KKR to Acquire Leixir Dental Laboratory Group
According to reports, Global investment firm KKR is in discussions with US fund Comvest Investment Partners, to acquire Leixir Dental Laboratory Group, a US-based dental solutions provider, at a valuation of $200-$250 million. Established in 2013 by Harmeetpal Singh Bindra and Mangesh Sholapure, Leixir serves independent dentists, dental service organizations, along with technology and distribution companies. It runs a network of comprehensive dental labs providing items like crowns, bridges, implants, surgical guides, dentures, and intraoral scanners.
The firm operates six dental labs across the US, along with a digital design and production facility in Gurugram. As per Tracxn, its main rivals are Straumann Group, Dentsply Sirona, and Acteon Group.
Leixir reported earnings before interest, taxes, depreciation, and amortisation (Ebitda) of approximately $20 million last year, sources indicated, and noted that Deloitte is assisting Comvest with the sale process.
In 2021, Comvest purchased Leixir, which had previously received support from institutional investors like IvyCap Ventures, GSK Ventures, and Stakeboat Capital. IvyCap became the initial institutional investor in Leixir in 2015, and in 2016, GSK Ventures, led by serial healthcare entrepreneur GSK Velu, joined in.
At present, Comvest Investment Partners V LP possesses a 54.3 percent share in Leixir, whereas Comvest Investment Partners V-A LP controls 45.5 percent.
Leixir has purchased multiple top laboratories across various markets in North America, including Knight Dental Group in 2014. It operates the biggest dental laboratory in India and is among the largest dental labs in the United States.
KKR has actively invested in the Indian healthcare market, where it secured one of its largest profits in India by divesting from Max Healthcare. In 2018, KKR acquired a majority share in Max Healthcare alongside Mumbai's Radiant Life Care, and in 2023, it achieved a complete exit with a fivefold profit.
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To replicate its achievements in healthcare, KKR is working on establishing a hospital platform via various acquisitions. Last year, the US fund purchased Baby Memorial Hospital in Kerala through its Asia fund V.