Blakes, McCarthy Tétrault, Goodmans, Stikeman Elliott acting as legal counsel
Dentalcorp Holdings Ltd., Canada’s largest dental practice network and one of North America’s fastest-growing, is set to be acquired by funds affiliated with US private equity firm GTCR LLC. The all-cash deal values Dentalcorp at approximately $2.2 billion in equity and $3.3 billion in enterprise value.
GTCR, founded in 1980, has invested more than US$30 billion in over 290 companies. The firm focuses on transformative growth in sectors including business and consumer services, financial services, healthcare, technology, and media.
As part of the agreement, Dentalcorp founder, chairman and CEO Graham Rosenberg, president and CFO Nate Tchaplia, and LC8 DCC Investment Borrower, L.P. (L Catterton) will roll 50 percent, 40 percent, and 18 percent of their shares, respectively, into the new capital structure with GTCR or its affiliates.
“GTCR’s proven track record in healthcare and its commitment to supporting management teams aligns perfectly with our vision for continued growth,” said Graham Rosenberg in a press release. “As a private company, Dentalcorp will benefit from enhanced flexibility to execute our long-term strategy, invest in technology and professional development, and continue expanding our network of leading dental practices across Canada.”
GTCR managing director John D. Kos said, “Dentalcorp has an impressive tech-enabled platform and a unique service offering, which makes them the partner of choice for leading dental practices and patients alike across Canada. We look forward to leveraging GTCR’s long history of investing in healthcare and multi-site healthcare services businesses to support Dentalcorp’s continued focus on delivering clinical excellence and expanding its network.”
Graham Rosenberg and Nate Tchaplia will remain in their roles as chairman and CEO, and president and CFO, respectively. The rest of Dentalcorp’s leadership team is also expected to stay on after the transaction closes.
Blake, Cassels & Graydon LLP is serving as Dentalcorp’s legal advisor, with Weil, Gotshal & Manges LLP handling U.S. legal matters. McCarthy Tétrault LLP is advising the special committee, while Stikeman Elliott LLP is representing certain members of Dentalcorp’s management. Canaccord Genuity Corp. is acting as financial advisor to the special committee, and INFOR Financial is serving as both financial advisor and independent valuator. On the GTCR side, Goodmans LLP and Latham & Watkins LLP are providing Canadian and U.S. legal counsel, respectively, with Moelis & Company as financial advisor. Kirkland & Ellis LLP is advising L Catterton.
The deal is expected to close during the first quarter of 2026, subject to customary closing conditions and regulatory approvals.
