Q&M Dental completes Thailand acquisition with 51% stake in Bangkok clinic chain Deezy

[SINGAPORE] Q&M Dental Group (Singapore) has completed its 994.5 million baht (US$29.3 million) purchase of a 51 per cent stake in Bangkok’s Deezy dental chain, and the founders guarantee they would make a profit of about 1.25 billion baht over six years.

The company said in a bourse filing on Friday (Nov 13) that the deal gives Q&M ownership of Deezy Q & M Dental Group (Thailand), which runs the Deezy Dental Home network of 33 clinics in Bangkok and north-eastern Thailand.

The acquisition extends Q&M’s footprint beyond Singapore, Malaysia and China.

Deezy Dental Home was founded in 2017 by dentists Nanthisak Piyanantisak and Thunyaporn Pongkajornkitjakarn, who are also the guarantors of the profit target.

The company has more than 400 dentists and has served over 400,000 patients; services delivered range from general dentistry and orthodontics to cosmetic dentistry and installation of tooth implants.

The consideration comprises 700 million baht in cash and 294.5 million baht in new Q&M shares.

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The cash came from a combination of bank borrowings and internal resources.

Q&M issued 16,375,714 shares to the vendor at S$0.70 apiece. They are expected to be listed on the Singapore Exchange on Monday. Trading starts at 9 am, and these shares are subject to a 15-year moratorium.

Profit guarantee

The vendor has guaranteed about 1.25 billion baht in Deezy’s audited net profit after tax for the six years from Nov 1, 2026 to Oct 31, 2032.

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If there is a shortfall, it will be offset by the vendor waiving its dividend entitlements in Q&M’s favour.

Any remaining amount is to be met by Nanthisak and Thunyaporn, jointly and severally. They will draw 70.4 per cent from an escrow account and 29.6 per cent through the sale of the consideration shares, which are to be pledged to Q&M as security.

Any balance is payable in cash within 90 days of the relevant audited financial statements being determined.

If a shortfall remains unsettled after that period, Q&M may require the vendor and the guarantors to buy back the shares at the full consideration, plus simple interest of 10 per cent a year from completion.

Both founders will stay on under 15-year service agreements that include non-compete and non-solicitation terms. Thunyaporn will remain a key dentist, and Nanthisak will be in a management role.

Q&M said Deezy gives it an immediate foothold in Thailand’s private dental market without having to build operations from the ground up.

It added that the platform can be expanded through organic growth and future acquisitions, supported by rising consumer awareness, higher personal healthcare spending and growing demand for standardised dental treatments.

The group will now focus on integrating Deezy while preserving its local strengths and clinical practices. It will also share clinical and operational best practices, procurement scale and training frameworks across its regional operations.

Q&M group CEO Ng Chin Siau said: “We intend to preserve what has made Deezy successful in its home market, while bringing the group’s experience in clinical governance, procurement and dentist training to support its growth in the years ahead.”

Nanthisak said the combination would strengthen collaboration and professional development between dentists in Thailand and Singapore.

“For us, expansion is not just about (having) more clinics. It’s about better care for more patients in Thailand and South-east Asia,” he said.

Q&M, which has been listed on the mainboard of Singapore Exchange Securities Trading since 2009, has a network of more than 100 dental outlets and more than 270 dentists in Singapore .

Shares of Q&M Dental closed 1 per cent or S$0.005 lower at S$0.475 on Friday before the announcement.