Company Overview
Cross, Lavinder, Quinn & Park Family Dentistry (“CLQP” or “the Practice”), based in Roanoke, VA, is a large community-oriented family dental practice with three locations and 12 providers in Southwestern Virginia. CLQP was founded in 1988 and has grown over the years through the addition of partners, the recruitment of talented associates and a local acquisition to establish itself as a leading dental practice in the Roanoke Valley Region. Current partners Dr. Griffin Cross, Dr. Lisa Lavinder, Dr. Stephen Quinn, and Dr. Adam Park (the “Partners”) are widely recognized professionals in the area and have helped lead the tremendous success of the business through their focus on dental care and optimizing the customer experience.
Situation
After years of consistent growth and profitability, the Partners agreed it was an opportune time to explore options of the Practice to maximize value for the successful operation they have built by finding a partner who could help accelerate growth in the region through additional experience and resources. The Partners sought to monetize their investment while retaining equity interests, ensuring the future growth of the Practice and a continued role for all 70-plus employees.
Solution
CLQP selected and engaged Griffin as its exclusive investment banker to solicit interest from potential partners. Griffin worked with the Practice to identify and approach a targeted group of financial, strategic and private equity-backed strategic partners, primarily DSOs (Dental Support Organizations). Griffin managed a competitive process that generated multiple proposals. CLQP ultimately chose to affiliate with Dental Care Alliance, a Dental Support Organization based in Sarasota, FL, supporting more than 775 dentists across 390 practices in 22 states. Dental Care Alliance is backed by Harvest Partners, a New York-based private equity firm with more than 40 years of experience in supporting organic and acquisition-oriented growth, including extensive middle-market healthcare experience. The Partners will also retain equity in the parent support company alongside DCA and Harvest Partners.
For more information on this transaction, contact Glenn S. Bernabeo, Head, SSG, Real Estate and Health Care, at 610.205.6034; Thomas G. Whalen, Head, SSG, Real Estate and Health Care, at 610.205.6115; Stephen J. Meehan, Vice President, at 610.205.6112; or Jeff R. Tallman, Associate, at 610.205.6013.
