M&A Deal Summary

Thomas H. Lee Partners and Linden Capital Partners Acquire Smile Doctors

On January 5, 2022, private equity firms Thomas H. Lee Partners and Linden Capital Partners acquired healthcare services company Smile Doctors from Sheridan Capital Partners and Linden Capital Partners

Acquisition Highlights
  • This is Thomas H. Lee Partners’ 7th and Linden Capital Partners’ 13th transaction in the Healthcare Services sector.
  • This is Thomas H. Lee Partners’ 72nd and Linden Capital Partners’ 44th transaction in the United States.
  • This is Thomas H. Lee Partners’ 5th and Linden Capital Partners’ 3rd transaction in Texas.

M&A Deal Summary

Date 2022-01-05
Target Smile Doctors
Sector Healthcare Services
Buyer(s) Thomas H. Lee Partners
Linden Capital Partners
Sellers(s) Sheridan Capital Partners
Linden Capital Partners
Deal Type Recapitalization
Advisor(s) William Blair
Houlihan Lokey
Ernst & Young Capital Advisors (Financial)
Kirkland & Ellis (Legal)

Target

Smile Doctors

Dallas, Texas, United States
Smile Doctors is an orthodontics-focused dental service organization in the U.S. Smile Doctors services over 100 affiliated practices offering both traditional braces and clear aligners. Smile Doctors focuses exclusively on developing and growing affiliated orthodontic practices. Smile Doctors was founded in 2015 and is based in Dallas, Texas.

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Buyer(S) 2

Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 83 of 91
Sector (Healthcare Services) 7 of 7
Type (Recapitalization) 11 of 11
State (Texas) 5 of 5
Country (United States) 72 of 78
Year (2022) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 AutoStore

Nedre Vats, Norway

AutoStore is an automated robotic storage and retrieval system equipment and software manufacturer for the warehouse & distribution end-market. The Company has developed proprietary software and robotics technology for collection of warehouse-stored goods, providing significant improvements in warehouse capacity and packing / picking performance. AutoStore was founded in 1996 and is based in Nedre Vats , Norway.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-31 IMO Health

Rosemont, Illinois, United States

IMO Health is a provider of medical terminology content and services supporting clinical workflow. The company's core products allow physicians to easily find and enter medical terminology at the point of care with an EHR system using solutions built on IMO's proprietary content of over 800,000 clinical concepts and mapping to five million terms across more than 100 code sets. IMO Health was founded in 1994 and is based in Rosemont, Illinois.

Buy -
Buyer

Linden Capital Partners

Chicago, Illinois, United States


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 44 of 48
Sector (Healthcare Services) 13 of 13
Type (Recapitalization) 2 of 2
State (Texas) 3 of 3
Country (United States) 44 of 47
Year (2022) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-28 Formulated Solutions

Largo, Florida, United States

Formulated Solutions specializes in innovating, formulating, and packaging solutions for pharmaceutical, cosmetic, personal healthcare, and specialty chemical applications. Formulated Solutions was founded in 1999 and is based in Largo, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-10 Advarra

Columbia, Maryland, United States

Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.

Sell -

Seller(S) 2

SELLER
DESCRIPTION

Sheridan Capital Partners is a private equity firm focused on acquiring and investing in consumer products/services and healthcare companies across the US and Canada. Sheridan looks to invest $15 to $100 million in businesses valued from $25 to $150 million. Prospective transaction situations include growth buyouts, family owned company acquisitions, consolidations, and recapitalizations. Sheridan Capital Partners was formed in 2012 and is headquartered in Chicago, Illinois.


DEAL STATS #
Overall 6 of 8
Sector (Healthcare Services) 3 of 4
Type (Recapitalization) 1 of 2
State (Texas) 2 of 2
Country (United States) 5 of 7
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-18 SimiTree Healthcare Consulting

Hamden, Connecticut, United States

SimiTree Healthcare Consulting offers a suite of services, including outsourced billing, coding and revenue cycle management; executive recruiting, interim staffing and other talent solutions; guidance through mergers and acquisitions; sales consulting and education; and data analytics. SimiTree Healthcare Consulting is based in Hamden, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-02 SpendMend

Grand Rapids, Michigan, United States

SpendMend helps healthcare organizations nationwide discover the full impact of financial leakage upon their organization. As the healthcare expert in audit recovery and spend visibility, SpendMend has perfected the process of holistically analyzing complex spend data to help an organization shed light upon ubiquitous financial leakage. SpendMend helps recover financial leakage and partners with clients to optimize cost cycle management and improve spend visibility. SpendMend was founded in 1993 and is based in Grand Rapids, Michigan.

Sell -
SELLER

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 24 of 27
Sector (Healthcare Services) 6 of 6
Type (Recapitalization) 1 of 1
State (Texas) 2 of 2
Country (United States) 24 of 27
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-28 Formulated Solutions

Largo, Florida, United States

Formulated Solutions specializes in innovating, formulating, and packaging solutions for pharmaceutical, cosmetic, personal healthcare, and specialty chemical applications. Formulated Solutions was founded in 1999 and is based in Largo, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-10 Advarra

Columbia, Maryland, United States

Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.

Sell -