A leading private equity firm investing in Europe

Pan-Asian restaurant chain

A leading private equity firm investing in Europe

Manufactures and distributes medical devices

A leading private equity firm investing in Europe

Plant hire business

A leading private equity firm investing in Europe

Pioneering UK value retailer

A leading private equity firm investing in Europe

Specialist provider of healthcare services

We invest in Western European mid-market companies

Duke Street Private Equity has been investing in mature, mid-market West European businesses for over twenty years, concentrating our investment strategy on four sectors: Consumer, Healthcare, Industrials & Engineering and Services. Typically we invest in companies with an enterprise value of between £50m - £250m. Our strategy is based on our ability to identify unique opportunities and add value to each business we acquire. We aim to transform the prospects of the companies that we invest in.

Origination beyond the obvious

We focus our efforts on transactions developed on an exclusive basis. We actively seek complex deals which other investors may avoid if we think they have underlying growth potential.

Value creation

Our mission is to accelerate the growth of the companies that we buy. We help our companies grow both organically and through acquisition.

Supportive Structure

We have developed a robust approach to building relationships between ourselves, the CEOs of our portfolio businesses and our Operating Partners.

Sector focus

We believe sector knowledge is critical, which is why we have dedicated teams focusing on our four core sectors. This, alongside the deep industry experience of our Operating Partners, has allowed us to create a proven track record of successfully building companies.

We invest in companies with strong brands serving consumers across multiple channels

We have extensive experience in the consumer sector: in restaurants with wagamama, in the gaming sector through our investment in companies such as Gala Bingo, Sporting Index and Leisure Link. In leisure, we have invested successfully in both niche hotel operators and fitness and leisure businesses. Two of our investments in particular – SandpiperCI and The Original Factory Shop – display our willingness to back retail management teams with ambitious growth plans, even at a time when the sector as a whole was experiencing tough trading.

We also have a wealth of experience of working with management teams in consumer branded products. At Simple, we backed an ambitious growth plan for the business to become the UK’s leading skin care provider by volume, overtaking companies such as Nivea and L’Oreal in the process.

See our Portfolio for a more in-depth analysis of these and further Consumer investments.

Duke Street is a long-term investor in the healthcare space, making our first investment in 1997

Since then we have deployed c. €700m in the sector, backing great management teams to deliver transformational business plans.

We believe the sector to be structurally attractive: it is defensive and benefits from significant barriers to entry due to the complexity of the products and services involved.

We also believe that it lends itself well to our investment strategy. Europe is home to a large number of strong management teams, and high value-added businesses which deliver outstanding patient outcomes. Such businesses typically offer multiple routes to value creation. Even the most mature sub-sectors remain fragmented and so there is significant potential for buy and build.

Please see our Portfolio for a more in-depth analysis of our past and present Healthcare investments.

We cover a broad range of Industrials sub-sectors with a particular focus on aerospace & defence, engineering, manufacturing & security

We look to invest in companies with differentiated product or process IP, operating in attractive end-markets, with scope to affect operational transformation through inter alia, a build-up in specific niches, technological changes, or product / geographic diversification.

We back management teams with a clear strategic vision as well as a strong operational focus; and our in-depth understanding of the sector means we are well-placed to work in partnership with such teams.

Our investments in this sector include Deloro Stellite, the specialist engineering group, and filtration solutions provider Madison Filter. See our Portfolio for a more in-depth analysis of these and further investments.

We invest in services businesses with the potential for operational improvement and rapid growth

The services sector encompasses a wide range of sub-sectors, each subject to its own dynamics but often with outsourcing as a key driver. We identify macro trends that will drive above average market growth, and then back businesses providing value added skills and products to their customers in those markets. We are particularly attracted where there is the potential for operational improvement as well as organic growth. We partner with best-in-class management teams providing support, capital and expertise where this is required and materially adds value.

We have considerable experience in the sector, complemented by a large network of industry contacts. Investments we have made in this sector include Ardent Hire Solutions, a heavy equipment hire business, Payzone, a consumer payments business, and the specialist pensions group Xafinity. See our Portfolio for a more in-depth analysis of these and further Services investments.

Our Portfolio

Oasis Dental Care Ltd

SECTOR: Healthcare

www.oasisdentalcare.co.uk

Leading UK dentistry chain

Oasis is the only national dentistry group serving a strong mix of NHS, private and specialist patients. Led by a strong management team, the company has an excellent track record of new builds, acquisitions and operational improvements which will help its continued expansion.

An expanding sector

Oasis Dental Care is the No. 2 dentistry chain in the UK, with over 200 practices and 850 dentists. The company offers the full range of general and specialist dentistry, serving both the NHS and the private market. The dentistry sector is expected to grow ahead of GDP, and Oasis is in a strong position to gain market share, organically, as well as through new build and acquisition.

A thorough understanding of the market

The acquisition of Oasis Healthcare was a public-to-private transaction led by Duke Street. Competing with only one strategic bidder, we put our success down to our knowledge of the market and exclusive access to the management team. A new Chief Executive was then appointed with considerable experience of multi-site retail operations and working with the NHS, most recently as Managing Director of Lloyds Pharmacy.

The right time for corporate dentistry

Dentistry in the UK is open to a more professionalised management approach and consumer proposition, and Oasis is delivering these and building market share in both private and NHS segments.

A fast moving trend towards larger and more exacting professional environments in dentistry allows Oasis to differentiate itself from independent, smaller practitioners. In the private market, more consistent patient care and professional marketing is gaining Oasis market share. There is a particular focus on growing specialist capability in areas like implants and orthodontists. These are hugely underpenetrated compared to other markets like the US.

NHS dentistry continues to be a growth environment, with significant demand not currently being met. Since the new NHS dentistry contract came into effect in early 2006, Oasis has won a market leading number of new practice contracts tendered by Primary Care Trusts and Health Boards. Oasis is also winning many additional NHS contracts across its estate as well as improving efficiency and patient care, and is participating strongly in new NHS contract models, with 32 practices working with innovative, preventative models of care.

Industry consolidation

With only 10% market share between all corporate players there is a unique opportunity for rapid market consolidation at attractive multiples. Having grown the Company through both acquisitions and organic growth and improved operations, it was felt that to accelerate growth further a source of significant new equity capital was required. Accordingly Duke Street sold a majority of its stake to a new private equity house with similar ambitions to Duke Street for Oasis, whilst maintaining an ongoing minority stake to allow investors to benefit from the future upside.

Exit

Duke Street sold its minority interest in February 2017 to BUPA.

 

 

Our Team

Previous Next

Investors

Duke Street has invested £2.4bn and realized £3.7bn since 1994, and currently manages over £500m AUM. Our model ensures maximum alignment between investors and management teams and provides flexibility as well as certainty of funding. Fundraising is aligned with our own internal investment committee process, ensuring timely execution.



Latest News

Previous Next

Contact

Duke Street

Nations House,
103 Wigmore Street,
London W1U 1QS

Tel: +44 (0)20 7663 8500
Fax: +44 (0)20 7663 8501

Email us

mail@dukestreet.com

You can use the email address above, or write to us for additional security. Enquiries will of course be treated in strictest confidence from time of receipt but we cannot guarantee the security of email (or other) communications with us.