M&A Deal Summary

KKR Acquires Heartland Dental

On March 7, 2018, private equity firm KKR acquired healthcare services company Heartland Dental from Ontario Teachers Pension Plan and Evolve Capital

Acquisition Highlights
  • This is KKR’s 10th transaction in the Healthcare Services sector.
  • This is KKR’s 117th transaction in the United States.
  • This is KKR’s 3rd transaction in Illinois.

M&A Deal Summary
Date 2018-03-07
Target Heartland Dental
Sector Healthcare Services
Buyer(s) KKR
Sellers(s) Ontario Teachers Pension Plan
Evolve Capital
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)
Weil Gotshal & Manges
Ropes & Gray (Legal)

Target

Heartland Dental

Effingham, Illinois, United States
Heartland Dental is a dental support organization, providing non-clinical administrative support services to over 840 offices and more than 1,300 supported dentists across 35 states. Heartland Dental partners with its supported dentists to deliver high quality care across the full spectrum of dental services. Heartland Dental was founded in 1997 and is headquartered in Effingham, Illinois.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 271 of 483
Sector (Healthcare Services) 10 of 16
Type (Secondary Buyout) 52 of 107
State (Illinois) 3 of 7
Country (United States) 117 of 210
Year (2018) 11 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-04 LS Automotive

Anyang-si, South Korea

LS Automotive is a vehicle components manufacturer that achieved strong growth and market expansion including China and continues to engage in proactive investment in R&D for the future such as autonomous and electric vehicle components. LS Automotive was founded in 1973 and is based in Anyang-si, South Korea.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-12 Next Issue Media

Palo Alto, California, United States

Next Issue Media LLC is a world’s most popular magazines to life on the digital device of your choice. Texture brings over 200 of the world’s best magazines to life, providing an easy way for users to read high-quality stories and entire issues of their favorite titles. With Texture, users enjoy the magazines they know and love, while discovering new content that fits their passions and interests.

Sell -

Seller(S) 2

SELLER

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 37 of 72
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 11 of 20
State (Illinois) 3 of 5
Country (United States) 20 of 38
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-27 PetVet Care Centers

Westport, Connecticut, United States

PetVet Care Centers is an operator and consolidator of specialty veterinary hospitals and general practice veterinary clinics. With over 600 general veterinarians and board-certified specialists, ranging from emergency critical care to cardiology and orthopedic surgery. PetVet Care Centers was founded in 2012 and is based in Westport, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-22 GFL Environmental

Vaughan, Ontario, Canada

GFL Environmental is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure & soil remediation, and liquid waste management services through its platform of facilities across Canada and in Southeastern Michigan. GFL has a workforce of more than 5,000 employees and provides its broad range of environmental services to more than 60,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households. GFL Environmental was founded in 2007 and is based in Vaughan, Ontario.

Buy -
SELLER

Evolve Capital

Dallas, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Evolve Capital is a private equity firm focused exclusively on recapitalization investments in growth-oriented service based businesses. Evolve looks companies that are asset light, growing rapidly, and potentially operate in a regulated environment. Target companies typically have trailing EBITDA of $2 to $4 million and are located in the US. Evolve Capital was formed in 2005 and is based in Dallas, Texas.

DEAL STATS #
Overall 14 of 18
Sector (Healthcare Services) 4 of 6
Type (Secondary Buyout) 9 of 10
State (Illinois) 1 of 2
Country (United States) 14 of 18
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-30 Mission Critical Electronics

Dallas, Texas, United States

Mission Critical Electronics is a niche-oriented manufacturer of power conversion, battery charging and battery products operating under the leading brands Kussmaul Electronics, Newmar Power, ASEA Power Systems, Power Products, and American Battery Charging. The Company focuses on critical system applications in specialty vehicle, public safety, and industrial/marine applications where durability, reliability, and performance are essential to deliver immediately accessible power. MCE’s solutions address application-specific requirements for 4,000 customers across 2,000+ branded SKUs. MCE is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-28 Aspire Home Care

Tishoming, Oklahoma, United States

Aspire Home Care is a provider of medicare home healthcare and hospice services. Aspire Home Care was founded in 1996 and is based in Tishomingo, Oklahoma.

Sell -
Mergr

Product

Company

Legal