Teachers' to Acquire Majority Interest in Premier U.S. Dental Service Organization
Ontario Teachers' Pension Plan (Teachers'), through its private equity group, Teachers' Private Capital (TPC), today announced an agreement for the acquisition of a majority stake in Heartland Dental Care, Inc. (Heartland Dental Care or the Company), one of the largest dental service organizations in the United States.
As part of the transaction, Heartland Dental Care founder and CEO Dr. Rick Workman will retain a significant minority position along with management and employees. Terms of the transaction are not being disclosed.
Heartland Dental Care is based in Effingham, Illinois, and provides practice support services to dental offices in 21 states. It provides over 500 affiliated dentists and their team members with business leadership training and support services, including administrative staffing, human resources, purchasing, marketing, administration, financial and information technology. The Company is currently expanding its headquarter facilities in Effingham and adding personnel to support its continued growth.
"Our investment in Heartland Dental Care is supported by favourable fundamentals and demographics. We have been impressed with their dedication to providing high-quality support services to dental practices that reduce the administrative burdens on dentists. These services allow dentists to focus on quality patient care and expansion of the delivery of dental care in their communities," said Jane Rowe, Senior Vice-President of TPC. "We look forward to working with Dr. Workman and the Company's excellent management team."
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