Livingstone seals partnership between P3 Dental and Smile Brands

Livingstone’s healthcare team has advised P3 Dental Group, one of the largest and premier private dental practices in Las Vegas, on its partnership with Smile Brands Inc., one of the nation’s largest dental support organizations.  Smile Brands, a portfolio company of Gryphon Investors, supports approximately 400 locations across 16 states.  Livingstone acted as exclusive financial advisor to P3 Dental.  Deal terms were not disclosed.

The partnership with P3 Dental provides Smile Brands entry into Nevada, an underserved state in terms of access to full-service dental care.  Nevada is among the fastest growing states in the U.S., having experienced a 33% increase in population since 2001, yet ranks only 31^st in terms of dentists per capita.

“The addition of P3 Dental Group provides us with a perfect platform from which to expand dental care access in Nevada,” stated Smile Brands CEO, Steve Bilt.  “The P3 team shares our passion for top quality, high-value dentistry as reflected in the stellar reviews from happy patients online.”

P3 Dental Group was founded in 2003 by Dr. Matthew Welebir to address Nevada’s growing need for quality dental care.  P3 Dental has since grown to operate five general dentistry offices and two co-located specialty practices – where implants and endodontic services are provided – across the greater Las Vegas metropolitan area. The Company provides state-of-the-art general and specialty care, including preventative care, periodontal care, restorative care, cosmetic care, Invisalign®, dental implants, oral surgery, orthodontics, and sedation dentistry.

“Over the last 15 years, we have methodically built P3 Dental into a market leader in Las Vegas. In recent years, however, we determined that capitalizing on the many expansion opportunities facing our company would be best achieved alongside a growth-oriented partner,” stated Dr. Welebir.  “We engaged Livingstone to help us secure such a partner and their expert guidance, dental knowledge, and deal savvy proved invaluable in forging our partnership with Smile Brands.”

Smile Brands will support P3 Dental with all administrative needs, streamlining operations and reducing costs in areas such as purchasing, billing, and collections, payroll, marketing, and recruitment. Smile Brands will also provide financial and advisory services to fuel P3 Dental’s growth strategy within the Las Vegas area.

Livingstone Partner Ryan Buckley added, “While dental practices have been consolidating for well over a decade, the industry remains highly fragmented and DSO penetration remains low. P3 Dental, with the operational support and financial backing of Smile Brands, is ideally positioned to aggressively expand its market presence across Nevada while continuing to deliver the premium care P3 Dental patients have come to expect.”

P3 Dental represents Livingstone’s tenth healthcare transaction closed in the last two years, including successful sell-side transactions involving SYNERGY HomeCare, Agility Health, Kurtz Ambulance, and Homewatch CareGivers.

Miller, Johnson, Snell & Cummiskey, P.L.C served as legal counsel to P3 Dental, while Fredrikson & Byron, P.A., and Kirkland & Ellis LLP provided legal counsel to Smile Brands.