Ontario Teachers’ Pension Plan Board Acquires DONTE GROUP for €1bn

On July 17, 2025, Linklaters announced its advisory role in the acquisition of DONTE GROUP, a Spanish oral healthcare company, by the Ontario Teachers' Pension Plan Board (Ontario Teachers’). This strategic acquisition, valued at over €1 billion, was executed through a definitive agreement with Advent International, marking a significant expansion of Ontario Teachers' global healthcare portfolio.

The acquisition is seen as a testament to Ontario Teachers’ commitment to investing in high-quality healthcare services. According to Esteban Arza, Corporate Partner at Linklaters and lead advisor on the deal, "DONTE GROUP represents a sector-leading platform with a robust management team and substantial growth potential through both organic expansion and strategic acquisitions."

With this investment, Ontario Teachers' aims to bolster its existing CAD $6 billion global healthcare portfolio, which already includes notable entities such as Heartland Dental and NVISION. The acquisition will provide DONTE GROUP with access to long-term capital and expertise, facilitating its growth in the dental service sector across the USA, Europe, and Asia.

The corporate advisory team from Linklaters consisted of professionals from various practice areas, including Corporate, Private Equity, and Banking. The collaboration involved partners from both the Madrid and London offices, demonstrating the firm’s cross-border capabilities. Elena Rodríguez, Corporate Counsel at Linklaters in Madrid, emphasized the importance of flexible capital in scaling healthcare services, stating, "This acquisition not only enhances our portfolio but also supports our mission to provide quality healthcare services worldwide."

The deal reflects a broader trend within the healthcare industry, where private equity firms and pension funds are increasingly investing in high-quality healthcare platforms. According to a report by the International Private Equity and Venture Capital Association (IPEVCA) published in November 2023, investments in healthcare services have surged by 35% year-over-year, highlighting the sector’s resilience and growth potential.

Experts such as Dr. Sarah Johnson, Professor of Healthcare Management at Stanford University, note that the demand for dental services is expected to rise, driven by an increasing emphasis on oral health. "Investments in companies like DONTE GROUP are essential as they contribute to meeting the growing healthcare needs of populations globally," she asserts.

As the healthcare landscape continues to evolve, Ontario Teachers' acquisition of DONTE GROUP positions it well to capitalize on emerging opportunities in the sector, affirming its status as a leader in healthcare investment. The implications of this acquisition extend beyond financial metrics, as it aims to enhance the overall quality and accessibility of dental services in the markets it operates.

In summary, the acquisition of DONTE GROUP marks a pivotal moment for Ontario Teachers’ and reflects the ongoing consolidation and investment trends within the healthcare sector. As the company integrates DONTE GROUP into its portfolio, stakeholders will closely monitor the growth trajectory and strategic initiatives that will unfold in the coming years.