J. Sagar Associates (JSA) advised and assisted Comvest Partners in its investment in Leixir Dental Group.
Leixir is technology-enabled provider of outsourced dental solutions serving both independent dentists and dental service organizations (DSOs). Additionally, Leixir operates five dental laboratories across the U.S. in addition to a digital design and manufacturing facility in Gurugram, India.
The transaction was structured as a two-step acquisition, as the Indian entity, Leixir Resources Private Limited held the overseas business in USA through an intermediate holding company in Singapore. As part of the first leg, Comvest Partners acquired the US business. The second leg of the transaction involved the acquisition of 100% of the share capital of Leixir Resources Private Limited. The transaction involved various legs across the three jurisdictions including: share purchase at the US level, capital reduction at the Singapore level and share purchase at the India level. Further, post-closing, there will be buy-back and redemption at the India level to upstream a part of the consideration to the sell-side. The core of the business operations of Leixir group is based outside India. Accordingly, the transaction was structured in a tax efficient manner to optimize the value for the shareholders of the Indian entity. The execution and closing was seamlessly completed across locations simultaneously despite various stakeholders operating in different time zones.
JSA team comprised Lead Partner – Sidharrth Shankar, Partner – Shantanu Jindel, Principal Associates – Shweta Gupta and Hema Patnaik, Senior Associate – Aman Bhatia, and Associate – Vidur Prabhakar.
Partners – Aashit Shah and Soumitra Majumdar advised on the debt aspects of the transaction.
Aashit chairs the Finance Practice at JSA. He specialises in banking & finance, debt restructuring and insolvency, mergers & acquisitions, private equity and investment funds.