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DSO Deal Roundup Q4 2020 and Q1 2021

When Group Dentistry Now started in 2014, there was certainly not as much M&A and de novo activity in the dental industry as there is now. In fact, it was uncommon to find documentation of this activity. In our early days we felt fortunate to publish deals a couple of times a month. Fast forward to 2020 and 2021 and we find it challenging to cover all of the new DSO formations, practice acquisitions and new practice buildouts that are occurring while still providing our audience with balanced content that they’ve come to rely on.

Hence the need for a regular DSO Deals update article. On a regular basis we will keep our audience informed with the latest DSO deal activity with an exclusive update synopsis. If you don’t see your deals, practice acquisitions or de novos, but would like us to include them in the DSO Deals update, please send your press to [email protected]. Of course, we still will continue to feature in-depth articles on DSOs, but with the level of activity in the industry, we want to make sure we cover as much as possible.

October 2020

Heartland Dental Celebrates Record Growth of Newly Supported Practices Despite Global Pandemic 
The nation’s largest dental support organization has welcomed a record number of supported practices in 2020 with over 100 doctors joining. The DSO now supports over 1,700 dentists in nearly 1,100 dental offices across 38 states.  The company is majority owned by KKR, a leading global investment firm.

Benevis has been acquired by New Mountain Capital
Lincoln International announced that LT Smile Corporation (Benevis) was acquired on October 6, 2020 under Section 363 of the United States Bankruptcy Code by certain credit investment funds managed by and affiliated with New Mountain Capital, LLC. Benevis provides non-clinical business support services to 150+ dental offices in over 15 states, treating over two million patients annually.

November 2020

Western Dental Acquires Salwan Dental Group in Ontario, California
Dr. Ranjeev Salwan, who founded the office, will continue to serve as the managing doctor. Western Dental (with its supported affiliates, including Brident Dental & Orthodontics and Vital Smiles) serves approximately 3 million patient visits annually in 326 affiliated offices throughout California, Texas, Arizona, Nevada and Alabama.

Aspen Dental Expands Access to Dental Care in Port Arthur, TX 
Aspen Dental has officially opened its doors in Port Arthur, Texas with the opening of a brand-new office, bringing a new local dentist to their community. This will be the 41st Aspen Dental practice in Texas

Smile Brands Announces New Partnership with Multi-Location Affiliate in Houston
The DSO which has 440 affiliated offices across 18 states, announced its new partnership with seven Southern Dental Associates locations in Houston, Texas. This marks the company’s eighth new affiliate partnership since the start of the pandemic. With 60 years of experience, and 13 general dentists, the existing staff will remain in place and the offices will continue to operate under the Southern Dental Associates name.

Aces Dental is Acquired by Absolute Dental Group 
On November 30, 2020, Aces Braces and Dental was acquired by Absolute Dental Group LLC. Aces Dental is an operator of three dental practices in Nevada. The combined organization represents nearly 100 dentists and hygienists supported by 350 team members delivering a full suite of dentistry services through 28 practices in Nevada. The three Aces Dental practices will migrate to the Absolute Dental brand by early 2021.

Aspen Dental Management Acquires ClearChoice Management Services
Aspen Dental Management (ADMI) announced it has reached an agreement with Sun Capital Partners, Inc. to acquire ClearChoice Management Services (CCMS), which provides comprehensive practice support services to the nationwide network of ClearChoice Dental Implant Centers. With a current footprint of more than 60 locations, ClearChoice Dental Implant Centers are leaders in fixed, full arch dental restorations for patients with missing or failing dentition. Learn more here.

December, 2020

Tru Family Dental in Southfield Purchased by Heartland Dental
Illinois-based Heartland Dental has acquired Tru Family Dental in Southfield. Tru Family was founded in 2014, the dental support organization has ten offices in Illinois and 13 in Michigan. The all-cash transaction closed Monday, December 21, 2020. Heartland also welcomed the following:

  • Mosaic Dental in Minneapolis, Minnesota added four supported offices.
  • Forum Dental in Missouri, which included six supported offices throughout the state.
  • Research Triangle Dental in Durham, North Carolina.

Smile Brands Completes Acquisition of Midwest Dental
Smile Brands Inc. announced that it completed the acquisition of Midwest Dental, a Dental Services Organization (DSO) with over 230 offices located primarily in the upper Midwest and New England regions. Midwest Dental, founded in 1968 and based in Mondovi, WI, has a staff of 2,300 and operates in 17 states through four brands. The combined company is one of the largest DSOs in the country, representing 650 offices and over 8,000 employees, including 2,200 dentists and hygienists operating in 30 states.

January 2021

Oxford Finance Leads $107 Million Upsize Financing for Specialty Dental Brands
Oxford Finance LLC, a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, announced the closing of a $107 million senior credit facility to Specialty Dental Brands, a dental services organization focused on pediatric dentistry, orthodontics, and oral surgery.

Private equity group makes investment in Colorado Springs dental chain
Los Angeles-based private equity investment firm, Varsity Healthcare Partners, made a major investment in the fast-growing, Colorado Springs-based dental practice group. Varsity’s investment is expected to finance acquisitions and new practices for five years or more in major metro areas in Colorado, Arizona, Nevada, New Mexico, Oregon, Texas, Utah and Washington such as Las Vegas, Phoenix, Portland, Ore, Salt Lake City and Seattle.

Firmament Backs Veteran Team to Launch Independence Dental
The Firmament Group a provider of tailored debt and equity capital solutions to small- and medium-sized enterprises, announced the formation and launch of Independence Dental Services LP, an integrated dental services organization (DSO) with eight initial constituent practices. Learn more about Independence Dental here

Firmament Supports GPS Dental Platform Expansion
The Firmament Group also announced an investment in GPS Dental, LLC, a Jonesboro, Arkansas-based dental services organization (DSO) that manages seventeen dental practices across ArkansasIndiana, and Tennessee.

Overcoming The Odds, MB2 Wraps Up 2020 Adding 81 New Practices, 70 New Doctor Owners
Amidst a pandemic, the Dallas based Dental Partnership Organization was still able to surpass their 2019 growth, adding 81 new affiliated practices with 70 new doctor owners, 7 of which were de novos. Learn more here.

Audax Private Equity Announces Successful Closing of $1.7 billion Continuation Fund Led by AlpInvest Partners, Lexington Partners, and Hamilton Lane
Audax Private Equity announced the successful completion of its first Continuation Fund. The fund is comprised of $1.7 billion in capital commitments, which funded the purchase of portfolio companies from Audax Private Equity Fund IV, a 2012 vintage fund with $1.25 billion in capital commitments. The largest of these Fund IV assets include 42 North Dental, a dental practice management company in New England.

Seven DDS Dentures + Implant Solutions practices in Texas rebrand to Affordable Dentures & Implants
While all seven practices have changed their name, the clinical and management teams at each location have remained the same. Affordable Dentures & Implants was founded in 1975 in Kinston, North Carolina, and is the nation’s largest network of providers concentrating on affordable tooth replacement solutions, including dentures and implants.

Colosseum Dental Group to enter French market by acquiring Dentelia
Colosseum Dental Group (CDG) reached an agreement with Otium Capital, the current management team, and the founder and CEO Dr Alexandre Attia, to acquire a majority stake in Dentelia, a rapidly growing dental care provider in France. Dr Alexandre Attia will retain a significant equity position and drive the expansion of the group across France together with the current management team. The acquisition expands CDG’s footprint into France, the second-largest dental market in Europe with more than 300 dental practices in nine countries.

42 North Dental Continues Expansion into Maine with the Affiliation of Restorative & Aesthetic Dental Associates
42 North Dental, which supports 31 practice brands in 81 locations, welcomes Restorative & Aesthetic Dental Associates located in Portland, Maine to their portfolio of supported dental practices. This affiliation brings the total number of supported practices to 81 throughout the Northeast. The Portland, Maine practice becomes its second supported in the state.

ChildSmiles Acquires Pediatric Practices, Sparks Rebrand as SmileHealth  
ChildSmiles Group, LLC announced the acquisition of two sizable primary care pediatric physician practices in Newark, New Jersey. Both practices have been in operation for over 30 years, providing high-quality primary care to underserved children in the Newark area. ChildSmiles now operates five large-footprint practices (with over 120 total operatories), a children’s ambulatory surgery center, and two primary care pediatric practices, employing over 350 employees. ChildSmiles believes that dental and primary care health services are highly complementary for pediatric patients and will be rebranding as SmileHealth later in 2021.  

Comfort Dental Care & Orthodontics and its four multi-specialty locations acquired by Marquee Dental Partners, expanding its footprint into Florida
Founded in 2015 and headquartered in Nashville, TN, Marquee Dental Partners has over 42 locations in Tennessee, Alabama, Kentucky, Arkansas, and now Florida. Comfort Dental Care & Orthodontics was founded in 1995 by Dr. Alan Farrugia in Crestview, Florida and currently employs eight dentists in its four panhandle locations.

February 2021

Sentinel Exits MB2 Dental
Sentinel Capital Partners, a private equity firm that invests in lower midmarket companies, announced the sale of MB2 Dental, a dental partnership organization (DPO.) During its partnership with Sentinel, MB2 grew from 85 affiliated practices to 275, and expanded its geographic footprint from six states to 24. In addition to MB2, Sentinel’s prior dental investments include Castle Dental and Metro Dentalcare, Northeast Dental Management, and ReachOut Healthcare America.

 


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