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Private Equity and the Great Dental Consolidation

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Private Equity and the Great Dental Consolidation

What every dentist should know

Investors with deep pockets are consolidating, buying, and merging dental groups to stay large enough to handle higher interest rates, tough exits, and slower returns. That means they are chasing industries that look safe and scalable. Dentistry is right at the top of that list because people keep needing teeth, practices generate steady cash flow, and dentistry has become a roll-up success story.

We are now in a second wave of consolidation. The first wave was buying anything with a dental chair. The new wave targets practices with systemized operations, strong management, and healthy growth. Those speaking in general say the demand is huge. There are more than a hundred private equity–backed dental groups across the United States, and more are coming. Recent data shows dental deals account for a big share of health care acquisitions this year.

That energy is driving valuations up in areas where multiple buyers are competing. It is also forcing owners to think more strategically. The most attractive practices today run like a business, not a job. They have metrics dialed in. They keep dentists busy and patients happy. They rely less on the owner doing everything. They use technology, good hygiene recall systems, efficient scheduling, and team-driven care. They also have a strong revenue mix and a growth plan. Buyers will pay for infrastructure because infrastructure scales.

At the same time, smaller or owner-dependent practices are feeling pressure. Competing with a DSO that can carpet-bomb Google Ads is not easy. Neither is matching their HR benefits, negotiated supply pricing, or recruiting power. Whether you love or hate corporate dentistry, it has changed the competitive playing field for everyone.

There is another layer to think about: autonomy. The larger the organization, the more systems and protocols take over. Some dentists like this because it removes business stress. Others feel the squeeze when financial targets begin steering clinical decisions. The balance between production expectations and high-quality care is a constant conversation on Dentaltown message boards.

Still, independence remains very much alive. Practices that lean into what makes them different can win. Fee-for-service models, niche specialties, spa-like experiences, community relationships, direct referrals, and clear branding all give practices an edge. Many are thriving by focusing on what consolidators find hardest to replicate: personal touch, trust, and genuine local connection.

For younger dentists, ownership is no longer the only path. There are career tracks inside DSOs that offer equity, mentorship, and clinical focus. But if ownership is the dream, building equity means building a business that could attract capital one day. Buyers want practices that do not fall apart when the owner takes a vacation. A strong practice today is one that has options tomorrow.

Recent activity proves that capital keeps pouring in. DSOs backed by private equity are snapping up multi-state groups, oral surgery networks, implant companies, and dental suppliers. It is not only about owning chairs. It is about owning the entire dental ecosystem: procurement, technology, marketing, specialty pipelines, implants, and bone grafts. Scale is buying options and leverage.

Those who keep their practices independent can still thrive, but it requires clarity, better systems, faster decision-making, smarter marketing, and sharper differentiation. Dentistry is entering a new era where the competition is bigger, faster, and better funded. That does not mean private practice disappears. It means private practice evolves.

Are these changes pushing dentistry toward better care and access, or are they slowly shifting the profession away from doctor-led decision-making? 
A small snapshot from 2024-2025 showing where private equity is writing checks.
  • Apr 11, 2024. STERIS agreed to sell its dental segment, HuFriedyGroup, to Peak Rock Capital for $787.5 million; the carve-out closed mid-2024.
  • Nov 2024. MAX Surgical Specialty Management and U.S. Oral Surgery Management executed multiple add-on acquisitions during a month when dental-care deals accounted for roughly one-third of all tracked private-equity health-care transactions.
  • Nov 13, 2024. Warburg Pincus recapitalized MB2 Dental with a ~$525 million growth investment alongside Charlesbank; MB2 kept buying practices through 2025.
  • Jan 29, 2025. KKR built a roughly 12% stake in Henry Schein and won two board seats, signaling activist pressure at the largest U.S. dental distributor.
  • Mar 12, 2025. Straine Dental Management acquired five practices across Texas, Missouri, and South Carolina.
  • May–June 2025. Rock Dental Brands announced six more clinics and highlighted fresh growth capital to continue acquisitions.
  • June 2025. Dental365 (backed by The Jordan Company with co-investors) added Main Line Periodontics & Dental Implants and other practices; U.S. and EU roll-ups continued.
  • June 2025. Imagen Dental Partners expanded into new states with multiple partner additions, reached 100 practices in late 2024, and expanded again in 2025.
  • June 2025. OMS360 expanded into Central Florida via Winter Haven Oral Surgery; specialty roll-ups stayed active.
  • June 2025. SALT Dental Partners, backed by Latticework and Resolute, added multiple pediatric and ortho practices.
  • June 2025. Heartland Dental reported 38 new de novos plus 13 affiliations year-to-date as it continued its multi-state buildout.
  • Sep 26, 2025. GTCR agreed to take Canada’s Dentalcorp private in a C$2.2 billion all-cash deal (about C$3.3 billion EV); meeting to finalize scheduled for Dec 4, 2025.
  • Oct 15, 2025. 123Dentist agreed to acquire MCA Dental Group (27 clinics) to expand in Ontario and Québec.
  • Oct 20, 2025. ARCHIMED completed a $730 million take-private of ZimVie at $19 per share. Dental implants, biomaterials, and digital workflows are the core.

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