BLOOMFIELD HILLS, MICHIGAN and NEW YORK, NEW YORK--(Marketwire - Oct. 21, 2011) - OMERS Private Equity, the private equity arm of the OMERS Worldwide group of companies, has partnered with existing management to purchase GEDC Super Holdings Inc. (together with its affiliates, "Great Expressions" or the "Company") from affiliates of private equity firm Audax Group.
Founded in 1982 and headquartered in Bloomfield Hills, MI, Great Expressions is a leading dental practice management ("DPM") company, with 152 affiliated dental offices in seven states across the Midwest, South and Northeast. In the past three years, the Company has grown by adding and successfully integrating 79 offices through 10 acquisitions. With over 1,800 clinical and support staff, Great Expressions' affiliated dental offices provide all facets of dental services, including general and preventative care focused on the highest quality patient care, affordable prices and convenient locations.
"The benefits that the DPM industry offers to its patients, dentists and payors makes it an attractive investment opportunity for OMERS," said Michael Graham, Senior Managing Director and Head of U.S. Private Equity for OMERS. "In particular, Great Expressions' focus on quality care, affordability and convenience has led to superior operational performance as well as compelling growth. We look forward to working closely with management to support the continued growth of Great Expressions."
"My team and I are excited to work with OMERS Private Equity and to continue growing Great Expressions," said Rich Beckman, CEO of Great Expressions. "We are excited to partner with a team who has experience in healthcare services and a long-term approach to investing. Great Expressions intends firstly to grow in its core markets of Florida, Georgia and Michigan, and then to seek attractive growth opportunities in its other markets. We believe OMERS Private Equity's knowledge of the DPM industry and commitment to our strategy will enhance our expansion."
Ares Capital Corporation and General Electric Capital Corporation acted as co-lead arrangers and bookrunners for the credit facility. Weil, Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity.
Great Expressions is a leading provider of comprehensive and affordable dental services through its affiliated offices, including general and preventative care, cosmetic, endodontic, oral and maxillofacial surgery, orthodontics, pedodontics and periodontics. Through a network of 152 dental offices staffed with over 500 well-trained dentists and hygienists in Connecticut, Florida, Georgia, Massachusetts, Michigan, Ohio and Virginia, Great Expressions is committed to providing affordable dental care while maintaining clinical excellence and convenience for its patients. For further information visit: www.greatexpressions.com.
Operating under the OMERS Worldwide brand, OMERS Private Equity today manages the private equity activities of OMERS and has over $5.5 billion of investments under management. The group's investment strategy includes the active ownership of businesses in North America and Europe. OMERS Private Equity is headquartered in Toronto, Canada, with offices in New York and London. For further information visit: www.omerspe.com.
OMERS is one of Canada's largest pension funds with over $53 billion in net assets. It provides first-class pension administration and innovative products and services to over 400,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. For more information, please visit www.omers.com, or www.omersworldwide.com.
OMERS Private Equity
Senior Managing Director and Country Head - USA
OMERS Private Equity