The current dental acquisitions landscape in the UK: A mid-2025 overview

I was recently asked by a UK-based dental practice owner and his (Australian-based) son, to review the acquisitions landscape as part of their long-term strategic planning for the business.

We recorded the interview on Zoom and took the transcript to my trained GPT, The Extreme Business Autopilot© to create a summary.

What follows is that summary - yes, created by AI but an accurate analysis of an hour's real conversation.

Overview

"The UK dental acquisitions market, particularly across mainland regions, is undergoing significant structural change. This shift is shaped by macroeconomic headwinds, operational cost pressures, and evolving buyer profiles. A recent expert briefing offered a timely snapshot of this dynamic landscape—providing clarity for practice owners exploring exit strategies or repositioning for growth.

At the heart of the market remains the valuation principle of adjusted EBITDA. Despite industry scepticism over its accuracy, EBITDA—adjusted to reflect the replacement cost of an owner-principal delivering clinical income—continues to underpin sale pricing. On average, current valuations sit at 6.5x adjusted EBITDA, with practices generating £300,000 or more in adjusted profit commanding valuations of circa £2 million.

That said, sellers are reminded to distinguish between “valuation” and “deal structure”—70% upfront payments remain the norm, with the balance tied to performance-driven earn-outs, often extending 3–5 years.

Buyer Profiles: A shifting spectrum

The traditional seesaw of buyers—independent clinicians at one end and corporates at the other—has seen a rebalancing.

Independent buyers, often first-time owners, are usually backed by a blend of modest personal savings and institutional finance. These buyers typically seek sub-£1 million acquisitions, often preferring “doer-upper” practices over turnkey operations, due to affordability and the opportunity for rapid uplift. For sellers who have already modernised and optimised their businesses, this cohort may be priced out of the transaction.

At the corporate end, the appetite has waned. Large groups are focusing on internal consolidation, trimming underperforming locations, and responding to reduced profit margins. Corporate EBITDA has dropped from historic highs of 15% down to 5% or lower, forcing restructuring—often through the closure of smaller practices and the creation of centralised “super clinics.”

A notable example is the strategic repositioning of certain large groups, shifting from acquisition to rationalisation. Recent changes in ownership among major players further highlight market uncertainty and have pushed large-scale consolidators into retrenchment.

In between, however, lies fertile ground: the mid-sized dental group. These organisations—owning anywhere from three to 60+ practices—are now the most active buyers. Supported by trade body alignment and increasingly sophisticated internal infrastructures, these groups are fuelling much of the transactional activity. Interest from North American consolidators is also beginning to surface, although traction remains slow.

Shared ownership, staff incentives, and alternative models

While historically rare, shared ownership models—such as equity distribution to practice managers or lead clinicians—are beginning to emerge as credible solutions for continuity and motivation. These may take the form of outright shareholdings or profit-linked share options, especially in practices with strong leadership teams already in place.

Although alternative approaches, like selling to teams or introducing associate-led ownership, are still in their infancy in the UK, disruption often breeds innovation. A period of economic and operational flux may encourage greater adoption of hybrid models over time.

Conclusion

The UK dental market is no longer dominated by corporate appetite or independent dreams alone. Today’s sellers must understand the value of their EBITDA, the strategic position of their practice, and the type of buyer most suited to their exit aspirations. Crucially, for those generating strong profits and supported by capable leadership teams, the question isn’t “how to sell,” but whether to sell at all. In a market this cyclical, timing remains everything."