Straumann announced today that it has signed an agreement to acquire Equinox, a fast-growing dental implant company with a leading position in the value segment in India. The acquisition will enable Straumann to enter the emerging Indian market, where the need for reliable, effective and affordable tooth replacement solutions is huge. Straumann will provide Equinox with the resources to sustain its development and dynamic growth in the value segment and will benefit from Equinox' networks, infrastructure and local expertise to establish Straumann's premium brand in India.
The deal is expected to close in the coming months. Financial details of the transaction were not disclosed.
Dynamic growth, solid profitability
Equinox is a privately-held company that manufactures and sells the Myriad™ Dental Implant system and has gained a significant share of the Indian Market. Having grown very dynamically over the past three years, Equinox achieved net revenue of CHF 3 million and a solid operating profit in 2015. A major portion of its revenue was generated in the Indian market with a small, growing contribution from distributor markets in Asia, Africa and the Middle East. With an estimated market share of 14%, Equinox ranks among the leading three dental implant companies in India.
Continuity ensured – founding CEO joins Straumann
The company owes its success to the entrepreneurial, visionary leadership of its founding owner and CEO, Dr Shahvir Nooryezdan, who has combined his experience as a practitioner, his expertise in education and his insights into the Indian market to make simpler implant solutions more affordable to a broader population.
Dr Nooryezdan, who has agreed to remain with the company and to join Straumann, commented: "Our company is extremely proud to become part of the Straumann Group. Straumann's investment and commitment will contribute tremendously to the standard of patient care in India and will help us bring more lasting smiles to millions of patients here and abroad".
Having trained and specialized at various institutes and hospitals in Europe, Dr Nooryezdan is a practising clinician and an internationally recognized authority in the field of implant and restorative dentistry. He has practised in Mumbai since 1993 and his ORIS clinic is listed among the 40 'leading dental centers of the world (www.leadingdentalcenters.com). He is the founding President of the Indian Academy of Osseointegration, a founding member of the Asian Academy of Osseointegration, and a Diplomate of the ICOI in the US. He has been a member of the editorial review board of the ICOI's journal Implant Dentistry and an examiner for ICOI fellowship and Diplomate certifications. He is a trainer and key opinion leader in the field of oral implantology and has been an invited keynote speaker at the EAO, Quintessence International and other implantology congresses around the world.
Local expertise, networks and partners are key
Without local business expertise, distribution channels, dental networks and a product offering specifically tailored to local needs, most international companies have not been able to address the Indian market effectively. Equinox on the other hand has successfully built a customer network in more than 180 cities across the country to become a leader in the value segment.
One of the keys to this success is its exclusive partnership as a dental implant company with an integrated logistics provider that serves customers from 340 distribution centers across the country.
India - one of the most exciting growth opportunities for implant dentistry
While several million Indians have access to, and are able to afford premium tooth replacement solutions, they are a small minority in a huge population that does not have access to good quality implant treatment due to cost and the lack of trained specialists.
As a result, only 220 000 implants were placed in India in 2015, making it one of the least penetrated markets with just 2 implants placed per ten thousand people, in contrast for example to Brazil and the US, where the respective rates are 114 and 75.
However, the standard of dentistry is rising and with organizations like Equinox, Straumann, and the International Team for Implantology offering training and education, the provider base will expand. In addition, the availability of inexpensive solutions and increasing awareness of dental implants make India one of the most exciting opportunities for tooth-replacement companies.
Marco Gadola, CEO of the Straumann Group, commented: "Equinox offers us access to a huge market that we are unable to address and serve through our current set-up. Although the company is relatively small, it is growing rapidly and profitably and has already established a leading position in the value segment. We are delighted that Shahvir Nooryezdan has agreed to join us to head our operations in India. With his continuing support and leadership, together with Straumann's resources, expertise and global reach, Equinox is well positioned to be a market leader in India in the future."
Founded in 2005, Equinox designs, develops, manufactures and sells dental implant products that are based on proven treatment concepts with innovative enhancements to simplify procedures and to reduce costs. With its international seat in the Netherlands, the company's activities are concentrated in India, where it employs a team of 75 people. Equinox is expanding internationally and its products are available through distributors in Asia, Africa and the Middle East.
The Myriad implant system – refined for simplicity
Marketed under the Myriad brand, the Equinox implant system has been refined for simplicity and covers requirements for single or multiple-tooth replacements as well as fixed or removable full-arch solutions for edentulous jaws. The implants have a self-tapping, tapered design and use Nanopore™ surface technology for enhanced osseointegration. The range includes cost-effective one-stage implants with integrated prosthetic connections and two-stage solutions with separate abutments – packaged conveniently with the other components required for the procedure.
Headquartered in Basel, Switzerland, Straumann (SIX: STMN) is a global leader in implant, restorative and regenerative dentistry. In collaboration with leading clinics, research institutes and universities, Straumann researches, develops and manufactures dental implants, instruments, prosthetics and biomaterials for use in tooth replacement and restoration solutions or to prevent tooth loss. Straumann currently employs approximately 3600 people worldwide and its products and services are available in more than 100 countries through its broad network of distribution subsidiaries and partners. To complement its core premium business, Straumann has established the Instradent business platform to address the global value segment with various brands that it either owns or in which it has invested including Anthogyr, Medentika and Neodent.