News Article

Ontario Teachers Pension Plan (OTPP) has acquired 100% of Spain-based dental provider Donte Group from Advent International for approximately €1 billion, with closing expected in Q4 2025 . The deal represents one of Europe’s largest dental services platform exits in recent years. 

Key Takeaways 

• Advent’s six-year hold period delivered impressive value creation, transforming Donte from 150 clinics in 2019 to over 400 clinics today, validating a “buy-and-build” strategy in fragmented healthcare markets. 

• Pension funds are increasingly bypassing traditional PE structures through direct investments, with OTPP’s CAD$6 billion healthcare portfolio enabling longer hold periods and reduced fees. This trend poses competitive challenges for traditional PE fundraising. 

• Donte’s operational improvements under Advent include treating 1 million patients, investing €40 million in clinical quality and €35 million in technology, generating 2024 revenues exceeding €385 million with 6.5% YoY growth . 

• European dental services consolidation is accelerating, with private equity backing over 80% of major DSO deals between 2017-2019 . This €1 billion valuation establishes new benchmarks for healthcare services platforms. 

• Donte operates 426+ clinics with 2,200+ dentists across four brands, targeting expansion to 600+ clinics and 1.3 million patients by 2030. The diversified platform spans general, premium, and pediatric segments. 

• The successful exit demonstrates quality healthcare assets can achieve substantial returns despite broader market exit challenges, providing optimism for PE firms holding similar healthcare platforms during current market conditions .