UPDATE: Private Equity Firms Make Bid to Acquire Heartland Dental
Published on October 24 2012 8:37 am
Last Updated on October 24 2012 10:04 am
Written by Wayne Moran
An Effingham-based company may be in for some changes. Reuters and Forbes are both reporting today that a trio of private equity firms, KKR & Co , Apax Partners and Madison Dearborn Partners, have made a bid to purchase Heartland Dental Care Inc., one of the largest U.S. dental practice management companies in a deal that could be worth 1.3 billion.
According to Rueters' sources, the buyout firms submitted final bids Monday for Heartland Dental, which has been exploring a sale after hiring investment banks Jefferies and Moelis earlier this year.
We spoke Wednesday with Heartland Dental's Vice-President of Administration, Chad Thompson, who said of the bid, "I really can't comment at this time, only to say that Heartland Dental will remain committed to Effingham, and we're excited about our expansion and continued growth". Thompson went on to say that Heartland's 40,000 square foot expansion, which the company recently broke ground on (click for story & video), along with the jobs it will create, shows the company's commitment to Effingham. It's estimated that 167 new jobs will be created by the $7.7 million project. Heartland Dental manages more than 350 affiliated dental practices in 19 U.S. states.
We also contacted representatives from the firms involved in the bid, KKR, Apax and Madison Dearborn. All declined to comment on the proposed acquisition.
Reuters is reporting that Rick Workman is expected to stay on as CEO as part of the sale.