Welsh, Carson, Anderson & Stowe (Welsh Carson), a private equity investment firm, has signed an agreement to purchase a majority interest in Smile Brands.
Welsh Carson will purchase a majority of its position from Freeman Spogli & Co., which will remain as a minority investor in the company. The transaction is expected to close in December.
"Welsh Carson's experience and success in the healthcare sector is unparalleled, and our management team is extremely excited to begin working together to refine our business model further, improve the value proposition for all our constituents and expand our footprint more rapidly," said Steven Bilt, president and CEO of Smile Brands, in a press release.
Smile Brands provides business support services, nonclinical personnel, facilities, and equipment through exclusive long-term agreements with affiliated dental groups. The company currently supports more than 1,100 dentists and hygienists practicing in about 325 offices in the U.S.
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