BlackRock and Hollyport back Silver Oak’s recapitalization of Smile Partners

The recapitalization enables Silver Oak to maintain its partnership with Smile Partners while providing liquidity to investors and capital for future growth.

Founded in 1982 and headquartered in Troy, Michigan, Smile Partners operates over 100 dental offices across five markets. Since Silver Oak’s initial investment in 2017, the company has expanded into four new states. Moreover, it completed more than 75 affiliations, and partnered with over 80 doctor owners while maintaining strong retention rates. The transaction reinforces Smile Partners’ doctor-centric model and continued growth strategy.

Silver Oak’s general partnership reinvested the entirety of its capital investment and transaction proceeds, committing additional new capital in support of Smile Partners’ expansion. The company’s management team and doctor partners retained a significant ownership stake. The continuation fund secured additional capital to drive future growth.

Dan Gill, managing partner at Silver Oak, highlighted the benefits of the deal, stating, “This transaction allows us to continue our partnership with Smile Partners while delivering a meaningful liquidity event for our investors, doctor partners, and management team. With fresh capital in place, we are excited about the next phase of growth.”

Smile Partners CEO Dave Gaspar welcomed the continued backing, saying, “We appreciate the support from Silver Oak and our new investors in BlackRock and Hollyport Capital. This is a major milestone for our doctor partners and employees, and we look forward to expanding our impact in patient care.”

Jefferies acted as the exclusive financial advisor for the transaction, while Kirkland & Ellis served as legal counsel for Silver Oak. BlackRock and Hollyport Capital were advised by Akin Gump.

Source: PR Newswire

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