DSO Deal Roundup – November 2021

Our DSO Deal Roundup keeps you up-to-date on the latest DSO deal activity and includes an exclusive synopsis. With no signs of consolidation slowing down, November has been another exceptionally busy month in the DSO industry!

November 2021

Select Dental Management (SDM) Expands Further into New York & New Jersey
SDM has added two additional dental practices to their portfolio, expanding their reach in the New York and New Jersey regions and bringing the organization to a total of 36 practices. SDM, which was formed in 2018, is led by CEO and co-founder, Elliot Zibel. Elliot was recently featured on the Group Dentistry Now podcast. SDM is poised to continue growing in 2022 and has offices across the Northeast. The growing dental group supports 60 dentists and almost 500 employees, treating over 80,000 patients per year across eight states.

RiverGlade Capital Announces Sale of U.S. Oral Surgery Management
RiverGlade Capital, a healthcare-focused private equity firm, is pleased to announce the sale of the firm’s controlling stake in U.S. Oral Surgery Management (USOSM) to Oak Hill Capital. Formed by RiverGlade in 2017, in partnership with the Thurston Group, USOSM is a healthcare management services company to the oral surgery sector and represents the largest network of oral surgery practices in the country. Headquartered in Irving, Texas, USOSM is a shared services organization that collaborates with oral and maxillofacial surgeons. Learn more about USOSM HERE.

LWSS Acquired by Heartland Dental
Virginia-based LWSS and its four practice locations were acquired by Heartland Dental, the nation’s largest DSO. What started from the entrepreneurial spirit of Rick Workman, DMD with his single dental practice in 1997, has evolved into supporting over 2,300 dentists in over 1,400 dental offices across 38 states. Before founding the company in 1997, Workman practiced dentistry for nearly 20 years. Dr. Workman has recently joined High Point University as Dental Innovator in Residence for the School of Dental Medicine & Oral Health.

dentalcorp Reports Third Quarter 2021 Results
dentalcorp, Canada’s largest and fastest growing network of dental practices, welcomed 15 practices to its network in the third quarter of 2021, which are expected to generate $11 million in PF Adjusted EBITDA. Revenue for the third quarter 2021 was $250.2 million, for an increase of $45.4 million or 22.2% over the third quarter 2020. The increase in revenue was primarily driven by incremental revenue from acquired practices over the last twelve months to September 30, 2021, underpinned by Same Practice Sales Growth of 3.5%, driven in part by a positive contribution from the orthodontics insourcing agenda.

Guardian Dentistry Partners Expands Further into PA
Building on an already strong presence in the state of Pennsylvania, Guardian Dentistry Partners (GDP) announced partnerships with the Strassman Family and Cosmetic Dentistry Center in Allentown and the Wolfe Dental Spa in Easton. Both practices are located in eastern PA, just north of Philadelphia. GDP, a dental partnership network founded in 2018 by a group of passionate dentists and a family office, was featured as an Emerging Dental Groups to Watch in 2020. Guardian has expanded rapidly and now supports dental entrepreneurs in Florida, Michigan, New Jersey, North Carolina, Pennsylvania, Texas and Virginia.

MB2 Dental Adds 33rd State: Idaho
Dallas, Texas-based MB2 Dental, a dental partnership organization (DPO), has expanded its territory into Idaho. MB2 partnered with Dr. Scott Lyman, owner of Green Acres Family Dentistry, and Dr. Justin Cress, owner of Cress Dental. Both practices are located in Twin Falls, Idaho.  Idaho is the 10th state MB2 has added in 2021. MB2 Dental, founded and led by CEO and dentist Chris Steven Villanueva, is a co-op model that grows through acquisitions and de novos. The DPO has been building their business development team. MB2 Dental has made the Inc. 5000 list for three years, including in 2021.

Marquee Dental Partners Closes a Seven Office Deal in the Tampa, Florida Market.
The Tennessee-Based DSO doubles its Florida footprint and adds seven new offices to its family of dental brands, increasing its location total to nearly 60. Premier Dental, Brandon Smiles, Smiles on Florida, New Zephyrhills Dental, Bradenton Family & Implant Center, Sunshine Smile Designs and TrueCare Dental Family and Implant Center are all greater-Tampa area offices located on Florida’s Western Coast. This deal increases Marquee‘s footprint in Florida to fourteen office locations across nine brands.

Finley & Runyan and Southwest Dental Care of Abilene Merge to form Southwest Dental Group
Two Abilene, Texas dental practices, Finley & Runyan and Southwest Dental Care of Abilene, have joined forces to become Southwest Dental Group. Southwest Dental Group’s four practitioners, three of whom are Abilene natives, have over nine decades of combined dental experience.

Surge’s Access Dental Acquires Illinois’ Optim Dental
Surge Private Equity LLC announces the acquisition of Optim Dental and Vogue Dental, a multi-million dollar dentistry operation in Illinois by Dallas-based Access Dental Management LLC, its healthcare platform. With a reported transaction value of approximately $10 million, the deal closed with debt financing provided by Corbel Capital Partners. Founded in 2014, Optim Dental has built up a growing network of five large dentistry practices throughout North Central Illinois, along with a sixth location in Indiana. The transaction marks Access Dental’s entry into the Illinois and Indiana markets and constitutes the fourth add-on acquisition closed by the DSO so far in 2021. Established in 2008, Access Dental is a Texas community-driven DSO with clinics throughout the state. Each practice is a multi-specialty clinic.

Guided Practice Solutions (GPS) Expands into Kansas
GPS was founded in 2015 by Dr. Hunter Smith and Dr. William Little. With this latest acquisition of Blue Valley Smiles, the emerging dental group currently supports 23 dental locations across Arkansas, Kansas Tennessee and Indiana. Their administrative offices are headquarters in Jonesboro, Arkansas.

Beacon Oral Specialists Announces Strategic Partnership with Henderson Oral Surgery & Dental Implant Center
Beacon Oral Specialists, a portfolio company of Blue Sea Capital, announced today that it has entered into a strategic partnership with Henderson Oral Surgery & Dental Implant Center. This new partnership marks Beacon’s entrance into Nevada with two new practice locations in the greater Las Vegas area and raises the number of locations in the Western United States to 22. With the announcement of the Henderson Oral Surgery partnership, Beacon is partnered with 75 Oral Surgeons, practicing in 60 locations across Northern and Southern California, Nevada, Georgia, Virginia, and Maryland. Henderson Oral Surgery is led by Dr. Steve Huang, who has years of experience and technical expertise in the OMS field.

DCA welcomes Modern Dental Care to its Growing Family of Allied Practices
Dental Care Alliance (DCA) announced the addition of Modern Dental Care, a multi-location general dentistry group in Wisconsin, to its growing family of allied practices. Modern Dental Care has been providing care since 2012 under 14 unique brands. To spearhead the strategy and growth in their newest state, Dr. William Mauthe, Modern Dental Care Owner and Chief Dental Officer, has been named Dental Director; and Bernard (BJ) Bolka, Modern Dental Care Treasurer and COO, has been named Market Vice President. DCA currently supports over 355 allied practices with more than 775 dentists across 21 states. DCA’s allied practices represent all dental specialties and treat patients under more than 115 brand names.

Smile Doctors Welcomes 14 New Practices in Seven States in Q3
Smile Doctors, the largest ortho-focused dental support organization (OSO) in the U.S., announced its affiliation with 14 new practices in Q3 2021. Smile Doctors will support new teams that serve patients across FloridaGeorgiaMarylandMichiganMinnesotaNorth Carolina and Texas. The company is one of the first OSOs to enter North Carolina, with plans to add more practices to its roster in Q4. With its four groups in the Tar Heel state, Smile Doctors brings the total number of states served to 25.

East Side Smiles & Pleasant View Smiles Join Imagen’s Tennessee Chapter
Imagen Dental Partners continues to expand its footprint in Tennessee with the addition of two practices, East Side Smiles and Pleasant View Smiles. Imagen will continue its rapid expansion throughout 2021 into 2022, including plans to partner with practices in Texas, Ohio, Florida, Michigan, Western Kentucky, and Northern Indiana. Led by CEO, Rezwan Manji, the dental partnership organization (DPO) is headquartered in Scottsdale, Arizona.

42 North Dental Surpasses Pivotal 100 Practice Mark Now Supports Practices from Maine to Michigan
The group, founded in 1977, has swiftly grown from 29 supported practices in 2015, to 105 supported practices today. 42 North Dental has expanded its reach and scope by adding both specialty and multi-site dental practices, and its most recent addition, Great Lakes Family Dental Group (GLFDG), encompasses 12 practices across Michigan and Indiana. The affiliation with GLFDG marks the entry into the Midwest by 42 North Dental. 42 North Dental now supports practices in 8 states (ConnecticutIndianaMaineMassachusettsMichiganNew HampshireNew YorkPennsylvania) with a broad mix of practice-types including large groups and specialty practices and 38 practice brands.

Oak Hill Capital to Partner with U.S. Oral Surgery Management
Oak Hill Capital, a New York-based middle-market private equity firm, announced that it has signed a Definitive Agreement to invest in and partner with U.S. Oral Surgery Management (USOSM.)  Headquartered in Irving, Texas, USOSM is a practice management platform that is exclusively dedicated to the specialty of oral surgery.  It has partnered with over 140 oral surgeons across 18 states. The management team of USOSM, led by Chief Executive Officer Rick Hall, will continue to lead the Company and retain an ownership interest. USOSM’s oral surgeon partners will also retain significant ownership of the platform. The oral surgery DSO has had three recent announments as well:

Dental Partners of Boston Opening a New Location in Fort Point, Boston
Dental Partners of Boston (dpb) was founded in 1969. This new location at Fort Point is the emerging dental group’s third location. All of their locations are within three miles of each other. This new practice was approved by the Landmark Commission to be a part of Boston’s historic district.

Guardian Dentistry Partners Expands Further into PA
Building on an already strong presence in the state of Pennsylvania, Guardian Dentistry Partners (GDP) announced partnerships with the Strassman Family and Cosmetic Dentistry Center in Allentown and the Wolfe Dental Spa in Easton. Both practices are located in eastern PA, just north of Philadelphia. Dr. David Strassman has practiced dentistry for nearly 40 years. Wolfe Dental Spa is run by Dr. Charles Wolfe, who has been practicing dentistry in Pennsylvania since 1986. Founded in 2018, Guardian has expanded rapidly and now supports dental entrepreneurs in Florida, Michigan, New Jersey, North Carolina, Pennsylvania, Texas and Virginia. They made the prestigious Group Dentistry Now 2020 Emerging Groups to Watch list.

Western Dental Opens State-of-the-Art Office in Pasadena
Western Dental & Orthodontics announced the relocation of the Western Dental & Orthodontics office in Pasadena. Dr. Chris Altunis is the managing dentist at the relocated Pasadena office. The new office includes 12 operatories and exam rooms, including four treatment rooms dedicated to pediatric dentistry and endodontics, and a panoramic X-ray room. Western Dental provids services to adults and children in the Medi-Cal Dental program (known as Denti-Cal) – part of the Medi-Cal public insurance program that provides health care benefits for more than 13 million individuals and families in California. Western Dental welcomes patients covered by Denti-Cal, in addition to accepting uninsured and privately insured patients, at all of its 240 California offices.

United Dental Corporation Raises $5 Million Series B Round to Power Growth of Dental Partnership Organization Proven in Three Countries
United Dental Corporation (UDC), whose DPO model has had a 98% retention rate in Australia, New Zealand and Canada, announced it has raised a Series B Round of $5 million led by High Speed Ventures. The round includes approximately $4 million in capital from 61 dentists and individual investors through High Speed Ventures, which brings early and mid-stage investment opportunities to the clients of High Speed Alliance (HSA). HSA is a Registered Investment Advisor that serves as a Family Office for entrepreneurial dentists and doctors across the U.S. The remaining $1 million is from private individual investors. This new round of capital brings to more than $6 million the amount raised by UDC to date.

Courtyard Dental Practice in Essex, UK Sold to Dentex
Established in 2007 as a single-surgery practice, Courtyard Dental Practice has developed into a high-end, five-surgery practice. The practice is located in the heart of Saffron Walden in Essex, UK, near the Cambridgeshire and Hertfordshire borders.  The business employs five dentists and five hygienists. This acquisition marks the 100th practice to partner with Dentex. They are on track to hit the target of more than 150-member practices by 2022.

Rodeo Dental & Orthodontics Opens Two More Colorado Locations
As the DSO continues to evolve withing the state of Colorado and Texas, these new locations bring the grad total to 34 practices for the dental group. The Peoria St. location in Aurora will service the communities of Adams County, Arapahoe County, Denver County, and beyond. The newest office will be located in the Aurora Plaza at 757 Peoria St., Aurora, CO. Founded by a group of dentists in Texas, Rodeo Dental & Orthodontics is a rapidly growing DSO. Learn more about Rodeo HERE.

SoCal Based DSO Leading Growth Through Connection & Culture
Our Best Life Companies (OBL), headquartered in Los Angeles, California, was co-founded by Chief Executive Officer, Marina Hurn, and Chief Medical Officer, Ronald Abaro, DDS, FICOI. OBL has scaled to 12 dental practices since organizing as a DSO in 2020. The emerging dental group spent 2021 making significant investments in centralization, systems, and standardization, thereby positioning themselves for their next round of growth in 2022, including the groundbreaking of a new flagship de novo practice in Indiana which will be the first multi-state expansion in 2022. Read more about the group HERE.

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