In August 2020, Scott Hornbuckle, Chief Financial Officer at Benevis, wrote an exclusive article for GDN on Benevis filing for Chapter 11 protections as a measure to improve their balance sheet and operating position. Now, the DSO, which started in 2002, has announced they have not only been acquired by New Mountain Capital and are exiting Chapter 11, but they have also appointed of a new CEO.
The sale was supported by current DIP lenders, who provided incremental financing to strengthen the company during the transition and provide additional growth capital. The buyer, New Benevis Holdco, Inc. (“Benevis”) will continue to provide non-clinical business support services to more than 150 dental practices across the country.
“The acquisition by New Mountain’s credit funds is a significant milestone. New Mountain is a leading healthcare investor with extensive experience building businesses, which will enable us to transform Benevis into a stronger company. We now have an improved financial position as we continue on our mission to help dentists provide the highest-quality services and care to millions of patients each year.” – Scott Hornbuckle, CFO, Benevis
As they have restructured the company, they have welcomed a new leader, Craig Albright, who will serve as CEO.
“We are pleased to welcome Craig as our new CEO, he brings the right experience and skills to lead Benevis in the next stage of its growth. Our company has a great team supporting excellent dentists, and the organization is a robust platform on which to build; Craig is the right leader for Benevis as it continues to grow and serve the dental community.” – Daniel D. Crowley, Executive Chairman, Benevis
Albright has more than 25 years of experience leading successful growth and transformation strategies at healthcare organizations. Most recently he was CEO of InHealth Medical Alliance, Inc., one of the largest globally capitated primary care physician groups in Florida. Prior to that he was CEO of JSA Healthcare Corporation, then a division of DaVita Medical Group. He was also a CEO and/or board member for several portfolio companies of Three Arch Partners, including Free and Clear, Inc., a smoking cessation program provider; Gentiae Clinical Research, Inc.; and U. S. HealthWorks, the nation’s second-largest practice management organization for occupational medicine and urgent care physicians.
“As an organization dedicated to supporting high quality care and patient service and distinguished by the caliber of the dentists affiliated with it, Benevis is exceptionally well positioned for a leadership role in the dental industry in the months and years ahead. I look forward to working with our team at Benevis to continue building an enduring organization that attracts and supports the nation’s best dental practitioners. This organization was founded with a mission to expand access to high quality care in underserved communities, especially for children, and I am proud to become part of that tradition.” – Craig Albright, CEO, Benevis
Benevis remains focused on their mission as well as the health and safety of its team members, dentists and patients with enhanced safety protocols and increased orthodontic teledentistry consultation options. They have emerged from this process stronger than ever and continue to position themselves for long-term success.
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