Gryphon Investors has formed OneSmile, a new platform company to acquire dental practices and groups in the western United States. Partnering with Gryphon – for the second time – are dental care executives Steven Bilt and Bradley Schmidt. Gryphon has a track record of backing professional executive partners and teams with resources to build businesses through both acquisition and organic growth.
“We have known and worked with Steve and Brad for many years and we are excited to support these talented executives in building a dental platform once again,” said Nick Orum, Gryphon’s president.
Mr. Bilt, a seventeen-year veteran of the dental industry, becomes OneSmile’s CEO. He previously served as the president and CEO of Smile Brands, a providers of support services to general and multi-specialty dental groups. Mr. Schmidt will be OneSmile’s CFO, a position he previously held at Smile Brands. Together with Gryphon’s financial backing, the two executives built Smile Brands from inception to over 250 locations with revenues of more than $350 million before Gryphon sold a majority of its shares to Freeman Spogli in 2005 which in turn sold the company to Welsh Carson in 2010.
“There is a compelling opportunity to build a dental support organization in the Western US, and I look forward to working with Gryphon again in this exciting new venture,” said Mr. Bilt. “Gryphon’s experience helping to build Smile Brands’ predecessor starting in 1998, along with their financial and operational support, will benefit us as we establish a unique model bringing comprehensive general, pediatric and specialty dental care and healthy, happy smiles to millions of people.
“Gryphon has invested successfully in the dental sector in the past and we believe the opportunity in the space continues to be highly attractive,” said Luke Schroeder, a principal in Gryphon’s Healthcare Group. “There are a number of compelling acquisition opportunities in this fragmented space, and with our investment in OneSmile, we are well-positioned to prioritize and pursue these investments.”
Gryphon Investors makes leveraged acquisitions and growth investments in middle-market companies. The firm invests from $35 million to $100 million of capital in companies with sales ranging from $50 million to $400 million. Sectors of interest include business services, consumer and retail, automotive, chemical, general manufacturing, health care and hotels. Gryphon Investors is based in San Francisco (www.gryphoninvestors.com).
2015 PEPD • Private Equity’s Leading News Magazine • 6-4-15