H.I.G. Capital Completes Recapitalization of Advanced Dental Brands
MIAMI – June 26, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $56 billion of equity capital under management, is pleased to announce that one of its affiliates has completed a significant growth investment in Advanced Dental Brands, LLC (“ADB” or the “Company”).
Founded in 2007 by Dr. Richard Miller, ADB is a leading dental partnership organization (DPO) in the Northeast U.S. The Company partners with doctor-owners of leading, well-established dental practices, and currently serves almost 40 practices, providing general dentistry as well as specialty services including orthodontics, endodontics, prosthodontics, periodontics, and oral surgery.
The Company’s doctor-first model enables providers to focus on exceptional patient care, resulting in superior service and patient satisfaction across ADB’s clinics. Through its partnership model, ADB provides the flexibility for each practice to maintain its independent brand and culture, reduce the administrative burden, and drive increased earnings potential through the benefits of ADB’s scale and corporate support. Furthermore, new doctor partners retain partial ownership, resulting in significant upside potential.
“We are excited to partner with Dr. Miller and Advanced Dental Brands’ outstanding network of dental practices,” said Camilo E. Horvilleur, Managing Director at H.I.G. Capital. “H.I.G. will support further investment in the platform and enhance the Company’s value proposition for doctors. ADB has established itself as the acquiror of choice and we look forward to meaningfully accelerating the growth of the business both organically and through M&A.”
“We are thrilled to enter into this new chapter of growth with H.I.G. Capital,” said Dr. Richard Miller, founder & Executive Chairman of Advanced Dental Brands. “Over the last fifteen years, ADB’s doctor-led approach has resulted in a track record of successful partnerships with market leading dental practices. Our mission is to provide the tools and resources for dentists to achieve their goals and practice high quality dentistry, while minimizing the administrative challenges of running their clinics.”
Daiwa Corporate Advisory LLC (“DC Advisory”) served as financial advisor, and Akerman LLP served as legal counsel to H.I.G. in connection with this transaction. Cantor Fitzgerald & Co. served as financial advisor, and Eskow Law Group, LLC served as legal counsel to Advanced Dental Brands.