Heartland Dental Care to Sell a Majority Interest to Ontario Teachers' Pension Plan
EFFINGHAM, Ill., Nov. 5, 2012 /PRNewswire/ -- Heartland Dental Care, Inc. (Heartland Dental Care), one of the largest dental services organizations in the United States, today announced an agreement for the sale of a majority stake in Heartland Dental Care to Teachers' Private Capital (TPC), the investment division of Ontario Teachers' Pension Plan (Teachers').
As part of the transaction, Heartland Dental Care founder and CEO Dr. Rick Workman will retain a significant minority position along with management and employees. Terms of the transaction are not being disclosed.
Heartland Dental Care is based in Effingham, Illinois, and provides office support services to dental offices in 21 states. It provides over 500 affiliated dentists and their team members with business leadership training and support services, including administrative staffing, human resources, purchasing, administration, financial and information technology. Heartland Dental Care is currently expanding its headquarter facilities in Effingham and adding personnel to support its continued growth.
"Having Teachers' as a partner will provide us with a stable platform to continue to grow by providing support services to other dental offices throughout the country and providing new and exciting opportunities to assist dentists in the efficient and effective management of their offices," said Dr. Workman.
"Our investment in Heartland Dental Care is supported by favorable fundamentals and demographics. We have been impressed with their dedication to providing high-quality support services to dental practices that reduce the administrative burdens on dentists. These services allow dentists to focus on quality patient care and expansion of the delivery of dental care in their communities," said Jane Rowe, Senior Vice-President of TPC. "We look forward to working with Dr. Workman and Heartland Dental Care's excellent management team."
Pat Bauer, President of Heartland Dental Care, noted that, "Given the challenges of rising health care costs and the shortage of dentists, the ability to provide efficient administrative support services to dentists is instrumental in allowing them more time to focus on what is most important, and that is patient care."
Heartland Dental Care was advised on the transaction by Moelis & Company and Jefferies & Company, Inc.
About Heartland Dental Care
Heartland Dental Care, Inc. is one of the leading dental services organizations in the United States with more than 375 affiliated dental offices located in 21 states. Based in Effingham, Illinois, Heartland Dental Care provides affiliated dentists and their team members with a variety of support services, including administrative staffing, human resources, administration, financial and information technology. For more information visit www.HeartlandDentalCare.com.
About Ontario Teachers' Pension Plan
With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 300,000 active and retired teachers in Ontario. For more information visit www.otpp.com.
Contact for Heartland Dental Care:
Corporate Compliance Officer and Vice President of Administration
Heartland Dental Care, Inc.
Contact for Ontario Teachers' Pension Plan:
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
+1 (416) 730-5347
SOURCE Heartland Dental Care, Inc.