Riverside and Abry exits NADG

The Riverside Company and Abry Partners has sold its minority stake in North American Dental Group to Jacobs Holding. No financial terms were disclosed. Jefferies LLC served as financial adviser to NADG on the deal. Pittsburgh-based NADG is a dental services organization.


The Riverside Company, a global private equity firm focused on the smaller end of the middle market, along with Abry Partners and co-founders Ken Cooper and Dr. Andrew Matta, has sold its minority stake in North American Dental Group (NADG) to Jacobs Holding. Abry Partners first partnered with NADG in 2012. In 2015, Abry led a recapitalization of the company through which The Riverside Company made an investment alongside Abry and the co-founders of NADG. Abry and Riverside will both fully exit their positions in NADG as part of its new partnership with Jacobs Holding.

NADG, headquartered in Pittsburgh, Pennsylvania, is the fastest growing dental services organization of scale in the United States and today consists of a network of over 200 dental practices in 11 states and 23 regional markets. The practices are supported by three resource centers and an educational platform that enables dentists to provide patients with a full range of high-quality and multi-disciplinary dental services. The group, operating under regional and local brands with high patient retention, is distinguished for its unique equity partnership with its providers and elevated attention to patient care.

Hal Greenberg, Managing Partner at Riverside, said: “NADG is an exemplary dental service organization that has made a true commitment to the highest quality of dental care. We were thrilled to be able to help NADG continue to grow, particularly through strategic acquisitions. This is one of many deals Riverside has done with Abry, and we’re proud of the partnerships and what we have been able to achieve together.”

T.J. Rose, Partner at Abry Partners, said: “We are proud to have spent the past seven years partnering with Ken Cooper, Andrew Matta and the wonderful team of dentist partners and management at NADG. Ken’s leadership and the team’s execution in driving geographical, clinical and financial growth has been tremendous, all accomplished with an unwavering dedication to quality patient care. Alongside terrific partners in The Riverside Company, we are thrilled to have shared in NADG’s journey.”

Ken Cooper, CEO and Co-Founder of NADG, said: “We reflect with gratitude for a strong and supportive partnership with Abry and Riverside. NADG was founded with a mission and vision to pioneer a new culture in dentistry. A progressive organization with a differentiated model and mindset of servant leadership to support our growing partnership of providers, caregivers and patients. This closing of this chapter with Abry and Riverside highlights a dedicated Board of Directors that is committed to build an enduring organization.”

Working with Greenberg on the deal for Riverside was Principal Jay Reynolds.

Jefferies LLC served as exclusive financial advisor to NADG through its Global Retail Healthcare franchise, and DLA Piper served as legal counsel to the company.

North American Dental Group
North American Dental Group (NADG), based in Pittsburgh, Pennsylvania, was co-founded by Ken Cooper and Dr. Andrew Matta in 2008. NADG was created to transform the dental experience for its patients, clinicians, and its support teams and today consists of a network of over 200 dental practices in 11 states and 23 regional markets. The values of maintaining an emotionally intelligent approach, to be thoughtful educators, and to display a healthy bravado fuel our day-to-day operational systems.

Abry Partners
Abry is an experienced and successful sector-focused private equity investment firm in North America. Since its founding in 1989, the firm has completed over USD 82.0 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over USD 5.0 billion of capital across its active funds.

The Riverside Company
The Riverside Company is a global private equity firm focused on investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has made more than 600 investments. The firm’s international private equity and structured capital portfolios include more than 100 companies.