M&A Deal Summary

Lindsay Goldberg and Monroe Capital Acquire Lightwave Dental

On July 5, 2023, private equity firm Lindsay Goldberg and lender Monroe Capital acquired business services company Lightwave Dental from Alpine Investors

Acquisition Highlights
  • This is Lindsay Goldberg’s 3rd and Monroe Capital’s 5th transaction in the Business Services sector.
  • This is Lindsay Goldberg’s 44th and Monroe Capital’s 96th transaction in the United States.
  • This is Lindsay Goldberg’s 4th and Monroe Capital’s 2nd transaction in Virginia.

M&A Deal Summary

Date 2023-07-05
Target Lightwave Dental
Sector Business Services
Buyer(s) Lindsay Goldberg
Monroe Capital
Sellers(s) Alpine Investors
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Goodwin Procter
Holland & Knight (Legal)

Target

Lightwave Dental

Woodbridge, Virginia, United States
Lightwave Dental is a management services partner for dental offices located in Virginia. Lightwave Dental is dedicated to providing the benefits of a larger dental group for the doctors and the staff without the drawbacks of traditional corporate dentistry. The company offers a low-touch, democratic approach to working with its dental partners that drives better results for doctors and a better experience for the staff. Lightwave Dental was founded in 2016 and is based in Woodbridge, Virginia.

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Buyer(S) 2

Buyer

Lindsay Goldberg

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 17.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Lindsay Goldberg is a large private equity firm that targets investments in traditional, basic industries. Lindsay looks to commit $50 to $250 million per transaction in sectors that include basic & commodity manufacturing, financial services, food, and distribution. Lindsay looks to partner with management in pursuing transactions. Lindsay Goldberg was formerly known as Lindsay Goldberg & Bessemer. The Firm was formed in 2001 and is based in New York City.


DEAL STATS #
Overall 55 of 57
Sector (Business Services) 3 of 3
Type (Secondary Buyout) 11 of 12
State (Virginia) 4 of 4
Country (United States) 44 of 46
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-11 Crown Paper Group

Port Townsend, Washington, United States

Crown Paper Group is an independent regional containerboard business. Crown operates an integrated containerboard mill, two converting facilities, and three company-operated distribution centers, and has a strategic presence in the growing markets of the Pacific Northwest and Western Canada. Crown Paper Group was founded in 2015 and is based in Port Townsend, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-19 Kleinfelder

San Diego, California, United States

Kleinfelder is a multidisciplinary engineering firm that provides mission critical design, testing and program management services to clients across an array of industries. The company has over 60 offices across the United States, Canada and Australia. Kleinfelder was founded in 1961 and is based in San Diego, California.

Buy -
Buyer

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 97 of 117
Sector (Business Services) 5 of 10
Type (Secondary Buyout) 10 of 14
State (Virginia) 2 of 3
Country (United States) 96 of 116
Year (2023) 4 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-01 Gersh

Beverly Hills, California, United States

Gersh is a media agency that operates twelve full-service departments Talent, Literary, Film Finance, Books, Comedy, Theater, Production, Alternative, Digital, Branding, Commercial Production and Commercial Endorsements. Gersh was founded in 1949 and is based in Beverly Hills, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-06 MEI Rigging & Crating

Albany, Oregon, United States

MEI Rigging & Crating is a provider of machinery moving, millwrighting, installation, crating, and export packing services. MEI Rigging & Crating was founded in 1990 and is based in Albany, Oregon.

Buy -

Seller(S) 1

SELLER

Alpine Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 17.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Alpine Investors is a private investment firm that principally targets small to mid-sized, software and service company acquisitions in the US, Canada, Europe, and Australia. Alpine looks for businesses with cash-flow of $1 to $50 million and will consider both control and non-control positions. Alpine prefers businesses with recurring revenues, identifiable growth opportunities, sustainable margins, and significant barriers to entry. Alpine Investors was established in 2001 and is based in San Francisco, California.


DEAL STATS #
Overall 24 of 24
Sector (Business Services) 4 of 4
Type (Secondary Buyout) 9 of 9
State (Virginia) 2 of 2
Country (United States) 24 of 24
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-12 Medusind

Miami, Florida, United States

Medusind is a provider of comprehensive end-to-end revenue cycle management solutions including practice management, eligibility, coding, claims processing, and value-added analytics. The Company’s medical expertise and technology solutions optimize the healthcare revenue cycle process, create operating efficiencies and ensure adherence to regulatory compliance requirements. It leverages a robust technology suite to offer tailored solutions supporting the needs of physicians, dental providers, hospitals, health plans, GPOs, third-party plan administrators, and other leading healthcare organizations. Medusind was formed in 2002 and is based in Miami, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-06 Cobalt

New York, New York, United States

Cobalt buys and builds access solutions businesses that offer founders a long-term home for their business through its technology. Cobalt is based in New York, New York.

Buy -