Ontario Teachers’ sells majority stake in U.S. dental company

The Ontario Teachers’ Pension Plan has sold a majority interest in Heartland Dental to global investment firm KKR & Co.

The pension fund acquired a majority position in the U.S.-based dental support organization in 2012 and has seen a 126 per cent increase in supported practice revenues since that time, according to a news release. The Ontario Teachers’ will retain a sizeable ownership and continue as a partner in Heartland Dental, while its founder and executive chairman Dr. Rick Workman, president and chief executive officer Patrick Bauer, as well as supported dentists and employees, will also remain shareholders.

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“Our institutional expertise investing in physician-led health-care services businesses helped Heartland Dental more than double the number of supported dental offices and firmly establish it as the premier provider of dental support services in the United States,” said Jane Rowe, senior managing director of private capital at the Ontario Teachers’ Pension Plan, in the release. 

“We welcome KKR as a partner to the company as it continues its growth trajectory as the leading provider of practice support services.”

The deal is expected to close in the second quarter of 2018. Financial details weren’t disclosed.

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