Middle market private equity firm Huron Capital Partners has made the first in a series of planned investments in the dental services industry with an investment in Dynamic Dental Partners (DDP).
Based in Sarasota, Florida, DDP is a dental services organisation that provides operational support to a network of dental practices located in Florida, Arizona and Virginia.
"We are thrilled to be partnering with Huron Capital," says Dr Alex Giannini, DDP’s chief executive. "We see a significant opportunity to continue building DDP and are grateful to have a like-minded partner in Huron who can provide the capital and operational expertise necessary to help us do so. We anticipate making several more acquisitions to continue expanding our footprint and partnering with dentists to provide exceptional quality of care to as many patients as possible."
Huron aligned with DDP’s management team to provide the investment necessary to bring together the current network of practices with capital reserved to fund future acquisitions. The transaction marks Huron’s second investment in the dental industry, having acquired a majority interest in short-term cosmetic orthodontics provider Six Month Smiles in January 2013.
The dental market is a USD119bn industry and growing steadily according to IBISWorld.
DDP was the first investment made through The Huron Fund IV, a USD500m private equity fund which closed in January 2013.
"Huron identified the DSO market as an industry of focus nearly two years ago, and we have found an ideal platform on which to build in DDP," says Huron partner Nick Barker. "DDP has a deep and experienced management team with a long track record of successfully identifying and executing acquisitions in the dental market, and we are excited to be partnering with them to continue growing the business."
