The Jordan Company, L.P. (“TJC”) today announced that an affiliate of The Resolute Fund V, L.P. (“Resolute V”) has signed a definitive agreement to acquire Dental365 (“Dental365” or the “Company”) from the founding shareholders and current investor Regal Healthcare Capital Partners, L.P. (“Regal”). Resolute V is completing the acquisition in partnership with Dental365’s founder and CEO, Dr. Scott Asnis, who will continue to lead the Company. Regal and its founders, Dr. David Kim and Jon Santemma will remain minority investors in the Company. The transaction is expected to close in August.
Founded in 2014 by Dr. Asnis and Dr. Kim, Dental365 is a dental service organization that has established itself as the market leader in the areas it serves over the past several years. The Company is focused on treating all phases of dentistry, including general dentistry, pediatric dentistry, orthodontics and oral and maxillofacial surgery. The organization is dentist-led at every level of the Company, offering clinical excellence and concierge dentistry in modern offices with advanced technology from expertly trained specialists and general dental practitioners at nearly 70 locations throughout the New York Metropolitan Area, Connecticut and New Jersey and will continue to scale into additional states throughout the U.S.
To date, the Company has nearly doubled in size each year and has over 400,000 patient visits annually. In addition, it employs over 165 dentists and 800 staff members. This new investment will provide the Company with significant resources as it drives continued expansion.
“We are extremely proud of the accomplishments we have made since 2014 and couldn’t be more excited to welcome TJC into our next phase of growth,” said Dr. Asnis. “There is a great cultural fit between our organizations, and we share a vision for Dental365’s future. TJC’s resources and experience will enable us to accelerate our long-term growth plan.”
“Our talented and dedicated doctors at Dental365 will benefit from TJC, as we plan to offer even stronger operational support,” Dr. Asnis states. “This partnership will afford the resources needed to provide our patients with even better clinical care as dental technology advances in the future and will assist in continuing to provide elevated patient experiences.”
“Dr. Asnis and the management team have built Dental365 into a leader in dentistry in the greater New York City market, with an unwavering focus on best-in-class providers and patient care,” said Dave Butler, Partner at TJC. “We are excited to contribute to the next stage of Dental365’s growth.”
“We are thrilled to partner with Dr. Asnis and the entire Dental365 team,” said Dan Williams, Partner at TJC. “The Company has an incredible culture centered on delivering top level support to its providers and the highest quality care to its patients.”
“It has been a pleasure working with Dr. Asnis to grow Dental365 from an idea on a white board to the leading DSO in the region. With TJC’s strategic and capital assistance, I am confident that Dental365 will continue its current track record of success,” said Dr. David Kim, Co-Founder of Dental365 and General Partner at Regal.
Kirkland & Ellis LLP acted as legal advisor to TJC. Ropes & Gray LLP acted as legal advisor and Jefferies Inc. acted as financial advisor to Dental365.
For any questions, please contact Kristin A. Custar, Partner and Head of the Global Investor Capital Group at TJC, at (212) 572-0829.
About Dental365
Dental365 is a full-service dental practice offering general dentistry and specialty services with locations throughout New York, Connecticut and New Jersey. Their goal is to service communities with the latest technology in oral healthcare and wellness. Dental365 provides convenient dentistry for patients, offering everything from emergency extractions to routine exams, including cosmetic restorations and dental implants, all in state-of-the-art, beautiful environments where patient comfort and safety are a top priority. In addition, Dental365 is committed to providing dentists with the ongoing education and tools needed to provide the best patient care through Dental365 University, a unique concept built exclusively for Dental365 doctors. For more information about Dental365 visit www.GoDental365.com.
About The Jordan Company
The Jordan Company, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $16 billion with a 39-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years, and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has offices in Chicago. For more information, visit www.thejordancompany.com.
About Regal Healthcare Capital Partners
Regal Healthcare Capital Partners (“Regal”) is a New York-based growth equity and buyout firm focused exclusively on lower-middle market healthcare services companies. Regal partners with leading-edge healthcare entrepreneurs in need of financial investment and strategic, operational, and managerial expertise. Regal and its co-founders, Dr. David Kim and Jon Santemma, bring a unique combination of operational and transactional experience to healthcare services companies to help realize their growth potential. For more information, please visit www.regalhcp.com.
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