Livingstone advises Research Triangle Dental on affiliation with Heartland Dental

Leading independent dental practice has affiliated with nation’s largest DSO
  • dec. 2020
  • Healthcare
  • M&A: Sell-Side
  • US

Livingstone’s healthcare team has advised Research Triangle Dental (“RT Dental” or the “Company”) on its affiliation with Heartland Dental (“Heartland”), the nation’s largest dental support organization (“DSO”).  Heartland, a portfolio company of KKR & Co., supports over 1,700 dentists in nearly 1,100 dental offices across 38 states.  Livingstone acted as exclusive financial advisor to RT Dental.  Deal terms were undisclosed.

Founded in 1992 by Dr. Pat Cassidy, RT Dental has grown to become one of the leading independent dental practices in North Carolina.  RT Dental has long been committed to employing the highest-quality dentists, hygienists, and dental assistants and supporting these providers with state-of-the-art technology to deliver the best and most comprehensive general dentistry and specialty care services to patients in the region.

In addition to RT Dental, Dr. Cassidy and his wife, Mrs. Donna Cassidy, are co-founders and principal owners of Net32, the nation’s fastest-growing comparison-shopping marketplace for dental supplies.  The sale of RT Dental affords the Cassidys time to focus on building Net32 and continuing to serve as advocates for the independent dental community by helping dentists build, grow, and maintain healthy, profitable practices.

“We are proud to have attracted such interest from one of our industry’s most respected participants and commend Heartland for their professionalism and straightforward approach as a counterparty,” stated Dr. Cassidy.  He further added, “I was comforted by Livingstone’s experience selling dental practices and their knowledge of our business, which was evidenced by a highly efficient process leading to a successful closing with RT Dental’s ideal buyer.”

Mark Carl, Director at Livingstone, commented, “From client engagement to closing in less than 75 days, this transaction demonstrates Livingstone’s flexible approach to deal-making and ability to create competitive tension and elicit multiple offers on an expedited timeframe.”

“RT Dental marks our fourth successful dental transaction over the last 24 months,” asserted Ryan Buckley, Partner at Livingstone.  “Livingstone maintains extensive, contemporaneous experience in the highly fragmented and actively consolidating dental services and products sector by recently selling businesses to the industry’s most active participants including Heartland, Smile Brands, and Henry Schein.

Other recent Livingstone transactions in the dental services and products sector include the sales of to Henry Schein, P3 Dental Group to Smile Brands, and a confidential transaction involving a private equity-owned, multi-state DSO.

Miller, Johnson, Snell & Cummiskey, P.L.C served as legal counsel to the Company.

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