Schroder Ventures Intl Inv Tst PLC
09 January 2004
9 January 2004
SCHRODER VENTURES INTERNATIONAL INVESTMENT TRUST PLC
REALISATION OF EURO DENTAL AND DEMEDIS
Funds advised by Permira have today announced the realisation of two dental
distribution businesses, Euro Dental Holdings and demedis. Euro Dental is a
leading mail order house for dental consumables in Germany and Italy and demedis
was the dental distribution division of Sirona Dental Systems. SVIIT announced
the realisation of the dental equipment division of Sirona Dental Systems in
The realisation of both these portfolio companies values SVIIT's total direct
and indirect* investment in these companies at approximately £11.7million** (net
of the provision of carry). SVIIT expects to receive proceeds of approximately
£9.6 million from the sale, the remainder being held within P123 for
reinvestment in Permira Europe III.
This realisation increases the total uplift to the gross June 2003 valuation for
the entire investment in Sirona Dental Systems to 28%. The uplift to the gross
June 2003 valuation for Euro Dental Holdings is 58%. Both these uplift
percentages are prior to the provision of carry.
These realisations, in addition to the earlier realisation of the dental
equipment division of Sirona in November 2003 will add approximately 8p to
SVIIT's June 2003 fully diluted net asset value per share.
The completion of the sale is subject to standard closing conditions and
regulatory approvals. An approximate further £1.4 million from the realisation
of these two companies is being held in escrow, which SVIIT expects to receive
For further information, please contact:
Schroder Ventures International Investment Trust plc
Nick Ferguson 020 7010 8911
Schroder Ventures (London) Limited
Alice Todhunter 020 7010 8925
Weber Shandwick Square Mile
Peter Corbin /Nick Dibden 020 7067 0700
* through its holding in P123.
** taking into account the €105 million of Permira Europe I & II
assets to P123 at its final close. In return SVIIT has a 38%
holding in P123.
This information is provided by RNS
The company news service from the London Stock Exchange