Harris Williams Advises American Dental Partners on its Sale to Heartland Dental

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised American Dental Partners (ADPI), a portfolio company of JLL Partners (JLL), on its sale to Heartland Dental, a portfolio company of KKR. ADPI is one of the largest dental practice management companies in the United States. The transaction was led by James Clark, Whit Knier, Geoff Smith, Nathan Robertson and Bill Whitaker of the Harris Williams Healthcare & Life Sciences (HCLS) Group.

“ADPI provides vital business services support to dental groups throughout the country, allowing dentists to focus more on patient care and less on administrative tasks,” said Geoff Smith, a managing director at Harris Williams. “ADPI found an excellent partner in Heartland Dental, another best-in-class dental support organization, and we are excited to watch the combined company thrive.”

“After patient visits in general and specialty dentistry slowed substantially during the early days of COVID-19, the dental market has come roaring back and investors are eager to put capital to work in the space,” said James Clark, a managing director at Harris Williams.

ADPI was founded in 1995 and is headquartered in Wakefield, Massachusetts. The company is one of the largest dental practice management companies in the United States, providing business services to medically-oriented, multi-specialty dental groups, with over 270 facilities across more than 20 states. ADPI provides affiliates with capital, systems and management expertise. The company’s affiliated dental groups are typically among the largest providers of dental care in their respective markets.

JLL is a middle market private equity firm with over three decades of experience transforming businesses in the healthcare, specialty industrials and business services sectors. The firm is dedicated to partnering with companies that it can help build into market leaders through a combination of strategic mergers and acquisitions, organic growth initiatives, and operational enhancements. The JLL team is comprised of seasoned investment professionals and operating partners who are focused on driving long-term value creation across its portfolio. Since its founding in 1988, JLL has committed over $5.5 billion of equity capital across eight private equity funds, with over 50 platform investments and more than 190 add-on acquisitions.

Heartland Dental was founded in 1997 by Rick Workman, DMD. Today, the Effingham, Illinois-based company is the nation’s largest dental support organization providing non-clinical, administrative support services to over 1,450 dental offices across 38 states. Heartland Dental supports dentists as they deliver high quality care across a spectrum of dental services, and is majority owned by KKR.

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.

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 8th Floor, 20 Farringdon Street, London EC4A 4AB, 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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