Q4-2018 Dental Services Update

Merger & acquisition activity within the dental services sector as consolidation continued at a strong pace. Similar to the third quarter, the transaction activity during the fourth quarter was largely driven by strategic consolidators such as Marquee Dental, North American Dental, Mid-Atlantic Dental, and Western Dental. Marquee Dental and North American Dental leveraged acquisitions to increase their respective geographic densities within existing markets. Mid-Atlantic Dental and Western Dental completed the largest transactions by location footprint of the quarter acquiring Birner Dental Management Services, and The Guardian Life Insurance Company’s DSO operations respectively. Each of these transactions greatly increases the footprint of these organizations and will provide entrance into new markets as both acquisition targets already possessed a presence in three separate states. Two new private equity platforms were also created during the fourth quarter with Parkstone Growth Partners making an investment in Florida-based Bayview Dental Associates, and MBF Healthcare Partners recapitalization of Texas-based Rose Dental Group. The strong fourth quarter of M&A points to continued consolidation and investment heading into 2019 within the dental services sector

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Sources: SEC Filings; Company Press Releases, and Reports; IBISWorld; Capital IQ; PHP Estimates and Research. This document has been compiled with publicly available information. Provident Healthcare Partners, LLC makes no guarantee of its accuracy or completeness. No data or statement should be construed to be a recommendation for the purchase, sale, or retention of any security.