DSO Deal Roundup – November 2024

As the post-election landscape takes shape, the trajectory of DSO and dental M&A remains a key focus. Will activity stall or regain momentum? Will the industry return to the robust deal-making levels seen in prior years?

Group Dentistry Now (GDN) is your trusted resource for monitoring these developments. As the only platform offering a comprehensive, monthly list of dental service organization (DSO) transactions, GDN ensures you stay informed on the ever-evolving dental industry landscape. Rest assured, we’ll continue to track these trends and provide timely updates as the market adapts.

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Here is GDN’s exclusive list of DSO and emerging group M&A for November:

With plans to accelerate Southeastern expansion, Riccobene Associates Family Dentistry received a majority investment from Comvest Private Equity. Founded in 2000 as a single practice in Selma, NC by Dr. Michael Riccobene, the group won a spot on Group Dentistry Now’s prestigious Emerging Groups to Watch list in 2022. The DSO now supports more than 150 providers across its clinics. Learn more about their latest investment HERE.

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In July of 2024, Group Dentistry Now announced the launch of a new DSO, Innovate 32. Now, the group has announced its partnership with Marion Dental Group (MDG), a provider of dental services in Ocala, Florida and The Villages, Florida. MDG was founded in 1978 by Dr. James Edwards. Innovate 32 is headquartered in Nashville, TN. Learn more about the group and their new partnerships HERE.

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MB2 Dental introduced thirteen new practices, listed below, and welcomed nine new doctor partners across seven different states in the month of November, bringing their 2024 total practice count to 103. The company also entered its 43^rd state, Massachusetts. Additionally, MB2 announced the successful completion of its third recapitalization event, partnering with private equity firm, Warburg Pincus LLC, which invested $525M into the company. The DPO was founded in 2007 by dentist and entrepreneur Dr. Chris Steven Villanueva.

• Wiemeyer Dentistry in Duxbury, MA, Acquisition
• Contemporary Prosthodontics in Duxbury, MA, Acquisition
• Summit Dental in Ruidoso, NM, Acquisition
• Dickerson Orthodontics in Phoenix, Chandler, Peoria, Scottsdale, AZ, Acquisition
• Aesthetic Dental Group, Uniontown, PA, Acquisition
• Falls Pointe Dentistry in Raleigh, NC, Acquisition
• Innovative Dental Specialists of McKinney in McKinney, TX, De Novo
• Gold Coast Family Dental in Port Washington, NY, Acquisition
• Triad Dentistry in Greensboro, NC, Acquisition
• Triad Pediatric Dentistry in Greensboro, NC, Acquisition

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Specialized Dental Partners welcomed:

• Drs. John and Tom VanDenBerghe, Southtown Endodontics of Sandy, UT
• Drs. Heidi Korn, Raed Kasem, and William Sainsbury, Endodontic Associates, three locations in Clearwater, Trinity, and Tampa FL

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Aspen Dental celebrated 20 years of its Practice Ownership Program. The DSO also opened two offices in November:

• Woodbridge, VA – led by Hanna Anki, DDS, Managing Clinical Director
• Dublin, GA – led by Vernard Johnson, DMD, Managing Clinical Director

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Dental365 announced the opening of its first its first branded Dental365 de novo practice in Pennsylvania, expanding its footprint into the Harrisburg area community. They also announced the acquisition of Dr. Joe Pantaleo of Smithtown, NY and Brush & Floss Dental Center in Stratford, CT.  Since its founding in 2014, Dental365 has rapidly expanded across seven states, New York, Connecticut, New Jersey, Pennsylvania, New Hampshire, Massachusetts, and Rhode Island. The DSO said 2024 has been a year of significant growth, particularly in Pennsylvania.

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PDS Health added two de novo dental practices in November. The integrated healthcare support organization has added a total of 47 practices in 2024, demonstrating steady growth and continuing expansion. PDS Health now supports more than 1,000 offices in 24 states.

• Dentists at Big Bend in Riverview, Florida.
• Dentists of Vista in Orlando, Florida.

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MAX Surgical Specialty Management (MAX), an oral and maxillofacial surgery DSO, recently partnered with the following practices, including expansion into a fifth state, bringing its total count to 25 practice locations spanning New Jersey, New York, Pennsylvania, Vermont and now Connecticut:

• New England Oral Surgery in Barre, VT is their third partnership in Vermont. It is led by Jeffrey W. Glosser, DDS, and Robert J. Lesny, DDS.
• Simpson Oral and Maxillofacial Surgery: Under the leadership of Brian Simpson, DMD, the Nanuet, New York-based practice is integrating with Riverside Oral Surgery, representing the practice’s first venture into New York state and establishing its 10th location.
• Fairfield Oral Surgery: Spearheaded by Todd E. Bloom, M.S., DDS, this partnership in Connecticut signifies MAX’s entry into the state and lays the groundwork for expansion into Southern New England.

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U.S. Oral Surgery Management (USOSM) – a management services company that exclusively serves oral and maxillofacial surgeons – has announced new partnerships:

• Oral & Maxillofacial Surgery Inc., an oral and maxillofacial surgery (OMS) practice located in Brockton, Massachusetts. The practice has three surgeons: Richard J. Catrambone, DMD, MD; Meredith August, DMD, MD; and Karina E. Catrambone, DMD.
• Encinitas Oral Surgery in California
• Maxillofacial Surgery Center of Huntsville in Alabama
• Pickett Oral Surgery in Tennessee

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Tend will be opening a new location in February in Pentagon City, VA at 1421 S. Hayes Street. This will be the dental group’s second Arlington location. The Nashville-based chain, founded in 2019, has rapidly expanded across the D.C. area, adding seven locations in the past three years. The company is continuing to grow its East Coast footprint, with plans to open new locations in cities like New York and Boston. In August, it raised $72 million in equity funding to support its expansion​. The group differentiates as part of the medspa trend, focusing on convenience and sleek, modern design. Its appointment-booking app allows patients to personalize their visits, from choosing a toothpaste flavor to selecting a TV show to watch during their treatment.

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Vitana Pediatric & Orthodontic Partners, a dentist-led dental partnership organization (DPO) focused exclusively on pediatric dental and orthodontic practices with operations in Florida, Alabama, Louisiana, Pennsylvania & New Jersey, announced expansion into:

• New York with the partnership with Lemchen Salzer Orthodontics. Lemchen is owned by Dr. Marc Lemchen, Dr. Jennifer Salzer and Dr. Andrew Lemchen.
• Texas with the partnership with Healthy Teeth Pediatric Dentistry (HTPD).  Dr. Shilpa Chandiwal, the founder of HTPD, is joining Vitana as a foundational partner. HTPD is a multi-location, multi-doctor practice providing pediatric dental and orthodontic services in Houston, TX.

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SALT Dental Partners announced their newest partnership—Peak OMS—an Oral & Maxillofacial surgery practice with three locations in the Denver, Colorado metro: Lakewood, Littleton, and Denver. The original practice was founded in 1974 and was then transformed into Peak OMS in 2012 by Dr. Haeman Noori. SALT is a DPO which supports 150+ offices in 20 states and Washington D.C.

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Dentalcorp reported Q3 2024 results. Here are the highlights:

• Revenue of $375.4 million, an increase of 11.4% from the third quarter of 2023, with Same Practice Revenue Growth (“SPRG”)¹ of 4.2%.
• Adjusted EBITDA¹ of $68.9 million, an increase of 13.1% compared to the same period in 2023; Adjusted EBITDA Margin¹ of 18.4%, an increase of 30 basis points over the same period in 2023.
• Adjusted Free Cash Flow¹ and Adjusted Free Cash Flow per Share¹ of $36.2 million and $0.19, an increase of 37.6% and 36.4%, respectively, over the same period in 2023; Adjusted Net Income¹ of $6.5 million.
• Net debt to PF Adjusted EBITDA after rent Ratio¹ of 4.0x, a decrease of 0.4x compared to the same period in 2023.
• Acquired 4 new practices which are expected to generate $2.3 million in PF Adjusted EBITDA after rent¹ at 7.1x.

⁽¹⁾ Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure.

Full report can be found HERE.

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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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