By Dr Chris Potts
June 2026
Corporate dentistry and the dental market in UAE
Corporate Dentistry is normally described as ownership of multiple dental practice by non-clinicians. While specific regulations vary, there are many countries – such as the UK, Australia, Canada and the UAE – that encourage corporate models. In the UAE, for example, high quality dentistry supports the tourism section. UAE law requires that a Medical Director is appointed to ensure appropriate clinical decisions are always made.
The value of groups of dental practices is generally higher than the sum of the value of the individual practices. This is partly due to the economies of scale and sharing of resources across multiple sites. Investors will often pay a premium if the one transaction involves multiple sites, rather than multiple transactions to obtain lots of individual sites that will then require integration.
Dentistry is a valuable part of the healthcare market in many countries and Dubai and the UAE are not exceptions. The UAE Dentistry Market is expected to grow from USD 3.7 billion in 2025 to USD 8.4 billion by 2031, registering a CAGR of 14.5% during the forecast period 1 Dubai serves as the primary medical and commercial hub of the UAE and therefore its performance is the dominant force behind these projected figures.
Opportunity identification
ASCA Capital Ltd is a mid-market private equity firm which pursues a “different approach to Private Equity Investment in the Middle East”, and is driven by the core values of “integrity, transparency, professionalism and social welfare”. An essential element of ASCA Capital’s approach is to apply “hands-on operational experience” alongside its “experience, knowledge, expertise, and international network” in order to help portfolio companies “achieve their scaling goals”.
Early in 2025, ASCA Capital was keen to improve its understanding of the dental sector in the UAE, including any ‘red flags’ that they should be aware of. This formed part of its desire to confirm a suitable platform to commence their ‘buy and build’ strategy involving both organic and inorganic growth. They asked Greybeard to assist with this process.
Early discussions centred around some of the key characteristics that would affect the attractiveness of the market, including issues such as recruitment and retention, fees, and dental tourism. This developed into a more focused information requirements list relating to their proposed target.
ASCA Capital had identified Dr. Michael’s Dental Group as a potentially attractive investment opportunity, that aligned closely with ASCA’s investment criteria. The company had been established in 1997, and now operates five modern clinics across Jumeriah and Umm Suqeim. The group offers a wide range of services including General Dentistry, Paediatric Dentistry, Orthodontics, Oral Surgery, Implantology, Endodontics, Cosmetic Dentistry, Periodontics, Prosthodontics. Dr. Michael’s Dental Group is a well-recognized brand with more than 25 years of excellence in dental care and has been awarded Best Dental Care Provider of the Year in recognition of its longstanding commitment to quality and patient care.
The information gathering process
Prior to visiting all sites various information was requested and made available. This allowed for an initial understanding of the business and its operation. There was also a virtual ‘data room’ which access was provided which also proved to be a useful source of data to help start to build a picture. Here there were a variety of documents including previous P&L accounts, management information, examples of staff contracts, plus an eclectic mix of other information which all added to detail of the final report.
After the initial desktop exercise, visits to all five sites were planned. Meetings with senior management were also scheduled during the various visits. The staff at the target group of practices embraced the process which inevitably led to a better, more timely outcome for all involved.
The scope of the due diligence included:
- Executive summary including SWOT analysis and ‘red flag’ summary
- People: recruitment, retention, capability analysis of key leaders
- Physical assets: building locations, equipment (type, condition)
- Information technology: patient management software
- The patient journey (including functioning of reception, the waiting area) and overall initial experience
- Patient acquisition
- Treatment modality analysis
- Fees and opportunities to maximise
- Revenue opportunities (opening hours, chair utilisation)
- Lab utilisation and opportunities
- Marketing effectiveness and opportunities
- Clinical effectiveness
- Workflows
- Key performance indicators
- Competitor analysis
- Investment Opportunities
- Treatment Diversification
Having gathered the information, and comparing against accepted benchmarks, Greybeard produced a comprehensive 75-page report for ASCA over a 4 -week period in April and May 2025, and participated in a number of further discussions about issues highlighted.
Outcome
In July 2025, ASCA Capital made a significant investment into Dr. Michael’s Dental Group to back a founder-led buy-back. The deal allowed the clinic’s original founder, Swedish dentist and entrepreneur Dr. Michael Formenius, to regain a controlling interest in the company 2.
In announcing the deal, Tom Hodgson and Niels Stidsen, Co-Founders of ASCA Capital, said: “We are very excited to become partners in the next phase of growth for Dr. Michael’s Dental Group, which is already a flagship name in the UAE’s healthcare landscape. This is a business with excellent medical staff, world class facilities, a strong reputation, a proven business model, and a clear plan for growth. We look forward to supporting Dr Michael and his superb leadership team on this journey.”
Greybeard is delighted to have supported this important investment by ASCA Capital, and send best wishes to both ASCA and Dr Michael’s Dental Group in building a thriving business in the region, that continues to delight its patients. Greybeard will continue to advise on an ad-hoc basis and we look forward to the day when the website will announce it has looked after its one millionth patient!
Notes
- UAE Dentistry Market Size and Forecasts 2031. Mobility Foresights 2025.
- ASCA Capital press release August 2025
