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Private Equity Health Care Acquisitions – October 2021

November 29, 2021

In light of the growing investor interest in health care and the risks associated with private equity ownership of health care companies, the Private Equity Stakeholder Project will be tracking private equity-backed health care acquisitions. Below is a list of private equity health care buyouts and add-on acquisitions completed or announced during October 2021. We will continue to track acquisitions on a monthly basis.

See September 2021 acquisitions here.

Dental Acquisitions

Private equity firms acquired at least ten dental services and supplies companies in October 2021, continuing a growing trend of increased private equity investment in the sector.

Shore Capital Partners, through its orthodontic practice management company Southern Orthodontic Partners (SOP), acquired three companies in Illinois and Missouri with a total of seven locations.[1]

SOP has grown quickly – from five orthodontic practice locations when it launched in 2020 to 31 locations across seven states: Texas, Florida, Georgia, Virginia, Tennessee, Illinois, and Missouri.[2]

Dental Acquisitions by PE Firms – October 2021

CompaniesTypePE FirmAdd-on Acquirer
Dynamic Dental SolutionsDental labCerberus Capital ManagementNational Dentex
Palisades DentalDental suppliesInverness Graham and Avante Capital PartnersVista Apex
Summit Dental CenterDSONew Mountain CapitalWestern Dental Services
Labs.DentalDental labPrairie Street Capital n/a
Cumberland Pediatric Dentistry & OrthodonticsDSORock Mountain CapitalSpark Orthodontics
Alizadeh & Schreiner OrthodonticsDSOShore Capital PartnersSouthern Orthodontic Partners
Amazing Smiles OrthodonticsDSOShore Capital PartnersSouthern Orthodontic Partners
Unger OrthodonticsDSOShore Capital PartnersSouthern Orthodontic Partners
Britely Dentures + ImplantsDSOVista Verde Group n/a
Dental MonitoringDental techVitruvian Partners and Mérieux Equity Partners n/a

Western Dental, owned by New Mountain Capital, acquired Summit Dental Center and its seven practice locations in Texas. Western Dental is the largest dental chain in California, and has 343 locations across California, Nevada, Arizona, Texas and Alabama.[3] The company is the largest provider of dental services under Medicaid in California.[4]

New Mountain Capital has owned Western Dental since 2012 when it acquired the company from private equity firm Court Square Capital Partners. New Mountain reportedly tried to sell Western Dental in 2019 but was unsuccessful.[5]

In August 2021, Western Dental agreed to pay up to $3 million to settle a class action lawsuit alleging that the company charged unlawful late fees. The alleged unlawful activity took place between 2014 and 2019, entirely under New Mountain’s ownership.[6]

In July 2020, Western Dental settled another class action lawsuit alleging that it sent unsolicited telemarketing text messages to consumers after they actively opted out.[7]

In addition to Western Dental, New Mountain also owns pediatric dental company Benevis (formerly known as Kool Smiles). New Mountain acquired Benevis out of bankruptcy in October 2020 after Benevis went through several other private equity owners and paid a $24 million settlement with the US Department of Justice for Medicaid fraud, including allegedly performing medically unnecessary root canals on babies.[8]

Earlier this year PESP released a report examining the impacts of private equity ownership of Dental Service Organizations (DSO) like Western Dental and Southern Orthodontic Partners, which contract with dentists and orthodontists to provide practice management services to dental practices.

PESP found that while DSOs still make up a relatively small portion of the overall US dental industry, private equity firms dominate the DSO market; 27 of the top 30 DSOs are private-equity-owned.[9]

The report raises concern about private equity’s growing footprint in the dental industry and impacts on patient care:

“The private equity investment model, which typically targets outsized returns over relatively short time horizons, may incentivize profit-seeking tactics that are harmful to patients. Payment structures between DSOs and dentists have been found to create perverse incentives that lead to overtreatment of patients, misleading advertising schemes, Medicaid fraud, and other problematic practices in order to reach revenue targets set by DSOs and maximize profit.”[10]

See our July 2021 report “Deceptive Marketing, Medicaid Fraud, and Unnecessary Root Canals on Babies: Private Equity Drills into the Dental Care Industry

October PE Buyouts

CompanyTypePE Firm
Eating Recovery CenterBehavioral healthApax Partners, Oak HC/FT
Pinnacle DermatologyDermatologyBayPine
MDVIPConcierge medicineCharlesbank Capital Partners and Goldman Sachs Asset Management
MetagenicsVitamin supplementsGryphon Investors
Health Network OneHealth networkH.I.G. Capital
Centerpeace Home Healthcare and Companion ServicesHome healthHCAP Partners and Bain Capital
BioIVTBippharmaceuticalsLinden Capital Partners
Smart Data SolutionsRevenue cycle managementMadison Capital Funding, Parthenon Capital Partners, Blue Venture Fund
SpringstoneBehavioral healthMedical Properties Trust
SpecialtyCareSurgical servicesMorgan Stanley Infrastructure Partners
Mindful Health SolutionsBehavioral healthNorwest Venture Partners and Canadian Imperial Bank of Commerce
Labs.DentalDentalPrairie Street Capital
Agape Care GroupHospiceRidgemont Equity Partners
Outpatient Imaging AffiliatesRadiologyThe Cranemere Group
Good Heart RecoveryBehavioral healthTide Rock Holdings
MediStreamsRevenue cycle managementTT Capital Partners
Britely Dentures + ImplantsDentalVista Verde Group
Dental MonitoringDentalVitruvian Partners and Mérieux Equity Partners
Caring Brands International (Interim Healthcare)Home healthWellspring Capital Management
Pentec HealthInfusion therapyWellspring Capital Management
Delta MedMedical devicesWhite Bridge Investments

OctoberPE Add-on Acquisitions

CompanyTypePE FirmAdd-on Acquirer
eQHealth SolutionsHealth techApax PartnersKEPRO
Alpine AnesthesiaAnesthesiaArchimedes Health Investors and Assured Investment ManagementNational Partners in Healthcare
Ambra HealthHealth techArdan Equity Partners and HG Capital (UK)Intelerad Medical Systems
Dosimetry BadgeMedical devicesArdian, Bpifrance and Charterhouse Capital PartnersMirion Technologies
ProScience Analytical ServicesLaboratory servicesAurora Capital Group and The Cambria GroupPace Analytical Services
Velesco Pharmaceutical ServicesLaboratory servicesAurora Capital Group and The Cambria GroupPace Analytical Services
CIVCO RadiotherapyMedical devicesBlue Wolf Capital PartnersRoper Technologies
NanosynPharmacenticalsBridgepoint Advisers and Temasek HoldingsElement Materials Technology
Port 45 RecoveryBehavioral healthBridges Fund ManagementSunrise Treatment Center
Diagnostics Research GroupClinical researchCentre PartnersThe IMA Group
Dynamic Dental SolutionsDentalCerberus Capital ManagementNational Dentex
Halo HealthHealth techCharlesbank Capital PartnersSymplr
Lyophilization Services of New EnglandPharmacenticalsChurchill Asset Management, Mubadala Development Company and Kohlberg & CompanyPCI Pharma Services
TransUnion HealthcareRevenue cycle managementClearlake Capital GroupnThrive
First Call AmbulanceEmergency servicesEnhanced Healthcare PartnersPriority Ambulance
Canna Care DocsMedical marijuana clinicsGladstone Capital BDC, Merida Capital Holdings, Lizada Capital, Artemis Holdings Group and Verte OpportunityNew Frontier Data
AdvantEdge Healthcare SolutionsRevenue cycle managementGPB CapitalHealth Prime International
Homecare of Mid MissouriHospiceH.I.G. CapitalSt. Croix Hospice
Palisades DentalDentalInverness Graham and Avante Capital PartnersVista Apex
Gastroenterology Associates (Arizona)GastroenterologyKohlberg Kravis RobertsCovenant Physician Partners
New Heights Integrative TherapyPhysical therapyLindsay GoldbergPT Solutions
Pilgrimage HospiceHospiceLorient Capital ManagementTransitions Hospice
Advance Hospice CareHospiceLorient Capital ManagementTransitions Hospice
Agusti MedicalHospiceLorient Capital ManagementTransitions Hospice
WelltokHealth techMarlin Equity PartnersVirgin Pulse
Summit Dental CenterDentalNew Mountain CapitalWestern Dental Services
EligibillRevenue cycle managementNew Mountain Capital and Eir PartnersCloudmed
UNTU (healthcare media)Healthcare consultingORIX Capital PartnerOptimad Media
24 Hour Home CareHome healthPantheon Capital PartnersTeam Services Group
CBPartnersHealthcare consultingParthenon Capital PartnersTrinity Partners
CEI Vision Partmers (Cincinnati Eye Institute)Eye carePartners GroupEyecare Partners
PelvalonMedical devicesPatricia IndustriesLaborie Medical Technologies
Young Medical SpaCosmetic servicesPotomac Equity PartnersLaser MD MedSpa
Medval Scientific Information ServicesHealthcare communicationsRenovus Capital PartnersClinicalMind
Cumberland Pediatric Dentistry & OrthodonticsDentalRock Mountain CapitalSpark Orthodontics
Alizadeh & Schreiner OrthodonticsDentalShore Capital PartnersSouthern Orthodontic Partners
Amazing Smiles OrthodonticsDentalShore Capital PartnersSouthern Orthodontic Partners
Unger OrthodonticsDentalShore Capital PartnersSouthern Orthodontic Partners
One Medical PassportTelehealthSSM PartnersMnet Health Services
WellframeTelehealthThe Blackstone GroupHealthEdge
ExplORer SurgicalHealth techThoma Bravo, Temasek Holdings and Golub Capital BDCGlobal Healthcare Exchange
CRAssociatesHealth clinicsTrive CapitalValor Healthcare
Hernando County Emergency PhysicianEmergency servicesVarsity Healthcare Partners and Regal Healthcare Capital PartnersEmergency Care Partners
ProteanHealthcare consultingWater Street Healthcare Partners and JLL PartnersEversana
National Health RehabilitationRehabilitationWebster Equity PartnersIntegrated Rehab Consultants
Colorado Retina AssociatesEye careWebster Equity PartnersRetina Consultants of America
Diagnostic Centers of AmericaRadiologyWellspring Capital ManagementRayus Radiology
The Derm GroupDermatologyZenyth Partners, LNK Partners and LLR PartnersSchweiger Dermatology Group



[3] ;



[6] Settlement: pg. 7.


[7] Settlement:




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