Heartland Dental Care to Sell Majority Interest to Ontario Teachers' Pension Plan

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Published on November 5 2012 5:29 pm
Last Updated on July 14 2013 4:07 pm
Written by Greg Sapp

Heartland Dental Care, Inc. of Effingham, one of the largest dental services organizations in the nation, today announced an agreement for the sale of a majority stake in Heartland to Teachers' Private Capital, the investment division of Ontario Teachers' Pension Plan.

As part of the transaction, Heartland Dental Care founder and CEO Dr. Rick Workman will retain a significant minority position along with management and employees.  Terms of the transaction are not being disclosed.

"Having Teachers' as a partner will provide us with a stable platform to continue to grow by providing support services to other dental offices throughout the country and providing new and exciting opportunities to assist dentists in the efficient and effective management of their offices," said Dr. Workman.

"Our investment in Heartland Dental Care is supported by favorable fundamentals and demographics.  We have been impressed with their dedication to providing high-quality support services to dental practices that reduce the administrative burdens on dentists.  These services allow dentists to focus on quality patient care and expansion of the delivery of dental care in their communities, " said Jane Rowe, Senior Vice-President of TPC.  "We look forward to working with Dr. Workman and Heartland Dental Care's excellent management team."

Pat Bauer, President of Heartland Dental Care, noted that, "Given the challenges of rising health care costs and the shortage of dentists, the ability to provide efficient administrative support services to dentists is instrumental in allowing them more time to focus on what is most important, and that is patient care."

Heartland Dental Care has more than 375 affiliated dental offices located in 21 states.  Heartland is currently expanding its headquarters in Effingham and adding personnel to support continued growth.

With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada.

(HEARTLAND DENTAL C-E-O DR. RICK WORKMAN {3rd blue construction hat from the left} AND PRESIDENT AND C-O-O PAT BAUER {far right blue construction hat} AT THE GROUNDBREAKING FOR THE ADDITION UNDER CONSTRUCTION AT HEARTLAND'S EFFINGHAM HEADQUARTERS)