The Beekman Group's Acquisition of Riccobene Family Dentistry
The Beekman Group has recently made headlines with its successful sale of Riccobene Associates Family Dentistry, a prominent dental service organization in the Southeast. This move showcases Beekman’s commitment to investing in top-tier healthcare services while ensuring continued growth for its partners.
Partnership with Dr. Michael Riccobene
In February 2018, Beekman joined forces with Dr. Michael Riccobene, DDS, to establish a dental service organization that would support his thriving practice. Initially, Riccobene Associates Family Dentistry operated from 15 locations in North Carolina. Under Beekman’s guidance, the dental organization expanded vigorously, reaching over 60 locations across North Carolina, South Carolina, and Virginia. This journey involved numerous acquisitions and the opening of new clinics.
Growth and Achievements
The collaboration resulted in significant advancements for Riccobene Associates. Together, they focused on enhancing patient care and ensuring that the clinics employed best practices in dental services. This partnership was not just about expansion; it was about building a robust framework to ensure that every patient received top-notch care.
Leadership’s Vision
Andrew Marolda, Managing Director at The Beekman Group, expressed his satisfaction with the partnership, highlighting the impressive transformation of Riccobene into a leading dental service organization. He acknowledged Dr. Riccobene and his team for their dedication, believing that Riccobene is well-equipped to become a frontrunner in the national dental service sector.
Reflecting on Success
Dr. Riccobene shared his gratitude for Beekman’s invaluable support. The guidance provided during the pandemic was particularly crucial, enabling the practice to effectively expand its operations and adapt to rapidly changing circumstances. Over the years, they successfully increased revenue and cash flow significantly while maintaining a patient-first approach, dubbed the Riccobene Way.
Looking Ahead
Now, with new partners from Comvest Private Equity, Riccobene Associates Family Dentistry is poised for further expansion. The leadership expresses excitement about the future, confident in their strategies to continue providing quality dental care to a broader patient base.
Advisors on the Deal
In this transaction, William Blair acted as the financial advisor to Riccobene, providing essential guidance through the process. Meanwhile, legal representation was provided by Holland & Knight and Akerman, ensuring that all aspects of the transaction adhered to regulatory standards. The specifics of the financial arrangements remain confidential, but the transaction signals a promising development for both Beekman and Riccobene.
Additional Insights about Riccobene Associates Family Dentistry
Riccobene Associates Family Dentistry positions itself as a leader in providing quality dental care. It emphasizes a patient-centric approach across its many clinics, ensuring individualized care and high-quality services. Their commitment to excellence is evident in the state-of-the-art facilities and expert clinical teams that drive the organization.
Exploring The Beekman Group's Vision
As a private equity firm located in New York City, The Beekman Group has built a strong reputation for fostering industry-leading companies in various sectors, including healthcare. They prioritize partnerships with management teams who aim to cultivate ownership and create value through strategic growth. With a robust asset management portfolio exceeding $1 billion and a history of over 200 transactions, Beekman showcases its capacity for successful investments in thriving markets.
Frequently Asked Questions
What does the sale of Riccobene Associates Family Dentistry mean for Beekman Group?
The sale represents a strategic move, showcasing Beekman’s successful investment in the dental sector and its ability to enhance company growth and value.
How many locations does Riccobene Associates operate?
Riccobene Associates Family Dentistry operates over 60 locations across North Carolina, South Carolina, and Virginia.
What is the Riccobene Way?
The Riccobene Way refers to the company’s commitment to a patient-first approach, ensuring that high-quality dental care is consistently delivered to all patients.
Who advised Riccobene Associates during the sale?
William Blair acted as the financial advisor, while Holland & Knight and Akerman provided legal advice during the transaction.
What sectors does The Beekman Group focus on?
The Beekman Group focuses on building companies within healthcare, consumer services, and business services sectors, partnering with management teams to create value and drive growth.
