Tonka Bay exits AppleWhite

Tonka Bay Equity Partners has sold Dubuque, Iowa-based AppleWhite Dental, a dental services organization, to Cordental Group Management. No financial terms were disclosed.


MINNETONKA, Minn. (June 3, 2019) — Tonka Bay Equity Partners announced the sale of AppleWhite Dental (“AppleWhite”) to CORDENTAL Group Management (“CORDENTAL”).

Based in Dubuque, Iowa, AppleWhite is a market-leading dental services organization in the upper Midwest. CORDENTAL, based in Cincinnati, Ohio, is a dental support organization that provides business support services to affiliated dental practices across the Mid-Atlantic, Midwestern, and Southeastern United States.

Tonka Bay partnered with Dr. Tom McCoy, DDS, to form AppleWhite Dental in 2008. During Tonka Bay’s investment in the company, AppleWhite grew through acquisition and now operates 35 dental practices in Iowa, Wisconsin, Illinois, and Minnesota. The management team and infrastructure were built to support a growing number of offices. The investment in AppleWhite leveraged Tonka Bay’s prior experience in healthcare practice management businesses.

“Over the past 10 years, AppleWhite has developed into a leading dental practice management company with a strong network and brand in the upper Midwest” said Cary Musech, a Partner with Tonka Bay. “Dr. McCoy built a talented management team and has attracted high caliber dental practices to affiliate with the company. With its growing market presence, AppleWhite is positioned for continued success.”

“I’ve enjoyed our partnership with Tonka Bay. They’ve been very supportive capital partners and board members,” Dr. McCoy commented. “Their expertise in building and growing entrepreneur managed businesses has proven valuable as we built AppleWhite from a start up to a market leader. With a strong foundation and team, we are positioned to continue to grow and thrive into the future.”

About AppleWhite
Headquartered in Dubuque, Iowa, AppleWhite is a market-leading dental services organization with locations in Iowa, Illinois, Wisconsin, and Minnesota. Over the past 10 years, AppleWhite has remained at the forefront of the dental field and currently employs over 150 dentists and hygienists. Through a network of 35 offices, AppleWhite offers comprehensive dental care to nearly 185,000 patients annually. For additional information on AppleWhite, visit the company’s website at

About Tonka Bay Equity Partners
Based in Minnetonka, Minnesota, Tonka Bay Equity Partners is a private equity firm that acquires and invests in growth-oriented businesses in the highly-engineered manufacturing, business services and value-added distribution sectors. For more information, visit