DLJ Merchant Banking Partners acquire controlling interest in Den-Mat Holdings
NEW YORK-- DLJ Merchant Banking Partners has announced that it has acquired a controlling interest in Den-Mat Holdings, LLC, with LUMINEERS as its flagship product.
The transaction closed in December 2007.
In connection with the transaction, Den-Mat, a leading manufacturer and marketer of minimally invasive dental products for cosmetic and professional dentists, also announced several additions to the senior management team, naming Nicholas L. Teti, Jr., former CEO of Isolagen Inc. and former Chairman and CEO of Inamed Corporation, as Chief Executive Officer.
In addition, Adel Michael, former vice chairman and CFO of Mentor Corporation, has been named President and Chief Operating Officer. Dr. Robert Ibsen, Den-Mat's founder, will remain active in the business as chairman and director of Professional Education and Product Development.
Founded in 1974 in Santa Maria, Calif., by Dr. Robert Ibsen, Den-Mat is a leading dental manufacturer that develops and distributes more than 200 esthetic products primarily through a direct sales force as well as distributors. The company's flagship product is LUMINEERS, a revolutionary, ultra-thin porcelain veneer that offers a pain-free alternative to traditional veneers, eliminating the need for any type of anesthetic.
Backed by more than 20 years of research, LUMINEERS made of Den-Mat's patented Cerinate porcelain is now offered by more than 12,000 dentists and has opened the market to consumers who are seeking a minimally invasive approach to a smile makeover. LUMINEERS represents a significant offering into the expanding cosmetic dental product market.
In addition, Den-Mat markets a full line of professional dental products that includes curing lights, bonding agents, crowns, bridges, whitening procedures and restorative products.
Den-Mat also offers dentists a range of services, including continuing education seminars and marketing support programs, particularly in the area of cosmetic dentistry.
"We are delighted to acquire Den-Mat, a unique platform in one of the fastest growing segments of the healthcare industry," said Steven Rattner, Global Head of DLJ Merchant Banking Partners. "Working closely with Dr. Ibsen and Den-Mat's management team, we look forward to leveraging the Company's leading-edge products to capitalize on new opportunities and significantly expand the
business from its current niche position."
Dr. Ibsen said, "We are very pleased to be partnering with DLJ Merchant Banking Partners to continue to build on Den-Mat's success as a leader in cosmetic dentistry offering pain-free, minimally-invasive products. Access to DLJMB's resources will allow us to accelerate our growth strategy."
In the coming months, the company will also be forming an advisory board to further strengthen its relationships with key opinion leaders, dental schools and other dental associations.
Teti said, "I am extremely impressed by Den-Mat's portfolio of products and services and believe it is well positioned to capture share in the high potential and fast growing cosmetic dentistry market. I look forward to working with Den-Mat's talented employees to expand the product offering and geographic footprint while building out the company's infrastructure to provide
the highest level of service to its customer base."
