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Dental Company Affordable Care Working With Greenhill on Options, Including Restructuring
Privately held dental company Affordable Care has engaged Greenhill as investment banker to explore options, including a restructuring, according to sources.
The Harvest Partners-backed company is one of the nation’s largest dental-service organizations, providing business and administrative support to more than 400 practices in about 40 states, with a focus on tooth replacement.
The North Carolina-based company was acquired by Harvest Partners from Berkshire Partners in June 2021 in a leveraged buyout with an estimated value of $2.7 billion. Harvest Partners also owns Dental Care Alliance, one of the largest multi-branded dental support organizations.
Affordable Care has more than $1 billion of private credit debt, according to sources.
Sources said that the company faces many of the same headwinds as its peers in the dental space, many of whom have seen labor cost inflation, workforce shortages, consumer demand shortage and structural challenges in business models.
Dental service organizations have experienced a wide dispersion in credit performance in recent years, with some facing restructurings due to centralized operations and limited incentives for practice owners, according to a recent Octus business development company analysis. This comes after an uptick in private equity firms pursuing dental acquisitions backed by private credit since 2021.
Affordable Care, Harvest Partners and Greenhill did not respond to requests for comment.
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