3 February 2021
BDA advises Kim Dental on US$24m Series B capital raise led by Asia Impact Investor ABC World Asia
Raised Series B round from ABC World Asia
BDA Partners is pleased to announce that its client, Kim Dental, Vietnam’s largest private dental care platform, has raised US$24m in Series B round. The investment was led by ABC World Asia, a PE fund dedicated to impact investing across Asia, seeded by Temasek. Proceeds from the round, which saw participation from existing backer Aura Private Equity, among others, will support Kim Dental in expanding the delivery of affordable and reliable oral health services across Vietnam.
Kim Dental owns and operates a fast-growing network of 19 dental clinics across four cities. The clinics provide dental check-ups and treatments as well as more advanced orthodontics, prosthodontics, oral surgery and implants. Kim Dental employs 120 dentists and dental surgeons, as well as over 600 clinical and operational staff serving over 23,000 patients per month. Kim Dental also operates a dental laboratory to support its clinic network with in-house production of crowns, dentures and bridges.
BDA Partners was the exclusive financial advisor to Kim Dental on the transaction.
David Heng, CEO of ABC World Asia, said, “The improvement of health outcomes is a key impact focus for us. Oral health, despite being a key component of primary healthcare, is often neglected and poses a major public health concern in developing countries. Kim Dental is delivering affordable and quality oral healthcare to communities across Vietnam. With its comprehensive approach towards professionalizing dental operations, improving clinical training, and elevating customer service, Kim Dental is driving positive oral health outcomes anchored on affordability, quality, awareness, and prevention. We look forward to supporting Kim Dental as it continues to contribute to universal health coverage, and prevent and control non-communicable diseases in Vietnam through better oral health.”
Andrew Nai, Director of Aura Private Equity, said, “Aura Private Equity was an early investor in Kim Dental and is proud to follow on in this landmark round led by ABC World Asia. Aura Private Equity was attracted to Kim Dental as the market leader in Vietnam, providing world class oral hygiene services at affordable prices. We see strong community outcomes, as well as a significant market in Vietnam for affordable healthcare. This transaction is a milestone for Aura Private Equity, especially in light of COVID-19. It’s our first collaboration with ABC World Asia, and we’re delighted to partner with them to support Kim Dental’s founders in further scaling their business.”
Viet Huynh, CFO of Kim Dental, said, “With the support of ABC World Asia, Aura Private Equity and other new investors, Kim Dental is well-positioned to expand our delivery of international-quality oral healthcare to fast-growing communities across the country. We’ll continue to work hard to increase access, quality, and demand for oral healthcare in Vietnam, and contribute to more positive overall healthcare outcomes.”
Andrew Huntley, Managing Partner of BDA Partners, and Head of Healthcare, said, “This is the second transaction in two weeks in the dental ecosystem on which BDA has advised. We’re pleased to have used our insights and expertise to help Kim Dental find the ideal partners to fund its growth in the exciting Vietnam dental space.”
Huong Trinh, Managing Director of BDA Partners, said, “We’re happy to have advised Kim Dental on the Series B raise. This transaction reaffirms BDA’s ability to deliver the best results for clients irrespective of the pandemic, to connect fast-growing local businesses with international PE firms.”
About Kim Dental
Headquartered in Ho Chi Minh City, Kim Dental is the largest private dental care platform in Vietnam. Kim Dental delivers comprehensive oral care services of international dental standards to more than 370,000 patients across Vietnam, contributing to universal health coverage and the prevention of non-communicable diseases. www.kimdental.vn
About ABC World Asia
ABC World Asia is a Singapore-headquartered and Asia-focused private equity fund dedicated to impact investing. ABC World Asia invests in companies that drive positive change by addressing the world’s most pressing challenges such as climate change, resource scarcity, and deepening inequality. The fund’s investment themes include financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.
ABC World Asia believes that investing with an impact lens demonstrates the positive power of private capital. Through its rigorous and impact-based investment approach, the fund helps to foster more innovative and resilient companies that deliver societal and environmental benefits. ABC World Asia is a disciplined investor and aim to generate positive and measurable social or environmental impact, alongside a compelling risk-adjusted return for its investors.
ABC World Asia’s investment strategy is aligned with the ABC Framework for an Active Economy, a Beautiful Society, and a Clean Earth. The ABC Framework was established by Singapore investment company Temasek and builds on the ideals of the 17 Sustainable Development Goals set by the United Nations.
ABC World Asia’s inaugural S$405 million fund includes investors such as Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, Sembcorp Industries, and Singapore Power. www.abcworld.com.sg
About Aura Group
Aura Group is a financial services business providing tailored wealth, funds management and corporate advisory solutions to clients. Founded in Australia in 2009, Aura Group has its head office in Singapore and a significant footprint across the Asia Pacific region including Sydney, Melbourne, Brisbane and Ho Chi Minh City. Aura Group takes a client-centric approach and was awarded the Best Wealth and Fund Management Company – Asia Pacific and the Client Service Excellence Award – SE Asia, at the 2019 International Finance Awards. Aura Private Equity is Aura Group’s Asia Pacific-focused PE Team, investing in emerging marketing leaders. www.aura.co
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorised and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors.
Acquired by MicroPort
Acquired by Mindray
Divested majority stake to DCP Capital
Agreed to divest Couvet, Switzerland facility to WuXi AppTec
Divested Neoss to CareCapital
Divested Escientia Life Sciences to Deccan Fine Chemicals
Divested significant stake in Kehua Bio-Engineering to Gree Real Estate
Divested LAP Laser to IK Investment Partners
Divested majority stake to The Longreach Group
Divested plant health business in Japan to Nisso
Divested The Ritedose Corporation to AGIC and Humanwell
Majority recapitalized by Galen Partners
Divested CMC Biologics to Asahi Glass
Acquired Graphic Controls, USA
Divested to a Japanese chemicals & life science company
Sold stake in An Giang Plant Protection to Standard Chartered
Acquired Adval Tech Medical (Suzhou) and Omni Manufacturing (Mexico)
Divested Shanghai Elsker Mother & Baby Co. Ltd to Johnson & Johnson
Divested Radiant Research Inc, US-based clinical research company
Divested medical supply business to Halma in the UK