OMERS Private Equity, the private equity arm of the OMERS Worldwide group of companies, has partnered with existing management to purchase GEDC Super Holdings Inc. (together with its affiliates, "Great Expressions" or the "Company") from affiliates of private equity firm Audax Group.
Founded in 1982 and headquartered in Bloomfield Hills, MI, Great Expressions is a leading dental practice management ("DPM") company, with 152 affiliated dental offices in seven states across the Midwest, South and Northeast. In the past three years, the Company has grown by adding and successfully integrating 79 offices through 10 acquisitions. With over 1,800 clinical and support staff, Great Expressions’ affiliated dental offices provide all facets of dental services, including general and preventative care focused on the highest quality patient care, affordable prices and convenient locations.
"The benefits that the DPM industry offers to its patients, dentists and payors makes it an attractive investment opportunity for OMERS," says Michael Graham (pictured), Senior Managing Director and Head of US Private Equity for OMERS. "In particular, Great Expressions’ focus on quality care, affordability and convenience has led to superior operational performance as well as compelling growth. We look forward to working closely with management to support the continued growth of Great Expressions."
"My team and I are excited to work with OMERS Private Equity and to continue growing Great Expressions," says Rich Beckman, CEO of Great Expressions. "We are excited to partner with a team who has experience in healthcare services and a long-term approach to investing. Great Expressions intends firstly to grow in its core markets of Florida, Georgia and Michigan, and then to seek attractive growth opportunities in its other markets. We believe OMERS Private Equity’s knowledge of the DPM industry and commitment to our strategy will enhance our expansion."
Ares Capital Corporation and General Electric Capital Corporation acted as co-lead arrangers and bookrunners for the credit facility. Weil, Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity.
