On June 1, Planet DDS, a leading provider of cloud-based software solutions for dental practices in North America, announced a definitive agreement to be recapitalized by New York-based private equity firm Aquiline Capital Partners LLC.
In conjunction with Aquiline’s investment, Level Equity Management, LLC, a New York-based private investment firm, will invest additional capital. The investments from Aquiline and Level Equity will be used to accelerate the company’s growth plans.
SVB Securities acted as exclusive financial advisor to Planet DDS and Level Equity Management. Goodwin Procter LLP acted as legal advisor to Planet DDS and Level Equity Management, and Ropes & Gray LLP acted as legal advisor to Aquiline. The transaction is expected to close in the third quarter of 2022 subject to customary closing conditions. Additional financial details of the transaction were not disclosed.
According to the LevinProHC database, this marks the sixth acquisition of a dental services organization (DSO) since the start of 2022. Private equity acquirers have dominated the space. In January, Welsh, Carson, Anderson & Stowe, a private equity firm based in New York, acquired LIBERTY Dental Plan Corporation, a dental benefits administrator founded in 2002, for an undisclosed price. In the same month, private equity firms Thomas H. Lee Partners and Frazier Healthcare Partners acquired Smile Doctors, LLC, the largest orthodontics-focused DSO in the country.
Since its founding in 2003, Planet DDS has improved the efficiency and operational performance of dental practices across the nation. The company’s solutions provide customers with practice management, dental imaging as well as patient engagement and retention capabilities that enable them to streamline operations. The company is growing rapidly with current partners and customers including American Dental Partners, the U.S. Army and Navy and Dental Care Alliance.
Aquiline Capital Partners is a private equity firm that invests in businesses globally across financial services and technology. It has $8.7 billion in assets under management.
