07 Jun 2021

Clyde Munro: Scotland's local dentist

Scottish family dentist, Clyde Munro, has just achieved its 50th dental practice acquisition. This significant achievement is a product of hard work, partnership and a clear vision. We find out how the team at Clyde Munro made their growth ambitions a reality. 

About Clyde Munro

Clyde Munro Dental Group (Clyde Munro) is the largest network of family dentists in Scotland.  Each practice reflects the needs and character of its community and subscribes to a universal ethos of providing great dental care for NHS and private patients alike. Clyde Munro has around 400,000 patients and has landed its landmark 50th dental practice acquisition. It prides itself on delivering positive outcomes for patients, associates, staff and its investors.

The opportunity

Clyde Munro was founded in 2015 by CEO Jim Hall.  Jim said, “we had a clear opportunity to capitalise on the dental market in Scotland. There was no dental group of scale based in and dedicated to Scotland. The number of practices that were consolidated as part of a group was much less than other parts of the UK. There was a real opportunity to act quickly and get ahead of the competition.” 

 

“We were executing a buy-and-build model that had at its core an upfront investment in the infrastructure. We structured our model like this to avoid the risk of any post-acquisition dip in performance. It was also to support rapid growth while maximising the benefits of scale and a professional group approach to drive improved performance and profitability.”

 

Clyde Munro consistently demonstrated an enhanced focus and local knowledge ahead of the competition. Hall continued: “We wanted to take advantage of a market opportunity that would provide rapid growth for Clyde Munro. To do that, we needed a banking partner that understood our business model.”

Investec's solution

The team at Clyde Munro had been working with Investec since 2016. Clyde Munro required a facility to continue its ambitious progression plans within the Scottish dental market. 

 

Investec has provided two follow-on financings since supporting the business with a bespoke acquisition facility in 2016. The most recent being a further £10m at the end of 2020 to drive Clyde Munro’s prospects forward.

 

Jim added: “Investec created the solution specifically for us. It was tailored to both our short- and long-term needs. The flexibility of the solution means it can grow with us and adapt based on our requirements and evolution.” 

 

The process was completely collaborative throughout and the Clyde Munro team were pleased with the interaction with the Investec deal team: 

 

“The board and senior management see Investec as a partner, a true team member that is there to support, as well as challenge and who is ultimately on our side and help us deliver our business plan. Business is all about people and relationships and the Investec team fit so well with our values and how we do things at Clyde Munro.”

 

Kirsty Dace, Chief Development Officer at Clyde Munro agreed: “I think they (Investec) often go above and beyond with their support. For example, putting us in touch with property buyers or advisors who offer feedback on our deal structures. They also mobilise quickly to ensure that we can complete deals within a very short timescale, something which is a massive help when we are moving so quickly.”

Jim Hall
Jim Hall, Clyde Munro CEO

We have become the biggest, most successful and fastest-growing dental group in Scotland. From our first acquisition in 2015, we have grown from an idea to a group of 50 dental practices across the length and breadth of Scotland. We will double in size again in the next two years and we are delighted to have Investec as partners to strengthen us in this amazing journey.

The outcome

At the time of Investec’s initial investment, Clyde Munro held 16 practices. Now, it has completed its 50th and 51st acquisition. The total committed by Investec is now more than £27m. Along with private equity firm Synova, this has ensured the group has delivered on founder Jim Hall's bold ambition to create “Scotland’s local dentist”.

 

“We have become the biggest, most successful and fastest-growing dental group in Scotland. From our first acquisition in 2015, we have grown from an idea to a group of 50 dental practices across the length and breadth of Scotland. We will double in size again in the next two years and we are delighted to have Investec as partners to strengthen us in this amazing journey.” Said Hall. 

 

Ron Robson, Clyde Munro CFO, concluded: “We would really like to carry on the relationship and continue working with the team. We think they’re a really good fit for our business based on their values and ethos as well. Their professionalism, speed of response and flexibility are all things that we also pride ourselves on.”

 

Investec’s Stephen White commented: "Clyde Munro is a business with a clear vision. We’re proud to partner with them, giving long-term financial backing to an accomplished team.

 

“Scottish dentists are confident enough to place their legacy in the hands of the Clyde Munro team, which is in turn investing in those practices to improve outcomes for patients while protecting the charm and identity of individual practices. 

 

"We're delighted to be committing further funding towards Clyde Munro’s ambition of becoming Scotland's local dentist.”

Find out more

Stephen White

Growth & Leveraged Finance

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