The situation.
Hague Dental’s founders had previously instructed a large national broker, who produced one offer at 25% of its own valuation. When they met David Nelson, his advice was to keep building the business first. A few years later they came back.
Our approach.
Agreed with Jim and Kirsty Hague that an equity investor, rather than an outright sale, suited their plans to keep leading the business.
A detailed search of potential investors, with a confidential teaser and information memorandum.
Marketing began days before the pandemic, with meetings moved online and a virtual data room.
Support appointing an experienced Finance Director, who strengthened the business and the due diligence process.
What made it difficult.
Running an investment process through a pandemic, while the dental industry was closed for months, and a finance function the business had outgrown.
The outcome.
Over eight months the founders received more than six offers, nearly all at their target. Mornington Partners acquired a majority stake, with the founders keeping a minority.
