Riverside Partners, a Boston-based private equity firm, today announced that Allied Dental Holdings, its portfolio company, has merged with PG Dental Holdings, LLC, a portfolio company of TriSpan Opportunities L.P. The combined organizations will support 79 multi-specialty dental practices across New Jersey, Pennsylvania and Maryland.
Since acquiring the business, Riverside Partners partnered with the founders of Allied Dental to accelerate the growth of the company by strengthening the executive team, enhancing its infrastructure and technology, as well as expanding its reach organically and through acquisition.
Max Osofsky, a General Partner at Riverside Partners, said, "This is an exciting development for the Allied Dental and PG Dental teams. This transaction brings together two organizations that will become the largest network of affiliated practices in New Jersey, with a strong presence in Pennsylvania and Maryland as well. During our ownership, Riverside invested significantly to strengthen the Allied Dental leadership and back office infrastructure, which PG Dental valued and will seek to leverage as they bring the two organizations together."
"We are grateful to the Allied Dental leadership team, especially for stewarding the company through the challenges of the Covid 19 pandemic," said David Belluck, a General Partner at Riverside Partners. "We believe PG Dental is well positioned to continue building a leading dental service organization in the U.S."
Raymond James & Associates, Inc. served as the exclusive financial advisor and Choate, Hall & Stewart LLP acted as legal advisor to Allied Dental. Ernst & Young Capital Advisors, LLC served as the exclusive financial advisor and Dickinson Wright PLLC was the legal advisor to PG Dental. Financial terms of the transaction were not disclosed.
About Allied Dental
Allied Dental is a dental services organization providing non-clinical administrative services to dental practices in the Northeast and Mid-Atlantic. Allied Dental's practices offer a range of services from basic exams and cleanings to specialty services, including pediatrics, endodontics, periodontics, orthodontics, and oral surgery. For more information, visit www.allieddental.com
About PG Dental
PG Dental is a dental service organization that provides non-clinical business services to independently owned and operated dental practices currently operating in New Jersey, Pennsylvania and Maryland. PG Dental Dental's practices offer a range of services from basic exams and cleanings to specialty services, including pediatrics, endodontics, periodontics, orthodontics, and oral surgery.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm with total capital commitments of $1.6 billion raised since inception. The firm focuses on growth-oriented companies in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. For more information, visit www.riversidepartners.com.
About TriSpan
Founded in 2015, TriSpan is a private equity firm with offices in London and New York that invests in lower mid-cap companies in North America, Europe, and the United Kingdom with annual revenues typically ranging from $20 - $100 million and/or $2 - $20 million of EBITDA and a focus on control investments in the growth and buy and build space. TriSpan seeks to create value by providing significant operational and M&A resources to help drive growth, synergies and financial performance in its portfolio companies. Since inception, the firm has invested in 11 platforms totaling more than 35 companies to date. TriSpan is committed to implementing best social, governance and environmental practices out of conviction that this also helps drive better investment outcomes. For more information, visit www.trispanllp.com
