ICV Partners’ Cherry Tree Dental buys Richard Patelski Dentistry

The Wisconsin-headquartered platform makes its first practice acquisition outside of its home state.

Cherry Tree Dental, a portfolio company of Miami’s ICV Partners, has acquired Richard Patelski DDS Family and General Dentistry. The general dentistry provider will gain a presence in Illinois through the deal.

PRESS RELEASE

Madison, Wisconsin, September 14, 2021 – Cherry Tree Dental (Cherry Tree), a leading general dentistry provider based in Wisconsin, has announced its first practice acquisition outside of its home state. Cherry Tree acquired Richard Patelski DDS Family and General Dentistry in Downers Grove, Illinois.

Dr. Patelski’s practice has been serving the Downers Grove community since 1981, offering general, implant, and cosmetic dentistry.  Dr. Patelski stated, “I am excited to be joining forces with Cherry Tree Dental to continue to offer excellent dental care to our community. Cherry Tree’s operational excellence will simplify our administrative and business functions to allow our office team to focus on what we do best – providing outstanding dentistry to our patients.”

Cherry Tree Dental is a leading general dentistry provider in the Midwest that employs a proven acquisition and office consolidation strategy dedicated to small, one or two-dentist practices. Founded in 2006 and based in Madison, Cherry Tree is the one of the largest general dentistry providers in Wisconsin, operating 33 locations in 10 Wisconsin cities and Downers Grove, Illinois, with this most recent acquisition. 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.

Commenting for Cherry Tree, Co-CEO’s Jack Young and Steve Sorrel declared, “We are proud to welcome Richard E. Patelski DDS Family and General Dentistry to the Cherry Tree family. Dr Patelski and his highly tenured team have a long history of providing excellent dentistry to the Downers Grove community. When it comes time to discuss succession planning and practice continuity strategy, dentists like Dr. Patelski want to make sure their patients continue to receive the highest quality of care. Our sophisticated model is focused on building a successful network of dental practices serving communities throughout the Midwest by providing dentists the opportunity to transition their practices and, if they choose, remain with their practice in order to focus on their patients.”

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 the first expansion outside of Wisconsin. This acquisition represents the culmination of months of work to prepare the organization to scale into additional states in the Midwest. Cherry Tree continues to be well positioned to capitalize on the shifting market dynamics in Wisconsin and surrounding states as more dentists choose to transition from owning their own practice and prefer to focus on serving patients. Cherry Tree is also benefiting as dentists choose to relocate from large cities to secondary markets. We are excited about this new partnership as we continue to grow the business throughout Wisconsin, Illinois, and the Midwest.”

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 Wisconsin dental office locations in Sun Prairie, Stevens Point, Weston, Wausau, Marathon, Eau Claire, Chippewa Falls, Oshkosh, La Crosse, Appleton, Sheboygan, and several greater-Milwaukee communities as well as in Downers Grove, Illinois. 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 expand their footprint and improve performance over the long term and across a variety of industries. Additional information is available at www.icvpartners.com.