Apollo Backs Dental Firm vVardis at $1 Billion-Plus Value
(Bloomberg) — Apollo Global Management Inc. has invested in vVardis Holding AG, a Swiss dental firm founded by sisters Haley and Goly Abivardi.
The investment values vVardis at $1 billion-plus, according to a statement Monday that confirmed a Bloomberg News report. The Abivardi sisters, who serve as co-chief executive officers, will retain an approximately 70% stake in the company, people familiar with the matter said.
vVardis has carved out a niche in the dental industry with a treatment that addresses early stage cavities without the need for drilling. The transaction positions the company as one of a small group of closely held, billion-dollar health-care firms in Europe.
The investment supports vVardis’ continued expansion in key markets across the US and Europe, Apollo Partner Jeremy Honeth and Managing Director Andrea Vanni said in the statement. The deal will help bring the restorative therapy to more practices and patients worldwide, they said.
vVardis develops non-invasive, peptide-containing treatments for early tooth decay. Its flagship Curodont technology — the first commercially available therapy of its kind — is a liquid that penetrates the tooth’s enamel, enabling minerals in the patient’s saliva to repair the tooth from within.
Haley Abivardi said dentists now have a quick, easy-to-use non-invasive treatment free of drilling and needles.
“We moved from cutting off limbs to treating infections in medicine yet in dentistry we’re still drilling,” she said in an interview. “There is a huge gap in dental.”
Untreated dental cavities are the most common health condition globally, according to to the World health Organization. While fluoride can help prevent tooth decay, it’s no longer effective by itself once decay has set in, Goly said.
“What we’re trying to do is shift dentistry from a surgical approach to a medically restorative one,” Goly Abivardi said, adding that instead of removing damaged tissue, Curodont helps the tooth repair itself in “a completely different philosophy of care.”
The Abivardi sisters are both dentists. Investor interest in their company surged after JPMorgan Chase & Co. CEO Jamie Dimon praised it at the bank’s San Francisco conference last year as demonstrating “the power of innovation.”
The firm is registered in Europe and the US and has also entered the Middle East, where it’s expanding quickly, Haley Abivardi said. She said vVardis’ products are now used in about 20% of US dental offices.
Among vVardis’ earliest backers is David Wertheimer, heir to the Chanel fortune who also leads 1686 Partners. Duxebridge Capital, a European multi-family office and adviser to the founders, also holds a position.
(An earlier version of this story corrected the timing of comments from Jamie Dimon.)
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