Tyree & D’Angelo Partners Announces Sale of Elite Dental Partners to Cressey & Company

CHICAGO--()--Elite Dental Partners (“Elite Dental”), a leading doctor-led, doctor-focused, growth oriented dental support organization, has completed a majority recapitalization with Cressey & Company (“Cressey”), who is investing and partnering alongside current shareholders Tyree & D’Angelo Partners (“TDP”) and management.

Founded in 2014 and based in Chicago, IL, Elite Dental is one of the fastest growing dental support organizations (DSO) in the United States with more than 80 affiliated offices across 10 states. The Company supports a network of over 130 dentists who provide recurring general dentistry services to an expansive patient base. The Company has a strong track record of growth through affiliation and de novo locations and continues to increase its presence in existing geographies. Elite Dental maintains an exceptional reputation in its markets as a result of its dentist-first culture which focuses on improving the lives of its practitioners through high quality non-clinical support services.

Dr. Scott Kalniz, Chief Executive Officer of Elite Dental mentioned, “We set out with our partners at TDP to develop a highly attractive and supportive platform for doctors to practice with the thesis that there is a more effective, efficient, and enjoyable model for providing non-clinical support services in the field of dentistry. We greatly appreciate the collaborative partnership with TDP and are very excited about our new partnership with Cressey. This partnership represents an important milestone in Elite Dental’s continued growth plan toward the unwavering support for doctors that are delivering quality dental care to growing patient communities. Cressey brings significant resources, a collaborative approach with management, and expertise scaling the business services required by multi-site providers that will help support the rapid expansion of our organization.”

Merrick Axel, Partner at Cressey, commented, “Cressey is excited to partner with both Management and TDP to continue to build on Elite Dental’s impressive record of growth and success. We look forward to working with a team that puts the dentist and quality clinical care at the forefront of the organization.”

Tyree and D’Angelo, Co-Chief Executive Officers at TDP added, “We are proud of the strong partnerships and relationships we developed with the Elite Dental management team and business owners who we partnered with that together executed our collaborative Value Creation Plan to grow one of the lowest risk and fastest growing dental support organizations in the industry. We are grateful for people entrusting their businesses and careers with us and we look forward to continuing to support Elite Dental Partners in its next stage of growth.”

Houlihan Lokey served as the exclusive financial advisor to Elite Dental. Golub Capital provided a GOLD (Golub Capital One-Loan Debt) financing for the transaction. Winston & Strawn LLP served as legal advisor to Elite Dental. Ropes & Gray LLP served as regulatory advisor to Elite Dental. Kirkland & Ellis LLP served as legal advisor to Cressey. McDermott Will & Emery LLP served as regulatory advisor to Cressey.

About Elite Dental Partners

Elite Dental Partners is one of the highest quality and fastest growing DSOs in the United States, with over 80 offices across 10 states today. Elite Dental’s footprint continues to rapidly expand through the successful execution of affiliations with independent practicing dentists and the development of de novo locations. Elite Dental is a leader in supporting doctors that provide general and specialty dental services to a growing patient base. For more information, please visit www.elitedentalpartners.com.

About Cressey & Company

Founded in 2008 and headquartered in Chicago, IL, Cressey is a private investment firm focused on building leading healthcare provider, service, and information technology businesses. Cressey & Company and its predecessor firms have executed a strategy that invests in leading platform businesses and then accelerates growth both organically and through acquisitions for nearly 35 years. With deep expertise in the healthcare reimbursement and regulatory environments, the Cressey team has invested in almost every for-profit niche of healthcare. For more information, please visit www.cresseyco.com.

About Tyree & D’Angelo Partners

Based in Chicago, IL, Tyree & D’Angelo Partners is a leading lower middle market private equity firm that makes control ownership investments in businesses that generate less than $50 million of annual revenue and $1-$5 million of EBITDA. TDP seeks to establish true collaborative partnerships with business owners and management teams that will lead to substantial creation of value over a long-term investment horizon. To date, TDP has completed over 100 partnerships across its portfolio companies. For more information, please visit www.tdpfund.com.

About Golub Capital

Golub Capital is a nationally recognized credit asset manager with over $25 billion of capital under management. For over 20 years, Golub Capital has provided credit to help medium-sized U.S. businesses grow. The firm’s award-winning Middle Market Lending business provides financing for middle market companies and their private equity sponsors. Golub Capital’s credit expertise also forms the foundation of its Late Stage Lending and Broadly Syndicated Loan businesses. Golub Capital has worked hard to build a reputation as a fast, reliable provider of compelling financing solutions, and we believe this has inspired repeat clients and investors. Today, the firm has over 350 employees with lending offices in Chicago, New York and San Francisco. For more information, please visit www.golubcapital.com.

Contacts

Tyree & D’Angelo Partners
Enzo D'Angelo
Co-Chief Executive Officer and Managing Partner
edangelo@tdpfund.com
or
Tyree & D’Angelo Partners
Michael Tyree
Co-Chief Executive Officer and Managing Partner
mtyree@tdpfund.com

Contacts

Tyree & D’Angelo Partners
Enzo D'Angelo
Co-Chief Executive Officer and Managing Partner
edangelo@tdpfund.com
or
Tyree & D’Angelo Partners
Michael Tyree
Co-Chief Executive Officer and Managing Partner
mtyree@tdpfund.com