German dental refi kicks off with flat earnings under scrutiny

Fabian Graber
+Fin Strathern

22 October 2024•2 min read

Private equity firm Armira is looking to refinance its German dental products supplier Scheu-Dental, according to 9fin sources.

Debt Advisory Partners is advising the sponsor on the process, marketing Scheu-Dental off EBITDA of around €6m, said the sources. The Frankfurt-based advisory firm was recently launched by its managing partner, Philipp Widmaier, who left corporate advisory business Goetzpartners and took most of his former team with him, according to a German news report.

Private credit providers are showing interest in the refinancing, but there’s some scrutiny on the company’s performance, as earnings have been rather flat in recent years, said the sources.

In 2022, Scheu-Dental reported EBITDA of €5.2m and sales of €44.4m after EBITDA of €6m and sales of €43.1m in 2021, according to its FY 22 financial report, which is available on Germany’s Unternehmensregister database.

Scheu-Dental also expected stagnation in its EBITDA for 2023, as per the report. At the end of 2022, the company had bank debt of around €28m.

Armira acquired Scheu-Dental in 2019, according to a press release. The company dates back to 1926 and supplies dental products including pressure moulding equipment, 3D printing technology, orthodontics, dental sleep medicine and laboratory equipment, according to Scheu-Dental’s website.

The firm operates in 103 countries and has around 300 staff, as per its website.

Armira and Debt Advisory Partners declined to comment. Scheu-Dental did not return a request for comment.

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