An Ottawa-based dental service supplier is aiming to speed up its formidable cross-Canada growth bid after touchdown a brand new funding spherical from home and worldwide buyers.
MCA Dental Group stated Tuesday it’s obtained a “important” injection of capital from Montreal’s Persistence Capital Companions and DWS Group, an funding agency primarily based in Frankfurt. It’s PCP’s third funding within the native firm.
Further particulars in regards to the transaction weren’t disclosed.
MCA vice-president of selling Mila Olumogba stated the contemporary capital will assist finance the corporate’s aggressive development technique, which features a plan to double the variety of clinics beneath its umbrella from 20 to 40 earlier than the top of the yr.
“The target is to extend our nationwide footprint,” she stated.
MCA was based in 2017 by Ottawa dentist Mark McCullough and his longtime buddy Ken Craig, a well known native businessman who additionally serves as president of seniors’ housing developer Sussex Retirement Dwelling and was beforehand president of Altaview Monetary Group.
The agency has expanded quickly since its launch and now owns and operates 13 dental clinics in Ottawa together with three in Gatineau, three in southwestern Ontario and one in Laval. MCA employs about 250 folks.
“Ask any dentist – after they undergo dentistry faculty, none of them are taught easy methods to really run a enterprise.”
The corporate’s worth proposition is easy: it handles day-to-day operational duties corresponding to managing a clinic’s monetary, HR and advertising obligations, taking that burden off the shoulders of practitioners themselves and releasing them as much as do what they do finest: practise dentistry.
“Ask any dentist – after they undergo dentistry faculty, none of them are taught easy methods to really run a enterprise,” explains Olumogba. “They open their apply and so they get slowed down within the day-to-day (calls for) of managing clinics, each from an HR standpoint and a monetary standpoint.”
Olumogba says MCA actually proved its value through the pandemic, when it used its organizational and monetary clout to safe a gentle provide of private protecting gear corresponding to masks and gloves when such merchandise have been usually exhausting to return by for smaller operations.
“Many (unbiased) clinics weren’t capable of supply (PPE), however while you’ve acquired a big group that’s sourcing for a number of clinics at a time, it was loads simpler,” she says. “I feel the pandemic actually highlighted for lots of dentists that the administration burdens that they’re dealing with will be considerably (lowered) when you may have an excellent companion.”
The corporate’s enterprise relationship with dentists varies relying on the scenario, Olumogba explains. Whereas some practitioners decide to promote their clinics outright to MCA and retire, others select to companion with the agency and take an possession stake and a few determine to remain on as staff.
MCA prefers to accumulate clinics in geographic clusters each time doable to permit it to consolidate administration in a single central location and provide sufferers a number of service choices in a specific metropolis or area.
Olumogba says the strategy has allowed the corporate to realize a “stronghold” within the markets it serves, including MCA is now eyeing a number of areas in Western Canada because it appears to unfold its mannequin from coast to coast.
“It’s actually been working for us, and it’s what’s permitting us to have such speedy development,” she says.