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BGF backs pioneering medical technology company Evo

Investment news
27.07.2018.

A surgical and high-precision engineering company that provides  bespoke full jaw dental implant solutions in a day to patients  has received a £4m investment from BGF. London-headquartered Evo will use the funding to expand its clinics, which feature on-site dental laboratories with the latest hi-tech medical manufacturing technology across the UK and explore international growth.

Evo’s advanced, proprietary solution provides life changing treatment for patients suffering from severe dental problems caused by advanced gum disease, congenital bone loss or accidents, and who require a full jaw reconstruction.

Designed and developed in-house by founder Dr R.P. Vijayanarayanan BDS (‘Vijay’) and a team of highly skilled dental surgeons, dental technicians and clinical CAD designers, Evo creates a bespoke new smile for every patient. The process features digital scanning, prosthesis manufacturing, 3D printing, and high-precision milling machines with an accuracy of below ten microns, which is on par with aerospace engineering.

The business has centres in Heathrow and Liverpool, and has completed more than 3,000 full-arch reconstructions for patients who have been referred by Evo’s growing network of dental practitioners or approached the company directly.

The team has the ability to treat 99 percent of people who receive a full clinical assessment, even if they have previously been told that their only option is dentures as they don’t have enough bone to anchor conventional dental implants. The Adult Dental Health survey and ONS data suggest that more than five million people in UK could benefit clinically from this treatment. Evo has seen increased demand from patients who want a permanent, comfortable and aesthetically appealing alternative.

BGF’s funding will be used to expand capacity at Evo’s current facilities, rollout new clinics in the UK and explore franchise opportunities internationally. Michael Lewis, who has held senior roles in growing businesses in the healthcare and medical devices sectors including Align Technologies, Cambridge Cognition, Glyconics and iPlato, has been appointed as Non-Executive Chairman.

Evo’s founder and CEO Dr Vijay said: “Evo is taking what’s possible in dentistry today far beyond the limits of what has previously been available. We’ve combined state-of-the-art engineering, innovation and first-class patient care to deliver a solution for the chronic types of tooth problems that inflict millions of people across the UK.

“We chose to partner with BGF because of their culture and approach. We have very ambitious expansion plans and wanted to work with someone who will support us longer-term, and also introduce us to people outside of our immediate space that can help us grow as a business.”

BGF has invested close to £100m into healthcare and medical technology companies across the UK. These include pioneering internet pharmacy Pharmacy2U, dialysis provider Renal Services, discharge services provider CHS Healthcare and care home operators Springfield Healthcare, Dolphin Homes and The Good Care Group. BGF has also backed online platforms for sourcing healthcare professionals Latum and Caresourcer, and personal data analytics company MyLife Digital.

The investment was led for BGF by George Tsangarides, Thomas McDonnell and Alistair Brew, who joins the Board of the company.

Alistair Brew, BGF said: “Evo is an example of the best of British craftmanship, engineering and technology. The company has built a reputation for clinical excellence and is at the forefront of a nascent, but potentially very large market.

“Led by Dr Vijay, the team has huge ambitions to take this treatment across the UK and internationally, and we’re delighted to be backing them.”

Advisors to the transaction were:

For BGF:

Legal advisors – Freeths

Tax advisors – Grant Thornton

For Evodental:

Corporate Finance & Tax – Kingston Smith

Legal advisors – Simons Muirhead & Burton LLP

Commercial Due Diligence – Luminii Consulting

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