Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the sale of Northeast Dental Management (“NEDM”), a leading provider of dental office support services in the Northeast and Mid-Atlantic. Terms of the deal were not disclosed.
Headquartered in Paramus, New Jersey, NEDM provides administrative staffing, human resources, purchasing, financial, and information technology support services to 65 locally-branded dental offices. NEDM’s affiliated offices provide the highest quality dental care to nearly 200,000 patients annually, and offer a full suite of best-in-class general and specialty dental services, including general dentistry, oral hygiene, oral surgery, periodontics, pediatric dentistry, and orthodontics.
Under Sentinel’s ownership, the number of offices served by NEDM grew from 29 to 65 through 24 add-on affiliations. Through these new affiliations, NEDM significantly increased its density in the Amtrak corridor and expanded its service offering into Maryland, Massachusetts, and Connecticut.
“NEDM is an outstanding business with tremendous growth and impressive financial performance,” said Paul Murphy, a partner at Sentinel. “We were fortunate to work alongside NEDM’s extremely talented management team and we wish them continued success as NEDM enters its next stage of growth.”
“Our partnership with Sentinel has been highly productive. Sentinel has given us the guidance and support needed to grow our business,” said NEDM Chief Executive Officer, Dr. Craig Abramowitz. “We have created a strong, integrated platform capable of providing our dentists with topflight administrative support that allows them to provide their patients with the highest level of dental care.”
Sentinel has an established record of investing in the dental and health-care sectors. In addition to NEDM, Sentinel’s dental portfolio has included Castle Dental and Metro Dentalcare, both leading regional providers of general and specialty dentistry office support services; and ReachOut Healthcare America, a leading provider of administrative support services to mobile dentists. Sentinel’s current and former healthcare investments include Hospice Advantage, a leading provider of end-of-life care and family support services to patients in their homes; Interim Healthcare Holdings, a leading provider and franchisor of home health-care services; National Spine & Pain Centers, the top provider of interventional pain management procedures focused on relieving back and neck pain; and Wellspring Pharmaceutical Corp., a manufacturer and marketer of specialty pharmaceuticals.
For Sentinel, 2015 was highly productive. During the year, Sentinel made four new platform investments: Corporate Visions, a provider of marketing and sales enablement solutions; Driven Performance Brands, a manufacturer of high performance automotive aftermarket products for car and truck enthusiasts; Fazoli’s Group, a franchisor and operator of Italian fast casual restaurants; and Total Military Management, a provider of relocation services to U.S. military and government personnel. Sentinel also completed five successful exits in 2015: Hospice Advantage (described above); IEP Technologies, a global leader in industrial explosion protection; North American Rescue, a leading supplier of tactical life-saving equipment to the U.S. military; Spinrite, North America’s leading manufacturer of consumer yarn; and Vintage Parts, a leader in supply chain, logistics, and distribution management services for slow-moving and inactive parts.
About Sentinel Capital Partners
Sentinel Capital Partners specializes in buying and building businesses at the lower end of the middle market in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, health-care, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.
About Northeast Dental Management
NEDM provides office support services to locally branded dental offices in Connecticut, Massachusetts, Maryland, New York, New Jersey, Pennsylvania, and Virginia. Headquartered in Paramus, New Jersey, NEDM provides office support services to more than 180 dentists serving nearly 200,000 patients. NEDM’s 65 affiliated offices provide patients with the highest quality dental care via a full suite of best-in-class general dentistry, oral hygiene, and specialty dental services, including oral surgery, periodontics, pedodontics and orthodontics. For more information about NEDM, visit http://www.nedentalmanagement.com.
Source: Sentinel Captial Partners press release, 7 January 2016.
