ICG arranges Vitaldent refinancing

Intermediate Capital Group has provided €100 million in refinancing capital to a network of dental clinics, according to a statement released Monday.

Vitaldent, which bills itself as Europe’s largest network of dental clinics, will also use the refinancing capital to facilitate plans for expand its network in Italy and Poland.

ICG acted as the lead arranger on the transaction with Mediobanca as sole coordinator of the debt facility. ICG had not responded to a request for comment at press time.

The Vitaldent network generates approximately €450 million in sales annually. Vitaldent 2013 fiscal year EBITDA is forecasted to hit €33 million, according to a statement.

Vitaldent is the second notable refinancing in the dental arena of late. Last month, CIT Corporate Finance secured a $140 million senior secured credit facility for National Dentex, a Welsh, Carson, Anderson & Stowe portfolio company.

In November, ICG announced that it had partnered with Nomura to launch a joint venture that will provide mezzanine financing to Japanese companies. ICG and Nomura will each invest ¥10 billion ($99 million; €74 million) in the form of seed capital. The joint venture will eventually collect commitments from institutional investors as well, the firms said in a statement.