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The dental industry continues to experience economic pressure and staffing shortages. Discussions regarding distressed DSOs, the growth of private group practice, and interest rates continue.
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Here is GDN’s exclusive list of DSO and emerging group M&A for June:
TUSK Practice Sales, the premier healthcare-focused M&A Advisor, advised Rockville Centre for Dentistry on its affiliation to MB2 Dental. The transaction was led by Yazen Abusad, Associate of Mergers & Acquisitions at TUSK Practice Sales. Alex Cherniavsky spearheaded the diligence and analytics efforts for TUSK. It also advised Richard Rogers, DMD in its affiliation with Imagen Dental Partners. The transaction was led by Yazen Abusad, Associate of Mergers & Acquisitions at TUSK. Alex Cherniavsky and Taylor Adams spearheaded the diligence and analytics efforts for TUSK.
The Smilist Management acquired Simply Beautiful Smiles, a regional group that compliments The Smilist’s existing footprint in the northeast. The acquisition included 23 new locations, further expanding their reach into Maryland and upstate NY. Simply Beautiful Smiles (SBS), founded by veteran dentist Dr. Louis D’Angelo, began with a single office in 2000. In 2014, The Beekman Group, a PE firm, partnered with D’Angelo in a growth capital transaction to form a dental support organization, Delaware Valley Management Holdings, Inc. (DVM). The recent partnership puts The Smilist at nearly 100 practices, now in six states. The Smilist hit their 10-year anniversary at the beginning of this year and has further plans to expand their partnerships throughout the northeast.
On June 14, 2024, Premier Dental Services Inc. (doing business as Sonrava Health) completed a distressed exchange transaction with its existing lenders, which it originally announced on May 29, 2024. Lenders received less than the original promise and did not receive adequate compensation for lower priority, lower cash interest for the first two years post transaction close, and less debt amortization. Therefore, they lowered the issuer credit rating on Sonrava to ‘SD’ (selective default) from ‘CC’. At the same time, they lowered their issue-level ratings on the first-lien secured term loan and revolving credit facility (RCF) to ‘D’ from ‘CC’.
Sonrava (formerly known as Western Dental & Orthodontics) is a dental service organization (DSO) that provides management services to associated dental centers. It is affiliated with approximately 525 dental practices in 23 states, mainly in California and Texas. Sonrava generated about $980 million of total net revenues in 2023. It has been majority owned by private-equity firm New Mountain Capital since 2012.
U.S. Oral Surgery Management (USOSM) continued its growth momentum, adding three new partner practices to its network of oral and maxillofacial surgeons. Collectively, they included four doctors and four locations across three states:
- Natalie J. Schafer, DDS, Wheat Ridge Oral Surgery, Wheat Ridge, Colorado
- Jared E. Dye, DMD, and David O. Omole, DDS, Southwind Oral & Facial Surgery & Implant Center, Wichita and Hutchinson, Kansas
- Jared Antrobus, DDS, Rocklin Oral Surgery & Dental Implant Center
Rocklin, California
MB2 Dental introduced six practices and welcomed 10 doctor partners across six states, bringing its 2024 total new practice count to 66.
- La Jolla Family Smile Design in La Jolla, CA, Acquisition
- Children’s Dentistry of Abilene in Abilene, TX, Acquisition
- DeLaura Dental in Romeo, MI, Acquisition
- Burch Court Dental in Frankfort, KY, Acquisition
- Parker Orthodontics in Mayfield Village, OH, Acquisition
- Pray Family Dentistry in Anderson, SC, Acquisition
Heartland Dental announced their newest supported practice – Queens Road Dentistry, led by Dr. Forrest Norman III in Charlotte, North Carolina.
Sage Dental has announced plans to open four practices in central Tennessee. This expansion marks Sage Dental’s official entry into Tennesse. These practices are set to be located in Smyrna, Lebanon, Alcoa, and Franklin:
- Sage Dental of Alcoa – 228 Hamilton Crossing Dr, Alcoa, TN 37701 (Opened June 2024)
- Sage Dental of Franklin – 4091 Mallory Lane, Suite 118, Franklin, TN 37067
- Sage Dental of Lebanon – 1443 W Main St, Suite 200, Lebanon, TN 37087
- Sage Dental of Smyrna – 481 Sam Ridley Pkwy W, Smyrna, TN 37167
Dental365 has announced the acquisition of Shoreline Dental Associates in Guilford, Connecticut, led by Dr. Riham Kalta. This is the fourth acquisition of Dental365 in Connecticut. 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.
Straine Dental Management, an Emerging Groups to Watch winner in 2024, expanded into Maine. Their affiliation of three dental practices lead by Shillo Annis, DMD, – Breakwater Dental, Mountain View Dentistry, and Tory Hill Dental – marks SDM’s entry into its 14th state.
Specialized Dental Partners welcomed new partners:
- Dr. Johnathan Richards, Dr. Michelle Howe, Eastlake Endodontics, Roy, Utah
- Dr. Matthew Evans, Midlands Endodontics, Lexington, SC
Camp Smile Pediatric Density & Orthodontics opened their fourth location in the Twin Cities. The new office is located at 7880 Main St, Maple Grove, MN.
Qualitas Dental Partners welcomed three Rhode Island practices to its partnership. These partnerships bring together
- A general dentistry practice in central Rhode Island
- An established multi-specialty practice
- An oral and maxillofacial surgery center which specializes in a wide range of surgical procedures and dental implants
Oral Surgery Partners (OSP), which supports over 100 oral surgeons in 70+ offices, announced the closing of a $75 million credit expansion. The facility expansion was provided by the existing lending partners and will allow OSP to continue to grow through 2024 and beyond. Headquartered in St. Louis, MO, OSP operates surgical offices and provides professional management services for oral surgery practices across 20 states. OSP is actively targeting new add-on acquisitions and recruiting new surgeons across the U.S.
Dr. Barry Slipock, along with his team, have affiliated with Silver Creek Dental Partners.
Affordable Dental Care has taken the opportunity to expand to an underserved area in Madison’s North Side, Wisconsin to supply dental care to those who need it. The new location is at 1709 Aberg Ave.
Pacific Dental Services has marked its 30th anniversary. This milestone was further distinguished by the opening of their 999th and 1000th supported practices:
- Dentists of Folsom in California
- Dentists of West Ashley in Charleston, South Carolina
At GPS Dental, five new partnerships have been announced:
- Blue Sky Dental Group in Jacksonville, FL
- Romeoville Dental Center in Romeoville, IL
- Palos Heights Family Dental in Palos Heights, IL
- Avon Dental in Avon, CO
- Castle Peak Dental in Eagle, CO
The Wells Family Dental Group’s opened a new office in Wake Forest, NC. It is located at 911 Gateway Commons Circle, and offers services in general, cosmetic, and restorative dentistry, as well as emergency dental care.
MYDENTIST is set to open a large-scale dental practice in Coventry. This is a merger of two smaller practices. It will have 16 operatories and a team of over 40. This practice is set to open in October.
Infinityblu Dental Care and Implant Clinic, established by Chris Barrowman in Pitlochry, Scottland, has acquired its first urban base in Perth. This will be a 5-surgery practice. It is thought that the refurbishment work will take around 6 months, with the practice opening in early 2025. Their other locations are in Perthshire, Fife, Stirlingshire, and the Scottish Borders.
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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