UPDATED: Friedman Fleischer Lowe Acquires Midwest Dental

Private equity firm Friedman Fleischer & Lowe received early termination under the Hart Scott Rodino waiting period to acquire Midwest Dental Holding Co. Inc. from Thoma Cressey Bravo, according to the Federal Trade Commission.

San Francisco-based FFL is investing out of its 2007-vintage Friedman Fleischer & Lowe Capital Partners III fund, which targets companies with enterprise values within the $50 million to $500 million range.

Terms of the deal have not been disclosed. FFL is acquiring the Mondovi, Wisc.-based target out of Thoma Cressey Bravo Fund VIII LP.

Chicago-based Thoma Cressey led a recapitalization of Midwest Dental in May 2007 and purchased all of its interests from Svoboda Collins LLC. Terms were not disclosed.

Calls to Aaron Money, the FFL partner leading the latest acquisition, were not returned. A spokesperson at Midwest Dental could not be reached.

FFL already owns two companies in the dental space. Portfolio companies NCDR LLC and DPMS Inc. provide facilities and support staff to dental groups operating under the Kool Smiles brand, according to the PE shop’s website. FFL acquired Atlanta-based NCDR and San Ramon, Calif.-based DRMS in 2004 and 2006 respectively.

Purchasing Midwest Dental would not serve as an add-on to NCDR or DRMS. 

In December, FFL sold Guardian Home Care Holdings to AccentCare. The firm also bought transmission parts manufacturer, Transtar Holding Co., through a secondary deal with Cleveland's Linsalata Capital. FFL has nearly $2.5 billion of assets under management with its last fund raise dating back to 2008. According to an SEC filing, the firm raised close to $1.5 billion for its third fund.

Other midmarket PE firms have capitalized on M&A within the dental space as well. On Dec. 29, Sentinel Capital Partners sold Phoenix-based ReachOut Healthcare America Ltd., a provider of dental support service and care to underprivileged children, seniors, and military personnel. Terms were not disclosed.

A month earlier, dental services company Smile Brands Group Inc., backed by Freeman Spogli & Co., found a new private equity owner in Welsh, Carson, Anderson & Stowe. The price of that secondary buyout was not disclosed, but the Santa Ana, Calif. company said last April that it hoped to go public with an enterprise value of about $470 million.

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