June 13, 2017
Ares Management & Leonard Green Increase Ownership in Aspen Dental Management, Inc.
Ares Management, L.P. (NYSE:ARES) and Leonard Green & Partners, L.P. today announced that private equity funds managed by each firm have entered into a definitive agreement to increase their equity ownership in Aspen Dental Management Inc. (ADMI).
The transaction is in partnership with ADMI’s leadership team and funds affiliated with American Securities, LLC. Terms of the transaction were not disclosed. The transaction is expected to close by the end of the second quarter, subject to customary closing conditions.
A leading dental support organization, ADMI provides non-clinical business support services to Aspen Dental-branded practices, a model that leaves dentists free to do what they do best—focus on patient care. With more than 600 locations in 36 states, Aspen Dental is the largest and fastest-growing network of branded dental care practices in the U.S., with a new office opening every five days.
“We’re proud of the work we do every day to support more than 8,000 dentists and team members at Aspen Dental practices across the country as they make dentistry easier for their patients,” said Bob Fontana, Chairman and Chief Executive Officer of ADMI. “We are excited about continuing our partnership with Ares and Leonard Green, firms that have been long-term investors in the company, and the value they will bring as we help dentists build successful practices. We are also grateful for our partnership with American Securities and their continued commitment to our business."