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ICV-backed Cherry Tree makes three acquisitions

Cherry Tree Dental, which is backed by ICV Partners, has made three Minnesota-based acquisitions: Downtown Dental Associates, Robert J. Kingston, DDS and Fairmont Family Dentistry.

Cherry Tree Dental, which is backed by ICV Partners, has made three Minnesota-based acquisitions: Downtown Dental Associates, Robert J. Kingston, DDS and Fairmont Family Dentistry. No financial terms were disclosed.

PRESS RELEASE

MADISON, WI, January 13, 2022 – Cherry Tree Dental (Cherry Tree), a leading dental service organization based in Wisconsin, has announced its expansion into Minnesota with the recent acquisitions of Downtown Dental Associates and Robert J. Kingston, DDS in Minneapolis and Fairmont Family Dentistry, in Fairmont, MN.

Cherry Tree Dental is a leading general dentistry provider in the Midwest that employs a proven acquisition and office consolidation strategy dedicated to small, local dentistry practices. Founded in 2006 and based in Madison, Cherry Tree is the one of the largest general dentistry providers in Wisconsin, operating over 40 locations throughout Wisconsin, Minnesota, and northern Illinois. As part of Cherry Tree’s cohesive corporate entity, offices are supported by a central corporate team that provides a variety of services including human resources, payroll, marketing, information technology, and other back-office functions.

“We’re delighted to welcome three practices operating at the top of their game into our family, enabling us to expand into our third state,” said Cherry Tree’s co-CEO, Jack Young. “We’re honored to enter the Minnesota market with these like-minded groups that each have so much potential. The company continues to attract exceptional dentists and first-class practices to join the partnership and is poised for an even more successful year in 2022. We’re excited about how our footprint has rapidly expanded, but we are even more thrilled about the type of partnerships we’ve solidified.”

In February 2021, ICV Partners, LLC, a leading investment firm in Miami, FL that focuses on lower middle market companies in business services, consumer goods & services, food & beverage, and healthcare, made a majority investment in Cherry Tree, in partnership with Co-CEOs Steve Sorrel and Jack Young.

Qian Elmore, ICV Managing Director, stated, “We congratulate the Cherry Tree team on yet another growth milestone outside of Wisconsin. Cherry Tree continues to be well positioned to capitalize on shifting market dynamics as more dentists choose to transition from owning their own practices to focus on serving patients versus administrative activities.”

About Cherry Tree Dental
Cherry Tree Dental is a Wisconsin-based dental practice management company that oversees the daily business operations of dental offices, allowing dentists to practice the art and science of dentistry without distraction. The Company owns and operates dental office locations throughout Wisconsin as well as in Illinois and Minnesota. For more information, please visit www.cherrytreedental.com.

About ICV Partners
Founded in 1999, ICV Partners is a leading private investment firm that supports management leaders of strong lower middle market companies in pursuing growth. Over its first four funds, the principals of ICV have crafted a strong track record of helping companies across a variety of industries expand their footprint and improve performance over the long term. Additional information is available at www.icvpartners.com.