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Ontario Teachers’ beats PE rivals to Heartland Dental stake

6 Nov 2012

Canadian investment giant the Ontario Teachers’ Pension Plan has beaten private equity firms KKR, Apax and Madison Dearborn to buy Heartland Dental Care, it is understood.

The $117bn LP has been favourite to pick up a stake in the asset for some time following the company’s decision to sound out buyers in September last year.

OTPP will buy a majority stake in Heartland according to Bloomberg, which said the deal valued the dental practice management company at $1.3bn.

Heartland chief executive Rick Workman will retain a minority stake along with management and employees, the two companies said in a statement.

The company, which is part-owned by Chicago-based private equity firm CHS Capital Partners, has EBITDA of about $120m.

It has more than 250 affiliated offices across 14 states providing business support for hometown dental offices including staffing, admin and IT support.

Last month mid-market private equity firm Linden Capital Partners bought South Florida-based Gentle Dental from The Beekman Group.

The company provides general, multi-speciality and cosmetic dental care throughout 21 outlets across the region.

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