Beechbrook Capital (“Beechbrook”), the specialist European private credit investor, is pleased to announce that it has provided senior debt facilities to support the continued growth of Labyrinth Laboratories Holding Limited (“Labyrinth Dental” or the “Group”) alongside Ethos Partners LLP (“Ethos”), the UK-based lower mid-market private equity investor.
Beechbrook is partnering with Ethos and Labyrinth Dental’s founding management team as the Group enters its next phase of growth. The transaction will support the continued investment in Labyrinth Dental’s technology, people and digital capabilities, with a particular focus on accelerating the roll-out of its digital scanner proposition to customers.
Labyrinth Dental’s three founders, Michael Coldicott (CEO), Kuldip Bhandal (Sales Director) and Jeffrey Rabone (Lead Technician), will continue to lead the business alongside Ethos. The partnership will enable the Group to build on its strong market position while investing further in its digital offering, including free scanners and training for customers to support the adoption of digital workflows and best-in-class product and patient care.
With more than 40 years of technical heritage, Labyrinth Dental is the fourth largest full-service dental laboratory in the UK, headquartered in Birmingham. The Group brings together eight specialist laboratories on a single site, providing a well-invested centre of excellence serving more than 2,000 dentists nationwide across the NHS and private sectors with crowns and bridges, dentures, orthodontics, implants and whitening.
Labyrinth Dental combines deep technical expertise with a modern, digitally enabled manufacturing platform, operating 24 hours a day and supported by an in-house logistics network delivering nationwide with industry-leading turnaround times.
The Group has delivered strong revenue growth over the last three years, with revenue increasing at a compound annual growth rate in excess of 20%, while sustaining market-leading margins. An early adopter of intraoral scanning, CAD/CAM and 3D printing, Labyrinth Dental now receives a growing majority of its cases digitally and has built an exceptional reputation for product quality, responsiveness and service. This is reflected in a 9.1 customer satisfaction score and a Net Promoter Score of +82.
The transaction represents Beechbrook’s 120th investment and the continued focus on supporting high-quality, established lower mid-market businesses alongside experienced management teams and financial sponsors.
Elliot Gargan, Investment Director at Beechbrook Capital, said: “We are delighted to be supporting Labyrinth Dental, Ethos and the founding management team at this important stage in the Group’s development. Labyrinth Dental has built an impressive business, combining a highly regarded reputation for quality and service with a strong platform and an increasingly digital customer proposition. We look forward to working closely with Ethos and the management team as they continue to support the business and build on its already strong market position.”
John Naylor-Leyland, Partner at Ethos, added: “Labyrinth Dental is an exceptional business with a market-leading reputation for quality, service and innovation in a resilient, growing market. We have been hugely impressed by Michael and the founding team, the loyalty of their customers and the strength of the digital platform they have built. We look forward to partnering with the founders to invest further in technology and people, and to build on Labyrinth Dental’s position as one of the UK’s leading dental laboratories.”
Michael Coldicott, CEO of Labyrinth Dental, said: “We are delighted to be partnering with Ethos and Beechbrook. Throughout the investment process, both demonstrated a genuine understanding of our business, our people and our ambitions for the future. Together with my fellow founders, I am excited to continue building Labyrinth Dental, investing in our digital capabilities and technology to deliver an even better service to our customers and their patients.”
Labyrinth Dental will be chaired by Zak Smith, who joined the Board in early 2025 to support the Group’s growth strategy. Zak has previously scaled and been involved in the sale of two independent dental chains and brings deep sector experience, strategic insight and an extensive network to the business. Suddy Bharaj has joined as Group Chief Financial Officer.
Beechbrook was advised by Gateley Legal (Legals). Ethos was advised by HMT (Financial), K3 (Tax), HCR (Legals), BDO (Commercial), Confidas People (Management) and Blick Rothenberg (Tax Structuring). Management were advised by Shoosmiths (Legals).
