Mid-Atlantic Dental Service Holdings, operating as Mid-Atlantic Dental Partners, will acquire Birner Dental Management Services. Birner operates dental practice affiliates with more than 100 dentists under the Perfect Teeth brand in Colorado, Arizona, and New Mexico.
Mid-Atlantic Dental Partners offers a dental service organization model that provides marketing, financial, practice information, and other business services as well as an opportunity to share in the financial success in the practice.
An affiliate of Mid-Atlantic Dental Partners will purchase all of the outstanding shares of Birner Dental Management Services for $10.62 in cash. Shareholders also will receive on contingent value right (CVR) per share of Birner common stock owned.
The CVR entitles shareholders to an additional cash payment of up to $01.3 per share under certain circumstances following the closing of the transaction. The total consideration payable to Birner’s shareholders, assuming full payout of the CVR, represents a 105% premium to Birner’s closing share price of $5.25 on October 2, 2018.
“We look forward to partnering with Birner to accelerate the redevelopment of all of the Perfect Teeth-branded practices through investment in technology,” said Mitchell Goldman, CEO of Mid-Atlantic Dental Partners.
“Dentists, hygienists, dental assistants, and office staff are the true assets of our practices, and we will strive to raise the importance of all dental professionals in improving the overall healthcare of patients and populations. We intend to make substantial investments in the people, equipment, and technology of these dental practices,” said Goldman.
“Mid-Atlantic’s ability to provide the additional resources we need to continue to build and expand our brand while investing in our providers will allow Birner to provide better services to all of its patients,” said Fred Birner, CEO of Birner. “Perfect Teeth shares Mid-Atlantic’s belief that dental professionals are the backbone of the company and our most valuable asset.”
Birner will become Rocky Mountain Dental Services Holdings, a wholly owned subsidiary of Mid-Atlantic Dental Services Holdings. Birner will continue to be based in Denver and will be locally managed. The newly acquired locations will continue to do business under the Perfect Teeth brand.
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