Harris Williams & Co. Advises SmileCare in its Sale to Strategic Buyer Coast Dental
August 03 2011 - 9:31AM
Business Wire
Harris Williams & Co. announces the sale of Dental
Technology, Inc., (d/b/a SmileCare), a portfolio company of Liberty
Partners (Liberty), to strategic buyer Coast Dental Services, Inc.
(Coast Dental). Harris Williams & Co. acted as the exclusive
advisor to SmileCare. The transaction was led by Todd Morris and
Andy Dixon from the firm’s Healthcare & Life Sciences (HCLS)
Group in San Francisco along with John Klim from the firm’s
Richmond office.
“We continue to see strong M&A deal flow in the dental
practice management market, with both strategic and financial
buyers attracted to the industry’s solid fundamentals and long-term
growth dynamics," stated Todd Morris, a managing director at Harris
Williams & Co. “It is a sector in which we have significant
experience and where we expect to see a high level of continued
transaction activity due to the fragmentation within the dental
care industry as well as the many benefits that the DPM model
provides.”
Through its subsidiaries, SmileCare operates 57 dental practices
in CA, NV, and TX. Subsidiaries include Community Dental Services,
Inc., a Knox-Keene licensed health care service plan providing
prepaid dental care services in California, Nevada Dental
Associates and SmileCare of TX. SmileCare was founded in 1977 and
provides general dentistry and specialty services including
orthodontics, oral surgery, endodontics, periodontics and pediatric
dentistry. SmileCare is based in Santa Ana, CA.
Liberty is a New York based private equity investment firm which
has committed more than $1 billion to middle market private equity
investments in manufacturing, business services and
education-related companies. Liberty typically seeks to deploy
$20 million to $75 million of equity for controlling or
substantial-minority positions in North American-based companies
through a range of transaction structures – leveraged buyouts,
corporate divestitures, recapitalizations, going-privates,
build-ups and growth financings.
Coast Dental is the largest provider of general dentistry and
specialty dental care in the Southeast with 125 affiliated dental
practices in Florida and Georgia. Coast Dental Services Inc. is a
privately-held dental practice management company that provides
comprehensive, non-clinical business and administrative services to
its affiliated dental practices. The company was founded in 1992 by
Dr. Adam Diasti and Dr. Derek Diasti and is headquartered in Tampa,
FL.
Harris Williams & Co. (www.harriswilliams.com), a member of
The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier
middle market advisor with a two-decade legacy of sell side
excellence serving clients worldwide. The firm is focused
exclusively on the middle market providing sell side and
acquisition advisory, restructuring advisory, board advisory,
private placements and capital markets advisory services. The
firm’s HCLS Group focuses on transactions across the spectrum of
healthcare market segments. For more information, contact Turner
Bredrup, James Clark or Cheairs Porter in Richmond at +1 (804)
648-0072 or Todd Morris in San Francisco at +1 (415) 288-4260.
Investment banking services are provided by Harris Williams LLC,
a registered broker-dealer and member of FINRA and SIPC, and Harris
Williams & Co. Ltd, an Appointed Representative of Sturgeon
Ventures LLP, which is authorised and regulated by the Financial
Services Authority. Harris Williams & Co. is a trade name under
which Harris Williams LLC and Harris Williams & Co. Ltd conduct
business in the U.S. and Europe, respectively.
For general release inquiries, please contact Kimberly Baker,
marketing director, at +1 (804) 648-0072.
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