Heartland, which is part-owned by Chicago-based private equity firm CHS Capital Partners, has EBITDA of about $120m.
The buyout firms made final bids on Monday, according to Reuters, which said Jefferies and Moelis had been hired earlier this year to handle the sale.
The company has more than 250 affiliated offices across 14 states, and provides business support for hometown dental offices including staffing, admin and IT support.
Earlier this week a lawsuit accused US private equity firm Leonard Green & Partners accused of illegally operating dental clinics and making aggressive pitches to patients to extract more profit from them.
The buyout house and its portfolio company Aspen Dental were accused of sucking in patients with free exam and x-ray promotions before making forceful attempts to sign them up to expensive treatment plans.
Aspen Dental has denied the allegations, saying it does not employ dentists, but provides business support services to practices.
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