Terveystalo Plc INSIDE INFORMATION 23 December 2025 at 8:00 a.m. EET
Terveystalo Healthcare Oy ("Terveystalo") today, 23 December 2025, signed an
agreement to acquire Hohde Group, consisting of Hammas Hohde Oy dental clinics
and Loisto Laboratoriot Oy dental laboratories (the "Arrangement"). If
completed, the arrangement would strengthen the Terveystalo Group's oral health
services for different customer groups. The arrangement is expected to be
completed in 2026, subject to the approval of the Finnish Competition and
Consumer Authority.
The Enterprise value (EV) of the target, according to the agreed purchase price,
is approximately EUR 88 million. The implicit EV/EBITDA valuation multiple based
on the agreed purchase price is approximately 8x, taking into account the
estimated full potential synergies. The Arrangement is expected to increase
earnings per share from the first full year after completion. Terveystalo's
current partner banks have preliminarily committed to arranging debt financing
to finance the Transaction.
Hohde Group in brief
Hohde Group is one of Finland's fastest growing and largest private providers of
dental and dental laboratory services. The company has a nationwide service
network comprising 33 dental clinics and 14 dental laboratories across 24
locations. Hohde Group employs approximately 700 oral healthcare professionals
and, in 2024, served approximately 70,000 dental care customers and 2,100
laboratory service customers.
The company's revenue has grown by an average of 33% per year from 2021 to 2024,
which is clearly faster than the market. The company's Pro Forma revenue is
forecast at approximately EUR 60 million, and EBITDA is forecast at
approximately EUR 7 million in 2025 (FAS).
The company's customer base is diverse: approximately 76% of the company's
turnover comes from private customers and 24% from the public sector (service
vouchers, wellbeing services counties).
Rationale for the arrangement and strategic alignment
At Terveystalo, oral health is an essential part of disease prevention,
comprehensive health maintenance and effective implementation of care pathways.
Terveystalo communicated at its Capital Markets Day in 2024 that it aims to
double its oral health business and become one of Finland's leading oral health
companies. The planned arrangement supports this growth strategy.
Key benefits of the arrangement
Hohde Group is recognised as a high-quality service provider known for strong
customer and employee satisfaction. For Terveystalo, Hohde, and Loisto
customers, this arrangement would provide access to comprehensive, high-quality
oral health services across Finland. Additionally, the acquisition will support
the ongoing development of digital oral health services, ensuring a seamless
customer experience.
For oral health professionals, the acquisition would offer a strong customer
base and flow, as well as interesting career paths and development opportunities
at all stages of their careers. Terveystalo has been chosen as the most
attractive workplace in the industry many times, and Hohde Group's employee
satisfaction is excellent.
The arrangement is expected to create significant value for shareholders through
stronger growth and cost synergies, which are expected to materialise mainly
within 36 months of the completion of the Transaction. The arrangement is
expected to increase earnings per share from the first full year after
completion.
- I warmly welcome the professionals of Hohde and Loisto to Terveystalo. The
professionals of both Terveystalo and Hohde share a commitment to high medical
quality and the promotion of overall health, and the arrangement provides even
better opportunities to achieve these goals. At the same time, Terveystalo is
taking a significant step towards its goal of becoming one of the leading
providers of oral health care in Finland. Through this acquisition, we will
broaden our service offerings and enhance our expertise in dental and laboratory
services. Hohde's professionals complement Terveystalo's team, enabling us to
deliver a more comprehensive, high-quality oral health service to our clients.
This strategic investment supports Terveystalo's long-term growth and
strengthens our position as the first choice for both customers and
professionals. Together, we offer holistic health solutions and create new
opportunities in the oral health market, says Henri Mäenalanen, Executive Vice
President, Portfolio Businesses at Terveystalo.
- Oral health is an essential part of comprehensive healthcare and at the core
of Terveystalo's strategy. By combining the strengths of Hohde, Terveystalo and
Loisto, including high medical quality, we can offer our customers first-class
dental care and industry-leading digital solutions. Our goal is to be a pioneer
in the quality and development of oral health in Finland, says Taneli Hirvola,
Vice President, Oral Health at Terveystalo.
- The cooperation with Terveystalo marks a new chapter for Hohde. If
implemented, the arrangement will enable us to further develop our services and
access industry-leading digital solutions, resulting in an even smoother
customer journey. In addition, we will be able to create dental care services
for Occupational Health together with Terveystalo, resulting in more
comprehensive services for our customers and enabling strong customer flow for
our professionals. Together, we can shape the future of oral health and set new
standards in patient care, says Ville Pesonen, CEO of Hohde.
Terveystalo Plc
More info on:
Kati Kaksonen,
Vice President, Investor Relations and Sustainability
Tel. 010 345 2034
kati.kaksonen@terveystalo.com
Distribution:
Nasdaq Helsinki Ltd
Principal media
www.terveystalo.com
Terveystalo in brief
Terveystalo is the largest private healthcare service provider in Finland in
terms of revenue and one of the leading occupational health providers in Finland
and Sweden. We aim to create fluent, caring, and effective healthcare of the
future. We offer comprehensive primary care, specialized care, and well-being
services for corporates, private individuals, and public sector customers. Our
digital services are accessible 24/7. We also offer our services in
approximately 360 clinics, including 17 hospitals in Finland. In Sweden we offer
occupational health services in approximately 140 units. Terveystalo is listed
on the Helsinki Stock Exchange.
In 2024, Terveystalo served approximately 1.2 million individual customers in
Finland, with around 7.6 million customer appointments. Terveystalo employs
approximately 15,000 healthcare and other professionals. www.terveystalo.com