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Why PE Investors Deem

Growth Prospects of the Dental Market
To Be Endless


 Private Equity Investing

In Dental-Related Companies



Karan Garg

Managing Director

Houlihan Lokey


Thursday, June 6, 2019

8:00 am – 5:00 pm

New York City









Craig Abramowitz, Dental Care Alliance LLC

Marc Aronstein, MidOcean Partners LLP

Sam Banon, Gauge Capital

Michael Chang, BC Partners LLP

Michael Fabian, Sentinel Capital Partners

Dr. Christopher Gayde, Ascendiant Capital Markets LLC
Slava Girzhel, Ernst & Young Capital Advisors LLC
Isaac Hakimi, Streamline Dental Lab

William Jackson, Virtual Dental Care Inc.

Ira C. Kaplan, Benesch LLP

Aliya Khaydarova, Inverness Graham Investments

Jonathan L. Krieger, Berkery Noyes & Co. LLC

Jonathan Lewis, Sheridan Capital Partners

Ryan MacIntyre, Tenex Capital Management LP

Lou Marinaccio, Parkstone Growth Partners LLC
Andrew Marolda, The Beekman Group
Robert L. Reisley, Evergreen Industries LLC

Luke Schroeder, Gryphon Investors

Samantha Sharon, Benevis LLC

Kelly J. Skeat, Benesch LLP

Faculty | Schedule | Registration | Location | Sponsorship | Audio Package |

Dental service organizations are for-profit companies that manage the back office operations of dentists’ practices. Called DSOs, they provide nuts-and-bolts management expertise for dentists, and they oversee the profitability of day-to-day non-clinical activities.

As of last year, the DSO market amounted to a whopping $73 billion! Despite that giant size, only 7% of all practicing U.S. dentists were affiliated with DSOs in 2017!

So the opportunity for expansion for middle-market private equity firms who buy and build DSO platforms seems endless.


What’s more, the population of dentists is skyrocketing.  According to the Bureau of Labor Statistics, it’s projected to grow another 20% before 2026, far faster than the average rate for all occupations in the U.S.


And the growth rate for the DSO industry is expected to be an astonishing 13-to-14%  each year through 2024. 


You’ll gain valuable insights as our 20+ panelists assess the outlook for DSOs when you attend The Capital Roundtable’s all-day conference on Private Equity Investing in Dental-Related Companies on Thursday, June 6, in New York City.



Here are six reasons why the growth of the dental services market is so stunning --

  • Dentists are transitioning from managing patients’ discomfort and pain and anxiety to providing complex preventive care and cosmetic procedures.

  • Patients want to keep their natural teeth, which need to be cared for as opposed to simply being removed.

  • Dentists and oral surgeons are using more sophisticated techniques for repairing and replacing teeth.

  • Dentists are requiring state-of-the-art modern equipment like digital x-ray systems, infection control equipment, and intra-oral video cameras.

  • Insurance coverage is more widely available, so dentists are required to invest in electronic medical records and billing systems.

  • New research shows that people’s oral health is closely linked to their overall health, prompting patients to pay closer attention to dental hygiene.


On the other hand, as competition intensifies in the DSO world, PE investors must --


  • provide and expand incentives for properly leverageing their back-office talent

  • build robust compliance programs that shift administrative burdens away from the dentist

  • understand and comply with complex federal and state and professional regulations, which are not always friendly to PE investors or the DSO concept


The last couple of years have seen a significant number of private equity transactions as investors consolidate dental practices and build mega platforms. For example --


  • KKR purchased a majority stake from Ontario Teachers’ Pension Plan in Heartland Dental, the largest DSO in the U.S., operating more than 800 dental clinics in 36 states.

  • In 2018, Ares Management and Leonard Green & Partners increased their stake in Aspen Dental Management, based in East Syracuse, New York, which has more than 650 practices.

  • Last November, Linden Capital Partners increased its stake in Young Innovations, a global manufacturer and distributor of consumable dental supplies and equipment.


Here Are Three Key Reasons Why You Should Join Us


  1. Learn what segments of the dental industry have the best investment prospects for the next 12 months.

  2. Hear about the power of new technologies such as 3D printing and how it's being used to create tools and dental implants; and how lasers used in cleaning procedures improve the efficiency and precision of dental practitioners and ultimately increase their profitability.

  3. Understand future return prospects, particularly by shrinking the gap between low entry multiples and high exit multiples.



Click Here to Register to Hear Our 20+ Speakers Address Key Points Such As --

  • What is the right level of debt for a dental-related company?

  • What are some of the challenges for investors new to the sector?

  • At what pace should investors build out the infrastructure around nascent DSOs?

  • How can dental-related companies weather a recession and potential rising interest rates?

  • How can a DSO build and grow a platform that will be attractive to investors?

  • What are some of the most recent technologies investors should invest in or implement in their DSO portfolio companies?

  • How can PE investors stay up-to-date on state and local regulations around the dental industry?

  • What incentives should investors put in place to attract and retain dentists?

  • How viable are public markets as an exit option?


Register Now to Join Karan Garg

And More Than 20 Industry Experts


Karan Garg is a managing director in Houlihan Lokey’s healthcare group. He has 15 years of investment banking and private equity experience. Mr. Garg has closed more than 50 healthcare transactions, including buy side and sell side M & A transactions, as well as private financing and equity raise transactions for public and private companies. 


He focuses on a wide range of sectors within healthcare services including dental services and products, physician services, behavioral health and clinical laboratories. 


Mr. Garg earned a BS in finance from DePaul University. He is based in the firm’s Chicago office.




 Recent Middle-Market Dental-Related Deals


  • In January, Western Dental Services, which is backed by New Mountain Capital, acquired Guardian Life Insurance Co.’s DSO.

  • Sentinel Capital Partners bought MB2 Dental Solutions last October.

  • Last year, Triton’s small cap team acquired Nordic dental supplier Unident.

  • KKR bought 58% of Heartland Dental in 2018 from Ontario Teachers’ Pension Plan.

  • New MainStream Capital purchased Cordental Group in March 2017.

  • MidOcean Partners bought Affinity Dental Management in June 2017.
    And in that same year, MidOcean Partners sold Water Pik, a maker and distributor of oral health products, for a 5x return.

  • Gauge Capital acquired Pediatric Dental Providers in April 2017.

  • Imperial Capital sold Dental Corp. of Canada, the largest network of dental clinics in Canada, to L Catterton in April 2018.


Mr. Garg’s notable recent clients include --

• Simply Beautiful Smiles,
• Grand Canyon Anesthesia,
• Elite Dental,
• Anesthesia Associates of Ann Arbor,
• Remed,
• The Orthopaedic Institute,
• Sentinel Capital (MB2 Dental Solutions),
• Linden Capital Partners (Smile Doctors),
• Hill-Rom Holdings,
• D4C Dental Brands,
• Altima Dental,
• Guardian Life Insurance,
• Gryphon Investors (Smile Brands),
• North East Dental Management,
• Absolute Dental,
• Valley Anesthesiology,
• RHA Health Services,
• Interactive Health Solutions,
• Dental Care Alliance,
• Deca Dental Group,
• DentMall,
• Gentle Dental of New England,
• ABILITY Network,
• MedHOK Healthcare Solutions,
• H.C. Materials,
• maxIT Healthcare,
• Calloway Labs,
• IEE,
• MWH Global,
• NextiraOne Group,
• Celsis,
• Accumed Home Health,
• CareFusion Technologies,
• Select Rehabilitation
• and SourceOne Healthcare Technologies.


This Capital Roundtable conference is the ideal place to expand your network and open up pathways to future deals. The day’s agenda includes ample time to let you --

  • Meet fellow attendees and featured speakers
  • Enhance your personal database with valuable new connections
  • Share both ideas and business cards
  • Meet potential investment partners and clients

Keep in mind this conference is certain to fill up quickly, so you’ll want to register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Chris Agar today to confirm your attendance at 212-832-7300 ext. 0 or


 Who Should Attend


Designed to Meet the Needs of GPs, LPs, & Managers of Buyout, Growth Equity, Mezzanine, BDC, and Lending Funds, as Well as Independent Sponsors, Operating Partners, Portfolio Company Managers, and the Bankers, Lawyers, Accountants, & Other Advisors Who Support Them.




We look forward to having you join us on Thursday, June 6, 2019.


Conference Organizers


This conference is being produced by The Capital Roundtable, America’s leading conference organization focusing on “need-to-know” information for professionals in the middle-market private equity community.  For more information about The Capital Roundtable’s 30 annual conferences and other events and programs, please visit




 Speaking & Business Development Opportunities


We offer excellent speaking, marketing, and business development opportunities to reach the middle‑market private equity community. For more details, please contact Kellie Green or Claire Notton at 212-832-7300 or by email at or




Have a Question?


Please contact Chris Agar at or 212-832-7300 ext. 0.




Who We Are


This Capital Roundtable conference in midtown, New York City, is all-business, all-targeted, all-designed to be a completely focused day of practical information and revealing insights. You’ll gain valuable insights from --

  • Three informative panel discussions
  • Two revealing keynote presentations
  • Real-world perspectives from PE investors
  • Industry outlooks from noted sector experts
  • War stories and lessons learned from experienced hands

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Chaired By

  • Karan Garg, Managing Director, Houlihan Lokey



Hosted By

  • Burt Alimansky, Chairman & CEO, The Capital Roundtable


  • Craig Abramowitz, Board Member, Dental Care Alliance LLC
  • Marc Aronstein, Management Affiliate, MidOcean Partners LLP
  • Sam Banon, Vice President, Gauge Capital
  • Michael Chang, Partner, BC Partners LLC
  • Dr. Christopher Gayde, Managing Dir.--Healthcare & Life Sciences, Ascendiant Capital Markets LLC
  • Michael Fabian, Partner, Sentinel Capital Partners
  • Slava Girzhel, Senior Managing Dir. & Head--US Healthcare Investment Banking, Ernst & Young Capital Advisors LLC
  • Isaac Hakimi, Founder & President, Streamline Dental Lab
  • William Jackson, Chief Operating Officer, Virtual Dental Care Inc.
  • Ira C. Kaplan, Partner, Benesch LLP
  • Aliya Khaydarova, Principal, Inverness Graham Investments
  • Jonathan L. Krieger, Managing Director, Berkery Noyes & Co. LLC
  • Jonathan Lewis, Partner, Sheridan Capital Partners
  • Ryan MacIntyre, V.P.--Investments, Tenex Capital Management LP
  • Lou Marinaccio, Managing Partner, Parkstone Growth Partners LLC
  • Andrew Marolda, Managing Director, The Beekman Group
  • Robert L. Reisley, Managing Director, Evergreen Industries LLC
  • Luke Schroeder, Principal, Gryphon Investors
  • Samantha Sharon, Chief Compliance Officer, Benevis LLC
  • Kelly J. Skeat, Partner, Benesch LLP

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Networking & Registration & Breakfast


Welcoming Remarks & Audience Self-Introductions


Conference Chairman’s Introduction --


  • Karan Garg, Houlihan Lokey


Morning Conversation --

Growth of the Dental Market -- Reasons PE Investors See a Bright Future



Networking & Coffee


First Panel --
How PE Firms Are Building DSOs for the Future



Morning Keynote --

  • William Jackson, Virtual Dental Care Inc.
12:30-01:30 Networking & Luncheon


Second Panel -- 

Investing in Dental Products & Lab Companies --

Why Investors are Drilling Deeper into the Dental Space


Networking & Dessert



Afternoon Conversation --

How DSOs Navigate Compliance & Reimbursement --

And Manage Their Administrative & Regulatory Burdens


Third Panel --

Unlocking Maximum Exit Value --

Buy, Build, Consolidate, Exit



Networking & Adjournment



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Space at this conference is limited, so register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Chris Agar today to confirm your attendance at 212-832-7300 ext. 0 or


Please note that The Capital Roundtable limits the number of registrants from a single firm to three.


  • Best Rate -- Early Registration -- Save $300 off the standard fee of $1495 when you register by Friday, April 19. Just $1195.


  • Incentive Registration -- save $200 off the standard fee!
    Register by Friday, May 10, and the fee for the conference is $1295.


  • Conference Rate -- $1,495 increasing to $1,595 day of conference, space permitting.


  • Group Rate -- $1095 each until Friday, May 10, when you register two or more people to attend from the same company . This rate increases to $1295 each after Friday, May 10.


Register Now


You can pay by credit card (using the links above) or by check. Mail your check and business card to: New York Business Roundtable Inc., 747 Third Avenue, Suite 200, New York, NY 10017.

Have a special question? Please contact Chris Agar at or 212-832-7300 ext. 0.


From time to time, for reasons beyond Capital Roundtable's control, program schedules and speakers become subject to change.  We make every effort to announce substantive changes by email to registrants at least 48 hours in advance.

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Midtown, NYC

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Audio Package

Can't attend but want to hear the program? You can buy the audio package along with the handouts. Purchase the audio package online now.

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We offer excellent marketing and business development opportunities to reach the middle‑market private equity community. For more details, please contact Claire Notton at 212-832-7300 ext.117, or by email at


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