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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