TAMPA, Fla., May 3, 2011 /PRNewswire/ -- Coast Dental Services, Inc., announced today that it has entered into an agreement to acquire the assets of Dental Technology, Inc. (DTI), doing business as SmileCare, and Community Dental Services, Inc., a California licensed health care service plan. DTI and its subsidiaries operate 57 SmileCare dental practices in California, Nevada and Texas, employing 1,200 staff members, including 130 dentists. The transaction is expected to close upon final approval by the California Department of Managed Health Care.
Coast Dental is the leading provider of dental care in the Southeast and operates 125 dental practices in Florida and Georgia. The addition of SmileCare expands Coast Dental's operating footprint outside the Southeast and will make the Tampa-based company the fifth largest dental provider in the U.S. with 182 affiliated practices and 2,200 employees. All SmileCare dental centers will continue to operate under the SmileCare brand name.
Coast Dental CEO Thomas J. Marler said, "We are excited about the opportunity to provide a broader range of dental care across the U.S. The strategic acquisition of SmileCare accelerates our growth plan and enables us to create a national presence. Coast and SmileCare each have extensive experience building successful practices and expanding access to dental care. We look forward to integrating the two companies quickly and growing the combined enterprise."
Adam Diasti, DDS, Coast Dental's Founder, and President of Coast Dental PA, said, "SmileCare has an impressive team of clinicians and practice support professionals. Coast Dental brings a successful track record of business management, practice support and innovation that will enhance the quality of care delivered to SmileCare patients. Employees and patients alike will benefit from our planned technology enhancements and clinical upgrades."
"SmileCare will be a strong addition to the Coast organization," said Daniel D. Crowley, CEO for SmileCare. "Together, these firms will be a leading provider of quality dental care in the U.S."
Goldman Sachs Specialty Lending Group is leading the financing of the transaction.
About Coast Dental
Coast Dental is the largest provider of general dentistry and specialty dental care in the Southeast with 125 affiliated dental practices in Florida and Georgia. Coast Dental Services Inc. is a privately-held dental practice management company that provides comprehensive, non-clinical business and administrative services to its affiliated dental practices. The company was founded in 1992 by Dr. Adam Diasti and Dr. Derek Diasti and is headquartered in Tampa, Florida. Download a pdf of the company history and overview here. For more information, visit www.CoastDental.com.
Through its subsidiaries, Dental Technology, Inc., dba SmileCare, operates 57 dental practices in California, Nevada and Texas. Subsidiaries include Community Dental Services, Inc., a Knox-Keene licensed health care service plan providing prepaid dental care services in California, Nevada Dental Associates and SmileCare of Texas. SmileCare was founded in 1977 and provides general dentistry and specialty services including orthodontics, oral surgery, endodontics, periodontics and pediatric dentistry. SmileCare is based in Santa Ana, California. For more information visit www.SmileCare.com.
|SOURCE Coast Dental Services, Inc.|
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