Thurston Group (“Thurston”), a leading private equity firm specializing in healthcare investments, is pleased to announce its portfolio company, Gen4 Dental Partners (“Gen4”), has closed on a $315 million credit facility. The financing, which was used to refinance existing indebtedness and fund acquisitions under LOI, was significantly oversubscribed and led by Man Varagon.
Founded in 2021 and headquartered in Tempe, Arizona, Gen4 is a next-generation dental service organization focused on doctor-centered mentorship and operational excellence. The company’s highly innovative and unique operational model consists of approximately 110 offices across 14 states and is supported by a highly aligned base of over 190 doctors and more than 100 doctor partners. Through its demonstrated integration framework, Gen4 has completed over 45 acquisitions since 2021 and maintains a robust acquisition pipeline with actionable and proprietary opportunities in key markets. This transaction aims to provide Gen4 with enhanced flexibility and resources to further expand its footprint, invest in advanced technologies, and continue delivering best-in-class dental care to communities across the United States.
Lamonte Jensen, CEO of Gen4, expressed his enthusiasm about the deal, stating, “This refinancing represents a significant milestone for Gen4 and underscores the confidence that the market has in our business model and growth prospects. With this new facility, we are well-positioned to accelerate our expansion initiatives, enhance our service offerings, and continue providing exceptional dental care to our patients.”
Dan Davis, Managing Partner at Thurston Group, commented on the transaction, saying, “We are thrilled to have completed this refinancing for Gen4. It reflects our commitment to our strategic objectives and growth ambitions. Gen4 has established itself as a leader in the dental space, and we are confident that this new debt facility led by our partners at Man Varagon will further propel its growth trajectory.”
Houlihan Lokey and Raymond James served as placement agents, and Willkie Farr & Gallagher served as legal advisor to Gen4. Man Varagon served as Administrative Agent, Joint Lead Arranger, and Sole Bookrunner on this transaction.
About Thurston Group
Thurston Group is a private equity firm that focuses on building industry-leading companies in the healthcare services sector. With a 38-year history, Thurston Group has returned more than $4B of invested capital. Thurston has an extensive track record of partnering with physicians and building fast-growing businesses, including Smile Doctors, U.S. Endodontics Partners, US Oral Surgery Management, SGA Dental Partners, U.S. Orthopaedic Partners, Gen4 Dental Partners, ARC Health, Options Medical Weight Loss, Alpha Aesthetics Partners, and Modis Dental Partners, among others.
About Gen4 Dental Partners
Gen4 Dental Partners is a leading dental service organization committed to providing comprehensive practice support services to dental practices across the United States. With a focus on innovation, quality, and patient-centric care, Gen4 Dental Partners empowers dental professionals to thrive in a rapidly evolving healthcare landscape.
