Smile Partners Secures New Funding for Continued Growth
Smile Partners Secures New Funding for Continued Growth
Smile Partners, a prominent dental support organization, recently announced an exciting strategic investment via a new continuation fund. This funding is managed by Silver Oak Services Partners LLC and is backed by substantial commitments from BlackRock Secondaries & Liquidity Solutions as well as Hollyport Capital. This new infusion of capital represents a significant milestone in their journey and strengthens the relationships with existing and new investors.
A History of Success and Expansions
Founded in 1982, Smile Partners has established itself as a national leader in dental support services. With over 100 offices spread across five markets, the company has grown remarkably since its partnership with Silver Oak began in 2017. During this time, Smile Partners has achieved over 75 affiliations and expanded its reach into four new states, collaborating with more than 80 doctor owners. The company has maintained a strong retention rate among its doctors, all while investing in various organic growth initiatives aimed at enhancing patient experiences and boosting same-store sales growth.
Strategic Investment for Future Growth
With the continuation fund now operational, Silver Oak has completely reinvested its initial capital and proceeds from previous transactions, indicating a firm belief in the potential of Smile Partners. This commitment not only demonstrates the confidence in the company's operations but also highlights the firm’s intention to support Smile Partners' ambitious growth plans moving forward.
Leadership’s Vision and Commitment
Dan Gill, Managing Partner of Silver Oak, expressed his enthusiasm regarding this new funding, stating that it crucially supports not only the company but also the doctor partners and the management team while providing liquidity for investors. The dedicated involvement of BlackRock and Hollyport adds a blue-chip caliber of support that can guide Smile Partners into its next phase of growth.
Focus on Quality Patient Care
Dave Gaspar, CEO of Smile Partners, reinforced this sentiment by emphasizing the importance of this milestone for their employees, doctors, and the communities they serve. With a workforce of over 1,000 employees, the team is committed to elevating patient care standards and ensuring that every patient’s experience is exceptional. By focusing on community engagement and quality service delivery, Smile Partners aims to be a pillar of support in each of its local markets.
Financial Advisory and Legal Counsel
In facilitating this transaction, Jefferies acted as the exclusive financial advisor, leveraging its extensive expertise in private capital and healthcare to ensure a seamless process. In addition, Kirkland & Ellis provided legal counsel for Silver Oak, while Akin Gump represented the interests of BlackRock and Hollyport Capital.
About Smile Partners
Smile Partners specializes in a full spectrum of general and specialty dental services across major markets, including Detroit, Chicago, Atlanta, Birmingham, and Denver. The company prides itself on creating a patient-centered approach that prioritizes comfort and care, underpinned by core values dedicated to excellent patient experiences, quality outcomes, and community commitment.
About Silver Oak Services Partners
Silver Oak Services Partners, established in 2005 and located in Evanston, IL, focuses on lower middle-market investments. The firm seeks to collaborate with innovative management teams committed to building industry-leading companies, particularly in the healthcare sector. By employing a proactive and research-driven investment methodology, Silver Oak is consistently looking for high-quality investment opportunities within promising service industries.
About Hollyport Capital
Hollyport Capital, founded in 2006, excels in investing in legacy private equity assets. The firm's unique approach centers around offering tailored liquidity solutions, ensuring alignment among all stakeholders while seeking to unlock hidden value in complex investment scenarios. With over $5 billion in assets under management and a team spread across New York and London, Hollyport continues to be a leading voice in secondary market financing.
Contact Information
For more information about Smile Partners, please reach out to Chris Tofalli of Chris Tofalli Public Relations, LLC at 914-834-4334.
Frequently Asked Questions
What is the nature of the recent investment announced by Smile Partners?
The recent investment is a strategic funding initiative through a new continuation fund managed by Silver Oak and backed by BlackRock and Hollyport Capital.
How has Smile Partners expanded its operations?
Since partnering with Silver Oak, Smile Partners has grown by completing over 75 affiliations and opening four new state markets.
What commitment do the management and doctor partners have in the company?
The management team and doctor partners have retained significant ownership in Smile Partners, demonstrating their investment in the company's future success.
Who advised on the financial and legal aspects of the transaction?
Jefferies acted as the exclusive financial advisor, while Kirkland & Ellis and Akin Gump provided legal counsel for Silver Oak, BlackRock, and Hollyport respectively.
What is the core focus of Smile Partners in its operations?
Smile Partners emphasizes a patient-centered approach, aiming for high-quality dental care and community engagement across its offices.
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