or $805 million if the over-allotment option is exercised in full.
Concurrent with the closing of the offering, L Catterton, Imperial Capital Group, OPTrust, founder & CEO Graham Rosenberg will subscribe 8,571,428 Shares (consisting of 813,139 multiple voting shares in the case of Rosenberg, 7,758,289 subordinate voting shares) for gross proceeds of approximately $150,000,000, assuming an offering price of $17.50 per share (midpoint of the proposed offering price range).
The shareholders will also subscribe 5,700,000 subscription receipts that will, upon expiry of the over-allotment option, result in the shareholders receiving such number of additional subordinate voting shares as is equal to the value of the net proceeds of any unexercised portion of the over-allotment option that the company would have otherwise received if the over-allotment option was exercised in full, for up to $99,750,000.
Upon completion of the offering (including shareholder investment and assuming the over-allotment option is exercised in full), assuming the offering price of $17.50, dentalcorp will have 143,484,455 subordinate voting shares, 8,925,532 multiple voting shares and no preferred shares will be issued and outstanding. All of the issued and outstanding multiple voting shares will, directly or indirectly, be held or controlled by Rosenberg.
dentalcorp’s pre-IPO shareholdings:
L Catterton – 61,824,724 subordinate voting shares
Imperial Capital Group – 10,859,584 subordinate voting shares
OPTrust – 4,717,288 subordinate voting shares
Other current shareholders – 12,324,570 subordinate voting shares
Graham Rosenberg – 8,112,393 multiple voting shares
With over 5,000 employees, Toronto based dentalcorp is Canada’s largest network of dental practices. Leveraging its industry-leading technology, know-how and scale, dentalcorp offers dental professionals the unique opportunity to retain their clinical autonomy while unlocking their potential for future growth. The company currently has 412 practices nationwide (434 inclusive of signed LOIs) and 324 partners (347 inclusive of signed LOIs).
photo credit: dentalcorp Holdings