Inverness Graham has acquired Inter-Med (DBA Vista Dental), a manufacturer of dental products. Vista Dental is the first acquisition within a new endodontic and restorative dental market platform build launched by Inverness Graham.
Vista Dental is a designer, manufacturer, packager and distributor of more than 300 dental and endodontic products, small equipment, and ancillary consumable products. The company was founded by CEO Gary Pond in 1997 and is based in Racine, WI (www.vista-dental.com).
“Vista Dental is the ideal platform to build out a broader, leading player in the endodontics and restorative space,” said Mr. Pond. “I look forward to working with the team at Inverness Graham as we expect to expand the company’s offerings, build-out our team, and scale as a platform.”
This is the second dental platform launched by Inverness Graham. In December 2013 it acquired San Ramon, CA-based Danville Materials, a manufacturer of intra‐oral air abrasion and microetching equipment, and other consumable dental materials. Inverness Graham partnered on this transaction with dental industries veteran, Garrett Sato, who joined Danville Materials as Chairman and CEO. The company was sold to Carlsbad, CA-based ZEST Anchors, then a portfolio company of Avista Capital Partners, in February 2016. During the just over two year hold, Danville grew both organically and through acquisitions (Perioscopy, an Oakland-based dental products maker, was acquired in April 2015) and doubled its EBITDA. Avista later sold Zest Anchors to BC Partners in February 2018.
In acquiring Vista Dental, Inverness Graham has partnered for the second time with Mr. Sato who will serve as a board member and adviser to the company. “We are looking to accelerate growth with this strong, reliable, well-respected organization through disciplined and process driven organic and acquisitive initiatives and by enhancing the current organizational structure,” said Mr. Sato. “Synergistic and near-in adjacent acquisition opportunities will be a key strategic focus for the company.”
“Vista is well positioned to take advantage of the robust global dental market opportunity – driven domestically by an aging population with increasing dental demands and globally via the growing adoption of modern dentistry practices in emerging markets,” said Aliya Khaydarova, a Principal at Inverness Graham. “The company has a long history of creative R&D with a keen focus on design and engineering to help expand their innovative product lines. Vista has a well-established channel to market, selling through a large network of domestic and international dealers. We look forward to our partnership with the team at Vista Dental and we will support them as they drive both organic and acquisitive growth.”
Inverness Graham manages $500 million in capital and was formed by senior executives of the Graham Group, an industrial and investment concern with interests in plastics, packaging, recycling, building products and outsourced manufacturing. Inverness Graham is based near Philadelphia in Newtown Square, PA (www.invernessgraham.com).
Inverness Graham is currently investing out of its $283 million third fund, Inverness Graham III LP, which closed in June 2015.
© 2018 Private Equity Professional | August 10, 2018