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Expected to close in
third quarter of 2017

Carestream sells dental digital business to two investment firms

by Lauren Dubinsky , Senior Reporter
Carestream, along with its parent company, Onex Corporation, announced on Friday an agreement to sell its dental digital business to two investment firms. The new, independent company will be called Carestream Dental.

Clayton, Dubilier & Rice, a leading global private investment firm, will invest 75 percent of the equity for the transaction. Hillhouse/CareCapital, a specialist investment platform focused on dental and consumer health in Asia, will provide the remaining 25 percent.

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Carestream’s dental digital business holds positions in attractive, high-growth oral health care markets and CD&R and Hillhouse/Care Capital intend to build on the company’s leading positions, and foster further growth.

An iData Research market report published on Friday found Carestream consistently among the top players in the European dental imaging device market, which is expected to exceed €430 million by 2023.

"Our investment in Carestream Dental lines up well with CD&R's strengths, executing complex corporate carve-outs where there is meaningful transformation and growth potential," Derek Strum, CD&R Partner, said in a statement. "We are excited to partner with Hillhouse/CareCapital, which owns several dental platforms in China that will help Carestream Dental further capitalize on substantial emerging market growth opportunities."

Carestream Dental’s portfolio includes 2-D and 3-D extraoral imaging and intraoral imaging equipment and practice management software that aids with the patient check-in process, creating digital patient records and image management. Dental X-ray film and anesthetic equipment are not included in the agreement and will remain with Carestream.

Lisa Ashby, president of the dental digital business, will become CEO of the new independent company once the transaction is complete. John Dineen, an advisor to CD&R funds and a former CEO of GE Healthcare, will serve as chairman.

“This is a landmark moment for Carestream Dental that positions the company for exciting future growth,” Ashby, said in a statement. “With the strong support of our new partners, we look forward to becoming even more effective in serving the dynamic needs of the global oral health care industry.”

The transaction is expected to close in the third quarter of 2017, subject to regulatory and other approvals.

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