ESCONDIDO, Calif., Feb. 2, 2016 /PRNewswire/ -- ZEST Anchors, Inc. ("Zest"), the global leader in the design and manufacturing of overdenture attachments, today announced the acquisition of Danville Materials, LLC ("Danville"), a leading manufacturer of restorative consumables and small equipment for the dental market from Inverness Graham Investments. Zest is a portfolio company of Avista Capital Partners ("Avista"), a leading private equity firm. Financial terms of the transaction were not disclosed.
"For more than 40 years, Zest has been a global leader and pioneer of overdenture treatment technologies focused on improving the lives of edentulous patients, including the market leading LOCATOR® Attachment System," said Steve Schiess, Zest's CEO. "The acquisition of Danville will enable Zest to expand its broad range of treatment solutions to patients caring for their natural teeth, as well. Danville's high quality line of dental consumables, market leading micro-etching and air abrasion products and unique offerings, including Perioscopy, will strongly complement the clinical solutions available at Zest today. We look forward to enhancing the brand recognition of Danville products and supporting the dealer and distributor networks pivotal to Danville's success."
Garrett Sato, Danville's CEO, added, "The combination of Zest and Danville will produce a stronger combined entity. The application of Zest's marketing and education capabilities to the Danville product portfolio will increase the number of clinician users and, in turn, solidify dealer relationships. The timing is excellent as it coincides with Danville's launch of BULK EZ™, a highly innovative dual cure restorative composite designed to be the most reliable bulk fill solution for the clinician."
Sriram Venkataraman, Partner at Avista, said, "The combination of Zest and Danville's market-leading portfolio is part of our commitment to driving the next phase of Zest's growth. The addition of Danville's compelling product set to Zest's strong portfolio will further position the company to continue delivering valuable innovation to the dental community."
Michael Morrissey, Managing Principal of Inverness Graham Investments, said, "We congratulate Garrett Sato and his team on fantastic execution of our shared strategic vision for Danville. The strategic logic of a combination with Zest is compelling, and we are confident in a prosperous future for the combined company."
Deutsche Bank advised Zest on the transaction and Weil, Gotshal & Manges LLP acted as its legal counsel. Danville received legal advice from Drinker Biddle & Reath LLP.
About ZEST Anchors, Inc.
ZEST Anchors is a global leader in the manufacturing and distribution of dental solutions for the treatment of edentulous patients. ZEST Anchors has received worldwide acclaim for pioneering the pivoting and self-aligning design of the LOCATOR Attachment System. That system has evolved with the early 2016 launch of the next generation LOCATOR R-Tx™ Removable Attachment System. ZEST's portfolio also includes the LODI and SATURNO narrow diameter implant systems and the CHAIRSIDE® Product Portfolio – a line of dental tools and materials that provide an end-to-end solution for implant-retained overdenture modification and processing. ZEST Anchors is located in Escondido, California and has global distribution through OEM implant companies, distributor networks, and a domestic retail sales operation.
About Danville Materials, LLC
Danville Materials, LLC designs and manufactures dental products primarily for restorative dental treatment procedures. It offers abrasive, air abrasion, dust confinement, micro etching, and tin plating equipment. The company also provides restorative consumable products in segments such as such as bonding agents, caries detection, core build up, desensitizers, flowable and provisional composites, impression materials, stain and composite removal, and veneer cementation. Other product categories include composite finishing instruments, gingival tissue trimmers, sectional matrix systems, and posts. It offers its products through a network of dealers. Danville Materials was founded in 1997 and operates in Anaheim and San Ramon California.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with approximately $6 billion under management and offices in New York, Houston and London. Founded in 2005, Avista makes controlling or influential minority investments in growth-oriented healthcare, industrial and communications businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. (www.avistacap.com)
About Inverness Graham Investments
Headquartered in Newtown Square, PA, Inverness Graham is an operationally focused private investment firm with over $500 million of assets under management. Inverness Graham acquires high growth, innovative manufacturing and services companies. Our approach is as unique as our heritage. Founded by senior executives of the Graham Group, a family owned multi-national industrial concern, we bring unparalleled resources developed over a 50 year operating history to support our portfolio companies. Inverness Graham partners with businesses to provide the financial and operational support necessary to accelerate growth while enabling owners to achieve their key liquidity objectives.
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SOURCE ZEST Anchors, Inc.