If you can’t beat ‘em, join ‘em. That’s DuneGlass Capital’s learning lesson with its oral surgery platform Allied OMS. After launching with a novel cashless investment strategy where its acquired companies received tracking stock instead of cash in the acquisition, the fundless sponsor says it’s now shifting to a more commonplace policy of offering cash to prospective acquisitions. The strategic shift shows how competitive the dealmaking landscape is with physician-owned practices. The promise of enjoying the benefits of joining a larger organization only goes so far. In the end, cash is king.
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