Mid-Atlantic Dental Service Holdings LLC closed the acquisition of all outstanding shares of Birner Dental Management Services Inc. for $10.62 apiece in cash.
Under the transaction, shareholders of Denver-based Birner Dental also received one contingent value right, or CVR, for every common share held in the company. CVRs will allow Birner shareholders to receive an additional cash payment of up to 13 cents per share, subject to certain conditions, post-transaction.
Birner Dental, which operates 66 dental clinics in Colorado, New Mexico and Arizona, has now become Rocky Mountain Dental Services Holdings LLC and will continue operations under the Perfect Teeth brand.
Mid-Atlantic Dental Partners, which serves dentists by providing financial management, marketing and technology services, is a portfolio company of S.C. Goldman & Co. LLC.
Houlihan Lokey served as the financial adviser to Mid-Atlantic Dental while Duane Morris LLP, DLA Piper LLP and Waller LLP were the legal advisers. DLA Piper also served as legal adviser to S.C. Goldman.
Cain Brothers and Faegre Baker Daniels LLP served as the financial and legal advisers, respectively, to Birner Dental.