Transaction adds 38 locations, 130 dentists and over 30 partners across eight states and Washington D.C., significantly accelerating GDP’s growth in attractive northeastern markets
Guardian Dentistry Partners (GDP), a dental partnership organization, today announced that it has entered into a definitive agreement for a strategic majority acquisition of Select Dental Management (SDM), a dental partnership organization operating 38 locations across eight states and Washington D.C. The partnership will significantly expand GDP’s geographic presence and deepen its commitment to supporting dental practices with the infrastructure, clinical resources, and operational support they need to thrive.
Select Dental Management was founded in 2018 with a mission closely aligned with GDP’s own: to redefine the DSO model as a genuine partnership with dentists rather than a transactional arrangement. Today, SDM supports more than 130 dentists and 720 team members across Connecticut, Massachusetts, Maryland, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, and Washington D.C. The platform has delivered exceptional financial performance, with company EBITDA growing 115% from 2022 to 2024 and consistent practice-level EBITDA margins of 20%.
“This partnership represents exactly the kind of growth we set out to pursue at Guardian Dentistry Partners — not growth for its own sake, but intentional growth that expands what we can offer the dental professionals we work tirelessly to support. Select Dental Management has built something genuinely impressive: a platform anchored in clinical excellence, dentist equity, and a culture of collaboration that mirrors our own. From common geography to a similar joint-venture model, to clinical ethos – GDP and SDM share a common religion in how we partner and support our doctor partners that makes this union so seamless and obvious. Together, we have a unique opportunity to support more practices, in more markets, with even greater resources and depth, and continue to build upon our partnership models success. We’re proud to welcome the SDM team members and doctor partners to the GDP network.” — Danny Kawas, Chief Executive Officer, Guardian Dentistry Partners
The partnership will bring together two organizations that share a foundational belief: that dentists do their best work when they are supported and treated as true partners, not just shareholders. SDM’s dentist equity model, Clinical Advisory Board, and Healthy Practice Playbook align closely with GDP’s own approach to empowering doctor partners while eliminating administrative burden. The combined platform will benefit from shared infrastructure, expanded clinical programming, and a broader network of peer dental professionals.
SDM’s geographic concentration — in the Northeast — a region characterized by high median household incomes, strong commercial insurance penetration, and significant whitespace for DSO growth — positions the combined organization as a leading force in one of the country’s most attractive dental markets. Across the eight states in SDM’s footprint, half of which GDP is already operating; DSO affiliation rates remain well below the national average, representing meaningful opportunity for continued expansion.
“From a clinical standpoint, we’ve spent a great deal of time with the exceptional clinical leaders and doctors at SDM and found that we all share a common passion for comprehensive dentistry and are equally obsessed with delivering exceptional care to our patients. We have been buzzing with excitement at the collaborative, cross-pollination of what our doctors, which will be 500 strong once we close, can do together when we join forces. Our training institute, DDS Academy, is well-poised to provide deep clinical education and development opportunities to their doctors and propel their clinical development forward. This is a real “1+1 = 11” opportunity for us. We believe the SDM practices will feel that difference immediately, and we can’t wait to get started.” — Dr. Hisham Barakat, Chief Clinical Officer, Guardian Dentistry Partners
For SDM, the partnership with GDP will mark the next chapter in a growth story built on deliberate, culture-forward expansion. Since its founding, SDM has prioritized dentist retention — achieving excellent retention year over year — by maintaining philosophical alignment with partner practices. The organization’s leadership sees the GDP partnership as an opportunity to extend that model further, backed by additional resources and a broader network.
“At Select, we’ve always believed that success starts with investing in people—our doctors, our team members, and the patients and communities we serve. As we looked toward the future, we wanted a partner who shared that philosophy and could help us take the next step in our journey. Guardian stood out because they understand that lasting success isn’t built through consolidation—it’s built through partnership. Together, we will create a stronger organization that gives our doctors and teams more opportunities to grow, collaborate, and continue delivering exceptional care for years to come.” — Steve Saukaitis, Chief Executive Officer, Select Dental Management
GDP is excited to accelerate its expansion into new markets while deepening its presence in the Northeast.
“GDP has performed well since our initial investment in 2024, and we are pleased to support its next phase of growth through this transaction.” — Ashwin Krishnan, Head of North America Private Credit at Morgan Stanley Investment Management
“The combination of GDP and SDM brings together two highly regarded platforms. We are pleased to be GDP’s financing partner to facilitate the combination of these leading organizations in the dental industry.” — Aleksandar Nikolic, Executive Director, Morgan Stanley Private Credit
GDP is excited to further its partnership with existing lenders TPG Twin Brook, Morgan Stanley Private Credit and Prudential. DC Advisory served as financial advisor to SDM. DLA Piper served as legal advisor to GDP, and Sheppard served as legal advisor to SDM. The transaction is expected to close before the end of the third quarter of 2026.
“TPG Twin Brook has served as the lead senior financing partner for Guardian since 2021 and the upsize of our credit facility reflects our continued conviction around the leadership and differentiation of the platform in the dental market.” — Pete Coffin, Managing Director, TPG Twin Brook
About Guardian Dentistry Partners
Founded in 2018 by a group of passionate dentists and a family office, Guardian Dentistry Partners is a Dental Partnership Network dedicated to providing support services and growth opportunities for its network of dentist partners. Guardian has expanded rapidly and now supports dental entrepreneurs in Alabama, D.C., Florida, Maryland, Michigan, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, and Virginia. Guardian’s mission is to help its dental partners and teams build the practices of our collective dreams. For more information, visit guardiandentistry.com.
About Select Dental Management
Select Dental Management is a dental partnership organization operating 38 locations across eight states and Washington D.C. Founded in 2018 with a mission to redefine the DSO model through clinical excellence and dentist-centered partnerships, SDM supports more than 130 dentists and 720 team members. SDM’s platform is built on dentist equity, collaborative leadership, and data-driven operational support.
About Morgan Stanley Private Credit
Morgan Stanley Private Credit, part of Morgan Stanley Investment Management, is a private credit platform focused on direct lending and opportunistic private credit investment in North America and Western Europe. The Morgan Stanley Private Credit team invests across the capital structure, including senior secured term loans, unitranche loans, junior debt, structured equity and common equity co-investments.
About TPG
TPG is a global alternative asset management firm, founded in San Francisco in 1992, with $306 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions.
