Smile Partners Announces Strategic Recapitalization with BlackRock and Hollyport Capital Support

Deal News | Feb 03, 2025 | Silver Oak Services Partners L

Smile Partners, a national dental support organization and a portfolio company of Silver Oak Services Partners LLC, has announced a significant strategic investment through a new continuation fund. This new fund is anchored by commitments from BlackRock Secondaries & Liquidity Solutions and Hollyport Capital, along with support from existing investors. The investment aims to bolster Smile Partners' growth, continuing its expansion across diverse markets, and enhancing its doctor-centric partnership model. Silver Oak, which first invested in 2017, has reinvested all proceeds from the transaction, demonstrating strong belief in Smile Partners' potential. Smile Partners has grown significantly under Silver Oak’s stewardship, having amassed more than 100 offices and completed over 75 affiliations in new states since 2017 while establishing partnerships with over 80 doctor owners. This transaction not only enables continued expansion but also provides liquidity to investors and partners. Financial support was advised by Jefferies, with legal counsel from Kirkland & Ellis for Silver Oak, and Akin Gump for BlackRock and Hollyport Capital.

Sectors

  • Private Equity
  • Healthcare Services
  • Financial Advisory
  • Legal Advisory

Geography

  • United States – The article's primary focus is on Smile Partners, headquartered in Troy, Michigan, and its operations across multiple U.S. markets.
  • United Kingdom – Hollyport Capital, a key investor involved in the transaction, is headquartered in London, indicating the geographical reach of the investment.

Industry

  • Private Equity – The involvement of Silver Oak Services Partners, a private equity firm, in the strategic investment of Smile Partners highlights the role of private equity in funding and supporting business growth.
  • Healthcare Services – Smile Partners operates as a national dental support organization providing healthcare services across multiple markets, which is central to the article.
  • Financial Advisory – Jefferies, acting as the financial advisor, plays a pivotal role in facilitating the transaction through its financial expertise.
  • Legal Advisory – Kirkland & Ellis and Akin Gump are instrumental as legal advisers, highlighting the significance of legal support in investment and M&A transactions.

Financials

    Participants

    NameRoleTypeDescription
    Smile Partners USATarget CompanyCompanyA national dental support organization with extensive operations across the U.S. and a focus on doctor-centric partnerships.
    Silver Oak Services Partners LLCSelling CompanyCompanyA private equity firm managing the investment fund and facilitating the recapitalization of Smile Partners.
    BlackRock Secondaries & Liquidity SolutionsInvestorCompanyA fund manager providing anchor commitments to the continuation fund supporting Smile Partners' growth.
    Hollyport CapitalInvestorCompanyA specialist secondary investor investing alongside BlackRock in the continuation fund for Smile Partners.
    JefferiesFinancial AdvisorCompanyProvided financial advisory services for the transaction, assisting with structuring the continuation fund.
    Kirkland & EllisLegal AdvisorCompanyProvided legal counsel to Silver Oak Services Partners in the transaction.
    Akin GumpLegal AdvisorCompanyProvided legal counsel for BlackRock and Hollyport Capital during the investment process.
    Dan GillManaging PartnerPersonManaging Partner at Silver Oak Services Partners, overseeing the new fund and investment strategy.
    Dave GasparCEOPersonCEO of Smile Partners, instrumental in leading the company's growth and maintaining strong relationships with investors and partners.