Shore Capital recaps Chicagoland Smile Group

Shore Capital Partners has invested in Chicagoland Smile Group. Financial terms weren’t announced. Chicagoland Smile Group provides general dentistry services including fillings and crowns, dentures, bridges, dental implants, teeth whitening, veneers, tooth extractions, root canals, and X-rays. Shore Capital, a Chicago private equity firm, said it has formed Great Lakes Dental Partners LLC to provide administrative services and support to Chicagoland Smile.

PRESS RELEASE

Chicago, IL – April 7, 2015 – Shore Capital Partners (“Shore Capital” or “Shore”) is pleased to announce that it has completed the recapitalization of Chicagoland Smile Group and its affiliates and simultaneously formed Great Lakes Dental Partners, LLC (“Great Lakes Dental” or the “Company”) to provide administrative services and support to Chicagoland Smile Group.Chicagoland Smile Group provides general dentistry services including fillings and crowns, dentures, bridges, dental implants, teeth whitening, veneers, tooth extractions, root canals, and X-rays. It also has specialist capabilities in periodontics, orthodontics, endodontics, prosthodontics and oral surgery.

 

Headquartered in Chicago, Illinois, Great Lakes Dental and Chicagoland Smile will pursue a consolidation of dental offices in the Chicagoland area and neighboring states. Shore has partnered with Dr. Roshan P. Parikh, a dentist and the owner of Chicagoland Smile Group to be Founder and President of the management platform. Dr. Parikh is an entrepreneurial dentist who has a track record of successfully acquiring dental offices, having received his Doctorate of Dental Surgery from the University of Illinois at Chicago College of Dentistry and his Master of Business Administration degree from Loyola University Chicago.

 

“We could not be more excited to partner with Dr. Parikh and his team and look forward to building the leading dental service organization in the greater Chicago area, while providing the highest level of support to our dentists and the highest quality clinical care to our patients,” said Justin Ishbia, Managing Partner at Shore Capital and Chairman of Great Lakes Dental Partners, LLC. “After spending many months studying the dental industry and speaking with subject matter experts, we are confident that the industry trends continue to favor the expansion of the dental service organization model.”

 

Shore plans to invest in infrastructure to standardize operations and centralize the finance, accounting, human resources, and IT functions so that dentists are able to spend more time treating patients. Shore Capital is also adding a CFO (Andy Colmone), Vice President of Business Development (Paul Motter), and a world class board of directors to help enhance operations and execute a consolidation strategy in the Chicagoland area.

 

Great Lakes Dental will pursue affiliations with dentists in order to build an independent network of dentist-owned practices that maintains a first class culture with a clear focus on clinical care. Dr. Parikh noted, “I’m excited about the opportunity to partner with Shore and look forward to recruiting quality dentists to the platform who share the vision of building a best-in-class dental organization.”

 

This investment represents the third platform investment out of Shore Capital Partners Fund I, L.P., a $112.5 million investment vehicle raised in May 2014.

 

About Shore Capital

Shore Capital is a Chicago-based private equity firm focused exclusively on microcap healthcare investments. Shore supports management partners with capital, business development expertise, and industry knowledge to accelerate growth, fund acquisitions, and generate value to shareholders. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant growth potential, including organic and growth through industry consolidation. Shore has approximately $150 million of equity capital under management through various investment vehicles including Shore Capital Partners Fund I, L.P. with $112.5 million of capital commitments.