Harris Williams Advises Midwest Dental on its Sale to Smile Brands Inc.

·5-min read

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Midwest Dental, a portfolio company of FFL Partners (FFL), on its sale to Smile Brands Inc. (Smile Brands), a portfolio company of Gryphon Investors (Gryphon). Midwest Dental is a leading dental service organization with over 230 clinics in 17 states. The transaction was led by James Clark, Andy Dixon, Tyler Bradshaw, Andrew Hoft and Cameron Thomas of the Harris Williams Healthcare & Life Sciences (HCLS) Group.

"Midwest Dental is a premier dental services organization with a legacy that spans more than 50 years. The company has a devoted base of patients of all ages and has become a trusted partner providing best-in-class support to its affiliated dental practices," said James Clark, a managing director at Harris Williams. "It was a pleasure working with the teams at Midwest Dental and FFL on this transaction, and we are excited to see the strategic combination evolve over time."

"The dental industry remains attractive to investors given its solid fundamentals and long-term growth dynamics. Midwest Dental’s rapid recovery following COVID-19 shutdowns demonstrates the strength of its operating model and management team, as well as the industry’s resilience and importance to overall patient health. We are excited to have had the opportunity to work with the company and to extend our successful track record in the sector," added Andy Dixon, a managing director at Harris Williams.

Midwest Dental is a leading dental services organization, founded in 1968 as a single dental practice in rural Mondovi, Wisconsin. The company emphasizes patient satisfaction and improving dental health outcomes by providing an exceptional care environment for its over 350 affiliated dentists. Today, the company continues its philosophy supporting over 230 clinics across 17 states including Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New Mexico, New York, Ohio, Pennsylvania and Wisconsin.

FFL is a San Francisco-based private equity firm with over $4.5 billion under management. For over twenty years, the firm has helped build industry-leading companies, supplying capital and advice to exceptional management teams to grow businesses and unlock value. FFL has deep experience in investing and operations and has brought large-company best practices and professional networks to smaller companies. Business growth has provided over 75% of the value created by FFL for its investors. FFL invests in business services, industrials and healthcare services.

Based in Irvine, California, Smile Brands is one of the largest providers of support services to dental groups in the United States. The organization’s award-winning culture has made it the only dental support organization on Glassdoor’s Best Places to Work for the past three years. Smile Brands’ affiliated dentists benefit from industry-leading business support services, so they can spend more time caring for patients and less time on the administrative, marketing and financial aspects of operating a dental practice. The organization supports approximately 420 affiliated practices and 60 brands across 18 states, including Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Maryland, Ohio, Oregon, Nevada, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin. Smile Brands is a portfolio company of Gryphon, a leading middle market private equity firm based in San Francisco.

Based in San Francisco, Gryphon is a leading private equity firm focused on profitably growing and competitively enhancing middle market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources and operational expertise.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams HCLS Group has experience across a broad range of sectors, including healthcare providers; payors and payor services; outsourced pharmaceutical services; medical device supply chain; healthcare IT; and pharmacy. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

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