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Rising M&A Activity Signals DSO Industry Resurgence
The challenging economic conditions of 2023 and 2024, marked by rising inflation, higher capital costs, and restricted access to debt financing, led to a slowdown in DSO acquisitions. In response, many organizations shifted their focus toward organic growth, while others navigated difficulties in maintaining their trajectory.
However, with economic confidence now increasing, the industry is on track for a resurgence in 2025, creating fresh opportunities for expansion and strategic alliances. Notably, in recent weeks, we have seen a rise in M&A activity, reflecting renewed momentum in the DSO sector as larger platforms acquire smaller groups.
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Here is GDN’s exclusive list of DSO and emerging group M&A for March:
TUSK Practice Sales advised 80 Park Avenue Dental in its sale to MB2 Dental
An Emerging Group to Watch in 2025 winner, Vision Dental Partners, announced its partnership with Stauffer Dental Associates, led by Dr. Randy Stauffer in Elkhart, IN. This marks the ninth practice to join its growing Indiana network. In 2010, Dr. Bradley Hughes, a third-generation dentist and private pilot, began his journey with a single dental practice in Leo, Indiana. Learn more about the group HERE.
Smile Doctors acquired myOrthos, accelerating growth and expanded orthodontic care nationwide. myOrthos is an OSO with more than 70 affiliated locations across 13 states. This strategic expansion strengthens Smile Doctors’ market presence, increasing its network to over 550 affiliated locations in 36 states. Notably, this acquisition facilitates Smile Doctors’ entry into four new states: Delaware, New York, Rhode Island, and Vermont. Read more HERE.
Mortenson Dental Partners (MDP) announced that it has completed an affiliation agreement with West 10th Dental Group. Under the agreement, MDP will support four additional dental locations previously supported by West 10th Dental Group. With the completion of this transaction, MDP now supports 144 dental practices across nine states. Learn more about the strategic rationale for the transaction HERE.
The Smilist announced its affiliation with Inspire Dental Group, a three-location multi-specialty group practice operating in Buffalo, NY. The new locations are in Amherst, Buffalo, and West Seneca, NY. With this affiliation, The Smilist has expanded into Western, NY. The Smilist was founded in 2014 and supports over 90 locations with over 1,700 employees in seven states.
PepperPointe Partnerships announced the addition of six general dentists (and doctor owners) and four dental practices in Virginia. The new affiliates are Amelia Family Dentistry, James Burton, DMD, Slaughter and Slaughter Family Dentistry and PeaksView Dental. These acquisitions represent more than a 35% single-day growth in PepperPointe-supported practices in Virginia. The additions represent more than 35% single-day growth for the DSO’s network in the state. PepperPoint now supports more than 115 office locations and more than 150 doctors in the U.S.
BEAM Dental, a full-service dental practice group, announced its expansion in New York/New Jersey with the addition of six locations in neighborhoods with high demand for quality dental care. BEAM Dental, formerly known as BEAM St, was started in New York City by a group of specialty dentists trained at Columbia University. BEAM Dental has consolidated and rebranded its practices to become a multi-specialty group practice. New locations:
- BEAM Dental Fort Lee
- BEAM Dental Flushing
- BEAM Dental West Long Branch
- BEAM Dental Jersey City
- BEAM Dental Edgewater
- BEAM Dental Edison
- BEAM Dental Union Square
- BEAM Dental Williamsburg
- BEAM Dental Hoboken
Founded in 2000, Riccobene Associates Family Dentistry has announced its new partnership with Night and Day Dental. Night and Day’s ten offices are located in Cary, Charlotte, Clayton, Concord, Cornelius, Durham, Greensboro, Holly Springs, Raleigh, and Steele Creek, and serve Research triangle and Charlotte areas. Like their name suggests, offices are open from 8:00 a.m. to 10:00 p.m. to fit into patients’ busy schedules. The offices also have Saturday and Sunday hours.
Parkview Dental Partners, based in Sarasota, FL, announced the acquisition of Dr. Douglas C. Wendt, Jr.’s periodontist practice in Brandon, Florida. The practice will now operate as Ross and Wendt, Periodontics and Dental Implants. This strategic acquisition further expands Parkview Dental’s regional footprint, bringing Parkview to 25 practices. The addition of a specialized periodontics practice enables Parkview to better serve the growing community and deliver a comprehensive range of dental services to the West Coast of Florida. Dr. Douglas C. Wendt, Jr., the practice’s founder, will transition the practice to Dr. Ken Ross, a periodontist with over 25 years of experience on the West Coast of Florida.
MB2 Dental introduced five new practices and welcomed seven new doctor partners across five states in March.
- Del Mar Family Dentistry in Solana Beach, CA, Acquisition
- Gila Ridge Dental – West in Yuma, AZ, Acquisition
- Smith & Co Dental Practitioners in Bel Air, MD, Acquisition
- Clear Creek Dentistry in Silverdale, WA, Acquisition
- 80 Park Avenue Dental in New York City, NY, Acquisition
Pacific Dental Services LLC ‘B’ Ratings Affirmed; Outlook Stable. The group plans to issue an incremental $250 million first-lien term loan fungible to its existing term loan B due March 2031. Proceeds will be used to fund a $100 million dividend to the company’s shareholders, an additional future dividend, and pay related fees and expenses.
As a result of the transaction, we expect S&P Global Ratings-adjusted leverage will increase to 5.3x in 2025 and remain at or above 5.0x through 2026. We also expect S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt will be about 4%.
PDS continued its ability to hire and retain talent while growing its scale of operations. PDS continued its trend of solid operating performance in 2024, achieving top-line growth of 12.8% due to 9% same-office growth and 4% growth in average spend per visit.
Overall, robust demand for dentistry led to solid growth in new and recurring patient visits, though labor remains a key point of focus as demand continues to outstrip supply of dentists and technicians. In 2024 PDS’ focus on hiring and retention ultimately led to a decline in companywide turnover by roughly 480 basis points (bps).
Additionally, its dentist ownership model incentivizes high office-level productivity and efficiency. Although PDS has been focused on increasing its clinical capacity, particularly on workforce retention, its EBITDA margin has remained relatively stable at 13.5%-14.5%. There could be some pressure on margins as PDS continues to expand its scale of operations, but its investments in technology and overall cost focus will likely support margins in that range.
PDS Health added one new dental practice, Dentists of Peoria in Peoria, Arizona, in March. The integrated healthcare support organization added a total of 10 practices in the first quarter of 2025. PDS Health now supports more than 1,000 offices in 24 states.
Heartland Dental announced their newest supported practices:
- Desert Springs Dental, which is led by Dr. Shandy S. Condie, located in Gilbert, AZ.
- Anchor Point Dental Care, which is led by Dr. Mark B. Artzer, located in Newport News, VA
- Addison Center Dental Care, which is led by Dr. Gonzalea-Ferguson, located in Melbourne, FL
Smile Partners USA welcomed Dr. William J. Friedrich DDS and Dr. Mark C. Hutten DDS, MS from Northwestern Dental Center to their group. The NDC office is located in the Northwestern Memorial Hospital on Michigan Ave in Chicago.
Dental365 has acquired Union Dental Health in Lewisburg, PA, expanding its patient reach in the Keystone State. Dental365 is a full-service dental group offering general dentistry and specialty services with locations throughout New York, Connecticut, New Jersey, Pennsylvania, New Hampshire, Massachusetts, and Rhode Island.
Desert Ridge Prosthodontics, led by Dr. Gregory A. Libby, has partnered with Imagen Dental Partners to further elevate specialized dental services in Phoenix, Arizona.
Dental Delite, an emerging dental group offering spa-like experiences, announced the grand opening of its third location in North Dallas, located off Park Lane near North Park Center and the Vickery Meadow neighborhood. Dental Delite. The Texas group is led by Belinda Marsaw, DDS, Founder & Owner.
Straine Dental Management (SDM) announced a significant milestone: the acquisition of five dental practices across Texas, Missouri, and South Carolina. The newest members of the SDM network include the practices of:
- William Brown, DDS in Greenville, SC
- Jonathan Ehlers, DDS in Sedalia, MO
- Matthew Garrison, DDS in Smithville, MO
- Robert Leedy, DDS in Abilene, TX
- Jim Lippian, DDS in Texarkana, TX
SPP Dental Partners announced its expansion into Utah, welcoming Dr. Chris Giauque of Giauque Family Dental as the first partner in the state. With its latest expansion, SPP Dental Partners now has affiliated practices across Utah, Idaho, Nevada, California, and Washington. SPP is led by founders Dr. Weston Spencer, Dr. Landon Libby, and Dr. Nicholas Marongiu.
Silver Creek Dental Partners announced their most recent affiliation with Dr. Edward Walker and his team at Edward A. Walker, DDS. This is the group’s 17th practice location. Silver Creek Dental Partners is a boutique Dental Support Organization (DSO) with locations throughout California. The group was founded in 2020 and is headquartered in Dana Point, California.
U.S. Oral Surgery Management (USOSM) – a management services organization that exclusively serves oral and maxillofacial surgeons spanning 29 states – has secured two new partner practices, including one in Wisconsin, USOSM’s first partner practice in that state. The new partners are Wisconsin Oral Surgery & Dental Implants, S.C., led by Dr. Ragonese and Clemens Oral Surgery (two locations), led by Stephen Clemens, DMD, in Oregon.
Ivy Asset Group, a PE firm based in Charleston, South Carolina, announced that its Ivy Evergreen Fund has closed a debt financing agreement with Silver Creek Dental Partners, a DSO affiliated with practices in Southern California. The strategic financing will support Silver Creek’s ongoing investments in its affiliated practices and fuel its continued expansion throughout the Southern California region. Founded in 2020 by Brad Starkweather, who previously held senior executive positions at Elite Dental Partners in Chicago, Silver Creek provides non-clinical management services for twelve dental practices across Orange County, the Temecula Valley, and San Diego.
Qualitas Dental Partners announced its continued network growth with the addition of a multi-provider dental practice located in the South Shore region of Massachusetts. This strategic addition to the Qualitas network highlights the organization’s continued focus on expanding its footprint in the South Shore region and all of New England. Qualitas Dental Partners is a doctor-owned dental partnership based in southern New England.
Impression Dental Group, led by Mark O’Brien, expanded their network:
- Dental O So Gentle (affectionately known as DoSO) in Western Australia, with practices in St Georges Terrace and Beldon. Dr Jeff Broude leads the DoSO team.
- Mends Street Dental, South Perth, led by Dr. Tom Clarke
Dentalcorp reported fourth quarter and full year 2024 results and declared inaugural dividend. Here are their 2024 highlights:
- Revenue of $1,545.1 million, an 8.4% increase over the previous year, with SPRG1 of 2.3%.
- Adjusted EBITDA1 of $285.2 million, representing a 9.8% increase over the prior year; Adjusted EBITDA Margin1 of 18.5%, an increase of 30 basis points over the prior year.
- Adjusted Free Cash Flow1 and Adjusted Free Cash Flow per Share1 of $151.8 million and $0.79, an increase of 19.3% and 16.2%, respectively, over the prior year.
- Acquired 30 new practice locations, expected to generate $21.4 million in PF Adjusted EBITDA after rent1, expanding our operational footprint to 561 dental practices by year’s end and reinforcing our position as the partner of choice.
- Completed the year with substantial liquidity of $432.5 million, comprised of cash on hand and available undrawn debt capacity.
Dentopolis became the first Belgian partner of European Dental Group’s MOND, marking a significant milestone for the organization. With existing locations in Leuven and Kortenberg, Dentopolis is set to expand further with the opening of a state-of-the-art, multidisciplinary practice in Kortenberg in 2026. MOND, founded in 2014, is headquartered in Sint-Martens-Latem, Oost-Vlaanderen, and continues to grow its presence across Europe.
The DSO Deal RoundUp is sponsored by TUSK Practice Sales, the premier M&A Advisor for healthcare practices looking to maximize their value in a sale. With an in-depth understanding of the marketplace, collective experience of over 125+ years, and access to hundreds of buyers nationwide, TUSK helps their clients confidently pursue M&A transactions that maximize their long-term value. They offer their clients solutions that help them achieve their strategic and financial objectives. If you’re interested in knowing the true value of your practice, click here for a complimentary practice valuation.
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