UBM Buys 60% Stake In Famdent
Famdent is one of the leading clinical dentistry publications in India, and has been around since 2000. They also have a thriving exhibition and conference business, besides offering continuing education for dental students. The company is run by the husband-wife duo Dr. Anil Arora and Dr. Jyotika Arora. The remaining 40% of the business will remain with the Arora family, and the transaction is expected to complete in the next three months. UBM's investment in the joint venure is anticipated to provide a return in excess of UBM's cost of capital criterion in its first full year of operation.
As part of this acquisition, UBM, has also formed a joint venture with Famdent on behalf of its UBM Medica business to operate the company's dental exhibition and conference business in India. UBM will own 60% of the Famdent business, with the remainder of the business being owned by Drs Anil and Jyotika Arora. UBM is forming the joint venture on behalf of its UBM Medica business.
"The creation of our Famdent joint venture brings us a leading position in India's rapidly-growing dental industry. I look forward to working with Anil and Jyotika Arora to grow the Famdent shows and to extend them to new territories across India and Asia. With our expanded platform in this space, we will also seek to broaden our offering in other Indian medical exhibition and conference markets," said Henry Elkington, CEO, UBM Medica.
The Indian dentist industry is estimated to be a $120 million industry and growing 15-20% annually. There are more than 100,000 qualified dentists currently practising in India, with around 13,000 new dentists entering the market each year from 191 dental colleges. India's major cities now have approximately 12,000 dental clinics. There is a huge niche market here as traditional clinics start building a Web presence.