Case Study: Oasis Healthcare
Oasis Healthcare is a leading operator of dental practices in England and Wales, with a national network comprising 134 dental practices under the Oasis brand. The company was already listed on London’s AIM market at the time when Foresight assumed responsibility for the investment through its acquisition of Advent Venture Partners’ VCT management business in 2004. At the first reporting date thereafter, the market value of the investment was under £1 million. Foresight identified the potential to create shareholder value by leveraging the company’s strong cashflow. Foresight increased its holding in the company to over 10% by open market purchases, in order to increase its exposure to value uplift and to exert control over any realization process. The company was acquired in 2007 by Duke Street Capital for £78 million in a hotly contested takeover battle. Foresight funds generated total proceeds of £8.1 million and a total return on investment of 7.7 times the 2004 value and the cost of subsequent share purchases.
