RALEIGH, N.C.--(BUSINESS WIRE)--Riccobene Associates Family Dentistry (“Riccobene Associates”) has partnered with The Beekman Group (“Beekman”), a New York based private equity firm dedicated to investing in lower middle market companies. Beekman’s capital investment in Riccobene Associates – affiliate BAF Management Services, LLC, creates a regionally-focused dental services organization (“DSO”) supporting a network of 16 dental offices in North Carolina.
Headquartered in Cary, NC, Riccobene Associates was founded by Michael Riccobene, DDS, and provides comprehensive general and multi-specialty dental services through modern, well-appointed dental offices including several dedicated pediatric and orthodontic practices. Dr. Riccobene employs over 40 dentists in a team-oriented environment that reinforces a patient-first approach. Starting from his original location in Selma, Dr. Riccobene has built sixteen high-end practices with state of the art equipment to serve the dental needs of the fast growing population surrounding Cary and the Raleigh–Durham Research Triangle. Riccobene Associates’ strategy is to continue its rapid growth in North Carolina and into adjacent states through de novo openings and add-on affiliations with high quality providers who share Dr. Riccobene’s commitment to patient care.
Dr. Riccobene, Founder and CEO of Riccobene Associates stated “The Beekman Group has been following my growth for many years. When I decided to take on a capital partner, Beekman was the natural choice for me given their track record in building founder-owned businesses and extensive experience in investing in the dental sector. We look forward to their continued support and financing in achieving our strategic growth plans over the next several years.”
Andrew Marolda, Managing Director at Beekman, added “We are thrilled to partner with Dr. Riccobene and team to provide Riccobene Associates with the capital and resources to continue their successful expansion. Dr. Riccobene has truly built a high quality business valued by his staff and patients.” Riccobene Central Services is the sixth investment in Beekman’s third private equity fund and its fourth investment in the dental practice management industry. Waller Lansden Dortch & Davis, LLP and David Keys of BB&T Capital Markets advised Dr. Riccobene in his partnership discussions. Choate, Hall & Stewart LLP advised Beekman on the transaction.
About Riccobene Associates Family Dentistry
Founded by Dr. Michael Riccobene in 2000, Riccobene Associates has grown from a single office to sixteen locations in the Research Triangle area, including newly-opened offices in Clemmons, Goldsboro, Mebane and Durham, NC. Along the way, it has also earned multiple “Best Dentist in Wake and Johnson Counties” awards from Angie’s List and Cary Magazine and been selected twice as “Favorite Family Dentist” by readers of Carolina Parent and for the second year in a row, has been named one of the 50 Best Places to Work in the Triangle by the Triangle Business Journal. For more information, please visit www.brushandfloss.com.
About The Beekman Group
The Beekman Group is a private equity firm, based in New York, dedicated to partnering with management teams to grow companies into market leading businesses. Beekman manages over $400 million of capital and has access to additional capital through strategic co-investment relationships. The Beekman team consists of experienced private equity professionals, as well as a select group of Operating Advisors, who are leading executives in Beekman's targeted industry segments. This Industry Advisor approach to investing is the cornerstone of Beekman's investment strategy – bringing financial and operational resources to lower middle market companies in order to accelerate growth and create value for all shareholders. For more information, please visit www.thebeekmangroup.com.