Acquisition expands Company's presence into Michigan, Illinois and other Midwest states
WOODBRIDGE, NJ / ACCESSWIRE / September 4, 2024 / ProSmile Holdings LLC ("ProSmile" or the "Company"), a leading multi-specialty dental services organization (DSO) and the fastest growing dental organization on the East Coast, announced today the completion of its acquisition of Destiny Dental. This acquisition expands ProSmile's footprint into the Midwest region.
"It is an exciting opportunity to grow ProSmile with the addition of the Destiny Dental offices," said Hugh Carey II, CEO of ProSmile. "The Destiny Dental clinical teams are excellent matches to the ProSmile ethos: providing high quality care to underserved communities while empowering the staff committed to clinical excellence."
"We started Destiny Dental more than a decade ago with a single mission: providing access to quality dental care for those communities in the Mid-West that need it most," said Jim Lucci, Co-Founder and President of L2 Management, the DSO that supports the Destiny Dental practices. "With ProSmile, we found a great partner to continue that mission."
BankUnited, N.A. ("BankUnited"), a Florida-based commercial bank and ProSmile's current lender supported the acquisition and raised new capital for further expansion. ProSmile is backed by TriSpan, an established middle-market private equity firm with investments that span North America, Europe, and the United Kingdom.
"This acquisition represents an exciting step in the continued development and expansion of ProSmile," said Baudoin Lorans, Partner at TriSpan. "We look forward to welcoming these practices into our platform and helping them deliver even better patient care." The acquisitions mark ProSmile's entrance into the Great Lakes Region with a total of seven add-on acquisitions representing over 100 dental practices since TriSpan's initial investment in ProSmile since May 2019. "Our primary aim at ProSmile is to support our providers so they deliver exceptional dental care," added Hugh Carey at ProSmile. "Our partnership with TriSpan and BankUnited will allow us to grow in new markets and expand the positive impact we provide to our dentists and their patients."
About ProSmile
Founded in December 2020, ProSmile is a leading multi-specialty dental services organization with a network of more than 1,500 premier healthcare professionals serving patients in more than 100 locations throughout the mid-Atlantic and mid-West region of the U.S. ProSmile's practices offer a range of services from basic exams and cleanings to specialty services, including pediatrics, endodontics, periodontics, orthodontics, and oral surgery.
About TriSpan
Founded in 2015, TriSpan is a private equity firm with offices in New York and London that invests in middle market companies in North America, Europe, and the United Kingdom with annual revenues typically ranging from $20-100 million and/or EBITDA of $2-20 million. Since inception, the firm has completed 24 platform investments, as well as over 80 bolt-on acquisitions for its portfolio companies. For more information, please visit www.trispanllp.com.
About Destiny Dental
Founded in October 2010, Destiny Dental offers quality dental care to underserved communities with a network of more 250 dedicated healthcare professionals serving patients in locations in the upper Midwest.
About BankUnited
BankUnited is a wholly owned subsidiary of BankUnited, Inc., and is one of the largest independent depository institutions headquartered in Florida. BankUnited provides a broad range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. BankUnited operates convenient banking centers in Florida, New York, and Dallas, Texas. Since its founding in 1984, the bank has grown rapidly and now boasts over $35B in assets. For more information, visit www.bankunited.com.
Contact Information
Arthur Carrion
VP Marketing
acarrion@prosmile.com
SOURCE: ProSmile Holdings LLC
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