Harris Williams Advises American Dental Partners on its Sale to Heartland Dental
June 16 2021 - 9:15AM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it advised American Dental
Partners (ADPI), a portfolio company of JLL Partners (JLL), on its
sale to Heartland Dental, a portfolio company of KKR. ADPI is one
of the largest dental practice management companies in the United
States. The transaction was led by James Clark, Whit Knier, Geoff
Smith, Nathan Robertson and Bill Whitaker of the Harris Williams
Healthcare & Life Sciences (HCLS) Group.
“ADPI provides vital business services support to dental groups
throughout the country, allowing dentists to focus more on patient
care and less on administrative tasks,” said Geoff Smith, a
managing director at Harris Williams. “ADPI found an excellent
partner in Heartland Dental, another best-in-class dental support
organization, and we are excited to watch the combined company
thrive.”
“After patient visits in general and specialty dentistry slowed
substantially during the early days of COVID-19, the dental market
has come roaring back and investors are eager to put capital to
work in the space,” said James Clark, a managing director at Harris
Williams.
ADPI was founded in 1995 and is headquartered in Wakefield,
Massachusetts. The company is one of the largest dental practice
management companies in the United States, providing business
services to medically-oriented, multi-specialty dental groups, with
over 270 facilities across more than 20 states. ADPI provides
affiliates with capital, systems and management expertise. The
company’s affiliated dental groups are typically among the largest
providers of dental care in their respective markets.
JLL is a middle market private equity firm with over three
decades of experience transforming businesses in the healthcare,
specialty industrials and business services sectors. The firm is
dedicated to partnering with companies that it can help build into
market leaders through a combination of strategic mergers and
acquisitions, organic growth initiatives, and operational
enhancements. The JLL team is comprised of seasoned investment
professionals and operating partners who are focused on driving
long-term value creation across its portfolio. Since its founding
in 1988, JLL has committed over $5.5 billion of equity capital
across eight private equity funds, with over 50 platform
investments and more than 190 add-on acquisitions.
Heartland Dental was founded in 1997 by Rick Workman, DMD.
Today, the Effingham, Illinois-based company is the nation’s
largest dental support organization providing non-clinical,
administrative support services to over 1,450 dental offices across
38 states. Heartland Dental supports dentists as they deliver high
quality care across a spectrum of dental services, and is majority
owned by KKR.
KKR is a leading global investment firm that offers alternative
asset management and capital markets and insurance solutions. KKR
aims to generate attractive investment returns by following a
patient and disciplined investment approach, employing world-class
people, and supporting growth in its portfolio companies and
communities. KKR sponsors investment funds that invest in private
equity, credit and real assets and has strategic partners that
manage hedge funds. KKR’s insurance subsidiaries offer retirement,
life and reinsurance products under the management of The Global
Atlantic Financial Group. References to KKR’s investments may
include the activities of its sponsored funds and insurance
subsidiaries.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams HCLS Group has experience across a broad
range of sectors, including healthcare providers; payors and payor
services; outsourced pharmaceutical services; medical device supply
chain; healthcare IT; and pharmacy. For more information on the
HCLS Group and other recent transactions, visit the HCLS Group’s
section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
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For media inquiries, please contact Julia Moore at
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