The Beekman Group (“Beekman”) announced that an affiliate of Beekman Investment Partners III (“Beekman”) has completed the sale of BAF Management Services, LLC, and affiliated companies, operating as Riccobene Associates Family Dentistry (collectively, “Riccobene” or the “company”), one of the largest dental service organizations in the Southeast, with over 60 locations in North Carolina, South Carolina, and Virginia.
Beekman partnered with Dr. Michael Riccobene, DDS, in February 2018 to form a dental service organization (“DSO”) to support Dr. Riccobene’s dental group, Riccobene Associates Family Dentistry, originally founded in 2000. Together with Beekman, Riccobene rapidly expanded from 15 locations in North Carolina to over 60 locations through acquisitions and new openings across North Carolina, South Carolina, and Virginia. During its investment period, Beekman, in collaboration with Riccobene management, played a critical role in recruiting key executives and implementing systems and processes that enhanced patient care, accelerated clinic expansion, and improved practice-level performance.
Andrew Marolda, managing director of The Beekman Group, said, “We are pleased to have partnered with Dr. Riccobene and his management team over the last six years. Riccobene has become a leading DSO in the Southeast and has the potential to grow into one of the top dental service companies in the country. We are thankful to Dr. Riccobene, the entire Riccobene management team, and clinician leadership for building a leading DSO platform, and we wish Riccobene continued success with their new partners.”
Dr. Michael Riccobene, CEO of the company, said, “We’d like to thank The Beekman Group for their partnership and strategic direction over these past years. Their experience in building leading dental and healthcare organizations and hands-on involvement proved invaluable as we navigated through COVID and executed a disciplined growth plan, expanding to over 60 practices in multiple states and growing our revenue and cash flow by nearly 5x, while maintaining the Riccobene Way of patient-first service and quality dentistry. We are excited to continue growing our footprint and providing quality patient care with our new partners, Comvest Private Equity.”
William Blair served as financial advisor to Riccobene in connection with the transaction. Holland & Knight and Akerman served as legal advisors to Riccobene and Beekman, respectively. Financial details of the transaction were not disclosed.
About Riccobene Associates Family Dentistry
Riccobene Associates Family Dentistry is a leading DSO platform facilitating high-quality general and multi-specialty dental services across North Carolina, Virginia, and South Carolina. Through its state-of-the-art facilities, best-in-class clinical teams, and patient-centric approach to care, Riccobene provides comprehensive and individualized care across its 60+ clinics. For more information, please visit www.brushandfloss.com.
About The Beekman Group
The Beekman Group is a private equity firm based in New York City, focused on building industry-leading companies in the healthcare, consumer, and business services sectors. The firm partners with management teams who desire to be significant owners and create meaningful value by accelerating organic and acquisition growth initiatives. Beekman manages over $1 billion in assets and has completed over 200 transactions since its inception. For more information, please visit www.thebeekmangroup.com.
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