Wesleyan, the specialist financial services provider, today announced the acquisition of DPAS, a major provider of practice-branded dental plans. This acquisition will strengthen Wesleyan's position in the dental market, where it already provides a range of personal and commercial services to the dental profession. The transaction is subject to regulatory approval.
The Wesleyan Group already incorporates Practice Plan, a leading provider of practice branded dental membership plans and this acquisition strengthens its position as the second largest provider of dental membership plans in the UK.
Craig Errington, Wesleyan Group Chief Executive, said: "Our vision is to be the best in our chosen markets and we have been growing the Wesleyan Group to increase the range of services we can offer our customers.
"The acquisition of DPAS will enable Wesleyan to strengthen its commercial offering in the dental market where we have a strong presence through other parts of the Group including Practice Plan. We can now take the best of both Practice Plan and DPAS to deliver a first class customer service.
"We have been offering personal financial advice to dentists for over 100 years. It's a market we understand well and we're pleased to have this opportunity to expand our presence within it."
Wesleyan Chairman Bryan Jackson CBE commented: "DPAS is a strong and successful business and well established within the dental market. It has a strong affinity with the Wesleyan brand and an excellent reputation within the dental profession.
"As a financially strong organisation we are growing our business to benefit customers and members while remaining focused on what we know and what we do well - serving the financial needs of our core customer groups. This acquisition is a clear indication of our commitment to be the provider of choice for dental professionals."
Gary Anders, DPAS Managing Director, said: "Wesleyan is an established player in the dental market and has a deep understanding of it. We are pleased to become part of a Group that understands our business and our customers. It's also good to know DPAS will be part of a strong financial mutual with a great heritage and a reputation for customer service and product performance."
Wesleyan was advised by Fenchurch Advisory, Pinsent Masons and Deloitte. DPAS was advised by Hines Associates and Michelmores.
The Wesleyan Group acquired Syscap Holdings Ltd earlier this year. Syscap is a leading provider of short term business loans, IT leasing and asset finance. The acquisition strengthened Wesleyan's position in the short term loans market and extended the range of commercial services available to its professional customer base of dentists, doctors, lawyers and teachers.