The private equity arm of French insurer Axa has taken over a dentist chain owned by UK buyout firm Hutton Collins in a rare case of a company’s junior lender taking control away from the private equity backer.

Axa Private Equity yesterday said it would take majority control of UK dentist James Hull Associates. Axa was the business's sole mezzanine lender, a type of junior debt which ranks below senior debt in terms of priority during restructurings.