Terveystalo Oyj: Inside information: Terveystalo acquires Hohde Group
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
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