Spring & Sprout Dental, a portfolio company of Huron Capital Partners, has acquired Rich Orthodontics, an operator of seven dental practices in the Philadelphia metropolitan area.
Huron Capital Partners acquired Spring & Sprout in June 2014 as a platform to provide support services to dental practices in Ohio, with plans to expand its presence through the Midwest and into the South. The company is headquartered southwest of Detroit in Dundee, MI (www.springandsprout.com).
Since June 2014, Spring & Sprout has completed seven affiliations in Michigan, Ohio, Tennessee, Texas, and now Pennsylvania. The buy of Rich Orthodontics marks the second geographic expansion of Spring & Sprout in the past six months. Rich Orthodontics is headquartered in Philadelphia (www.richorthodontics.com).
“The addition of Rich Orthodontics continues Spring & Sprout’s geographic expansion, after having entered the Texas market in September,” said CEO Michael Schwartz. “Now that we have entered Pennsylvania, we will turn our attention to entering other geographies by affiliation and pursuing opportunities for organic growth throughout the network.”
“With seven offices in the Philadelphia area, Rich Orthodontics is a meaningful addition to the Spring & Sprout platform,” said Nick Barker, a partner at Huron Capital. “We are excited to continue working with Michael and the team in our efforts to further expand the Spring & Sprout family of organizations.”
Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include specialty manufacturing, business services, consumer goods & services, and healthcare. The firm was founded in 1999 and currently manages over $1.1 billion in committed equity through four private equity funds. Huron Capital Partners has offices in Detroit and Toronto (www.huroncapital.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 2-23-16
