Comvest Credit Partners is acting as administrative agent and sole lender on a $153 million senior secured credit facility for Oak Dental Partners, an Atlanta-based dental service organization. The financing will be used to refinance the company’s existing debt and to support near-term acquisitions. Comvest also made an equity co-investment in the business.
Founded in 2015, Oak Dental focuses on the acquisition and development of pediatric, family dental and orthodontic practices located primarily in the Southeast. Oak Dental currently partners with 55 affiliated practices across nine states, providing non-clinical business support services. Acquired practices retain their names and branding.
“Comvest continues to be an active and committed credit investor in proven, fast-growing healthcare companies,” Dan Lee, a partner at Comvest Credit Partners, said. “We are pleased to provide Oak Dental with a tailored financing solution that addresses the company’s current needs and provides capital for its future growth initiatives.”
“Oak Dental has more than doubled our affiliated practices in the last two years,” Lee Provow, CEO of Oak Dental, said. “Comvest brings extensive healthcare investment experience in multi-site providers and understands the complexities of the DSO model. As a result, Comvest delivered a responsive and significant financing solution that sets the stage for Oak Dental to continue our accelerated pace of acquisitions and investment in our affiliated practices.”
