Double whammy for PPM in Germany

The mid-market buyout group reportedly trying to win its independence from UK insurer Prudential has done two deals today in Germany.

PPM Capital, the buyout arm of UK insurer Prudential, has completed a two deals in Germany. It has bought orizon, a temporary work agency, for €176.5 million and InteraDent Zahntechnik, a German dental laboratories business, for an undisclosed sum.

It acquired orizon from GL Aktiengesellschaft, which owned 71.5 percent, and from various other unnamed shareholders. The agency has a number of brands including Rolf Plümer, Plümer Konstruktionen, Andreas Wust and PersonnelConsultants HR.

Meanwhile PPM bought InteraDent through its portfolio firm European Dental Partners.

InteraDent, based in Lübeck, is one of the pioneers of medical dental care at affordable prices. As early as 1985 the company set up its own master laboratory in Manila/Phillipines. InteraDent handles over 60,000 orders for dental prostheses per year and is one of Germany’s largest dental laboratories.

European Dental Partners also owns the M&W Group, based in Büdingen with companies in Austria, Switzerland and the Czech Republic. M&W is the market leader in dental mail order distribution in Germany and specialises in the distribution of dental consumables and small appliances.

PPM has had some success with its buy and build strategy with companies such as the Barracuda Group and the Astron Group, both of which grew  through acquisitions while being part of PPM’s portfolio.

Shearman & Sterling, PwC, Maconda and Close Brothers gave advice on both mandates. In the course of the orizon acquisition, PPM Capital was also advised by Baird and Latham & Watkins. Skadden Arps gave legal advice on the InteraDent transaction.