Key Takeaways
- • Ethos Partners announces strategic partnership with Labyrinth Laboratories Holding Limited, the UK's fourth-largest full-service dental laboratory group, backing three founders (CEO Michael Coldicott, Sales Director Kuldip Bhandal, and Lead Technician Jeffrey Rabone) who retain operational roles through the next growth phase.
- • Labyrinth Dental has delivered compound annual revenue growth exceeding 20% over the past three years while maintaining market-leading margins, positioning the group as a high-growth platform within the UK dental services sector.
- • The investment will focus on accelerating rollout of Labyrinth Dental's intraoral scanner proposition, including provision of free scanners and training to customers, capitalizing on the group's early adoption of digital manufacturing technologies (CAD/CAM, 3D printing).
- • Beechbrook Capital provided senior debt facilities to support the transaction, with Zak Smith appointed as Board Chair in early 2025 to guide the group's growth strategy.
- • Labyrinth Dental operates eight specialist laboratories on a single Birmingham site, serving over 2,000 dentists across NHS and private sectors with 24-hour operations and nationwide logistics capabilities, receiving a growing majority of cases digitally.
Summary
Ethos Partners has completed a strategic equity partnership with Labyrinth Laboratories Holding Limited, securing backing for one of the UK's most established dental laboratory groups. The three founders—Michael Coldicott (CEO), Kuldip Bhandal (Sales Director), and Jeffrey Rabone (Lead Technician)—will continue leading the business through its next expansion phase. The transaction was supported by senior debt financing from Beechbrook Capital.
Labyrinth Dental operates as a consolidated, eight-laboratory center of excellence headquartered in Birmingham, serving over 2,000 dentists nationwide across both NHS and private sectors. The group provides a comprehensive range of dental laboratory services including crowns and bridges, dentures, orthodontics, implants, and whitening. Operating 24 hours daily with an in-house logistics network, Labyrinth has established industry-leading turnaround times and maintains an exceptional reputation for quality and customer responsiveness. Over the three-year period preceding the investment, the group achieved compound annual revenue growth in excess of 20% while sustaining market-leading margins.
Ethos Partners' investment thesis centers on accelerating adoption of Labyrinth Dental's digital scanner proposition across its customer base. The partnership will provide complimentary intraoral scanners and training to dentists using Labyrinth's services, further embedding digital workflows throughout the supply chain. This strategy capitalizes on Labyrinth's existing track record as an early adopter of intraoral scanning, CAD/CAM technology, and 3D printing—technologies that now account for a growing majority of the group's incoming cases. The investment combines capital deployment with operational expertise to support technology rollout and organizational scaling.
Zak Smith, who joined the Labyrinth Dental Board in early 2025, has been appointed Board Chair to oversee the group's growth strategy. The founding management team's retention in operational roles signals continuity while providing governance support for expansion initiatives. The combination of 40 years of technical heritage, market-leading operational margins, double-digit organic growth, and digital manufacturing leadership positions Labyrinth Dental as a consolidated platform within the fragmented UK dental laboratory sector.
Labyrinth Dental operates as a consolidated, eight-laboratory center of excellence headquartered in Birmingham, serving over 2,000 dentists nationwide across both NHS and private sectors. The group provides a comprehensive range of dental laboratory services including crowns and bridges, dentures, orthodontics, implants, and whitening. Operating 24 hours daily with an in-house logistics network, Labyrinth has established industry-leading turnaround times and maintains an exceptional reputation for quality and customer responsiveness. Over the three-year period preceding the investment, the group achieved compound annual revenue growth in excess of 20% while sustaining market-leading margins.
Ethos Partners' investment thesis centers on accelerating adoption of Labyrinth Dental's digital scanner proposition across its customer base. The partnership will provide complimentary intraoral scanners and training to dentists using Labyrinth's services, further embedding digital workflows throughout the supply chain. This strategy capitalizes on Labyrinth's existing track record as an early adopter of intraoral scanning, CAD/CAM technology, and 3D printing—technologies that now account for a growing majority of the group's incoming cases. The investment combines capital deployment with operational expertise to support technology rollout and organizational scaling.
Zak Smith, who joined the Labyrinth Dental Board in early 2025, has been appointed Board Chair to oversee the group's growth strategy. The founding management team's retention in operational roles signals continuity while providing governance support for expansion initiatives. The combination of 40 years of technical heritage, market-leading operational margins, double-digit organic growth, and digital manufacturing leadership positions Labyrinth Dental as a consolidated platform within the fragmented UK dental laboratory sector.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.