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Altima Dental Centres Inc.

www.altimadental.com

Management Buyout
Partnership with Founders
Subsequent Add-On Acquisitions

Press Releases
12/2016


Headquartered in Toronto, Canada, Altima Dental Centres is one of the largest dental services organizations in Canada, with a clinic network that includes offices across six provinces. Altima-affiliated practices have an excellent reputation for providing high-quality dental services and always putting patients first.

Altima is well known throughout the Canadian market for second-to-none care, top notch providers and staff, and a broad suite of convenient services. Altima Dental offers patients high quality dentistry services at competitive prices in friendly, well-appointed dental clinics. Altima's strategy is to continue to grow by adding affiliated dental offices throughout Canada.



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Castle Dental Centers, Inc.

www.castledental.com

Debt Restructuring / Recapitalization
Operational Turnaround
Restructured Operations

Press Releases
06/2004
02/2004
05/2003


Castle Dental Centers, Inc., headquartered in Houston, Texas, develops, manages and operates integrated dental networks in Texas, Tennessee, Florida and California.

Castle Dental provides general dentistry, orthodontic and other dental specialty services through 77 dental centers with approximately 200 affiliated dentists. Castle Dental utilizes a branded, retail focused operating model in all its markets, stressing convenient, quality dentistry at affordable prices through broadcast and print advertising. Its dental centers are typically located in high traffic neighborhood retail locations with prominent signage and easy access.

Castle Dental is well positioned to expand in its existing markets and to make complementary acquisitions in the U.S. that can take advantage of the company's strong domestic infrastructure.

In May 2003, Sentinel Capital Partners and management recapitalized Castle Dental in a private equity transaction valued at $66.2 million. GE Healthcare Services, Castle Dental's existing senior lender, provided debt financing for the recapitalization. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners II, L.P.

In June 2004, after achieving substantially all of its investment objectives, Sentinel merged Castle Dental with with Bright Now! Dental, Inc. of Santa Ana, CA. The investment yielded more than 2.2x during Sentinel's one year holding period.



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Frame-n-Lens Optical, Inc.

Recapitalization
ESOP
Transition from Founder Ownership
Subsequent Add-On Acquisitions

Press Releases


Frame-n-Lens Optical, Inc., originally a private company headquartered in Santa Fe Springs, California, was established as an everyday low price prescription optical retailer. Until its sale in 1998, Frame-n-Lens was the fifth-largest prescription eyewear manufacturer and retailer in the United States.

Frame-n-Lens successfully differentiated itself by offering a select line of eyeglass frames, quality service in convenient locations, and everyday low prices that were significantly below its major competitors.' The vertically integrated Frame-n-Lens operated one of the largest state-of-the-art fabrication laboratories in North America and was the low-cost producer in its market. The company operated 296 retail stores; 160 were located in strip shopping centers and the remainder were in Wal-Mart and Sam's Club stores. Frame-n-Lens was highly profitable.

In 1989, one of Frame-n-Lens' two founders decided to sell his holdings due to poor health. The purchase of this founder's shares was accomplished through the creation of an ESOP and by private equity capital supplied by First Century Partners, the predecessor firm of Sentinel's founders. While at First Century, one of Sentinel's founders sponsored the investment, which enabled First Century to become Frame-n-Lens' largest institutional investor and to gain representation on the company's board of directors. In addition, Frame-n-Lens' management was able to establish a significant equity stake in the company via the ESOP.

In 1994, Frame-n-Lens acquired competitor Family Vision Centers, a 130-store prescription optical retailer operating stores within Wal-Mart. Sentinel's founder was responsible for initiating, structuring, negotiating and arranging financing for the transaction.

In June 1998, Frame-n-Lens was acquired by National Vision, Inc. (NASDAQ: NVI) in an all-cash transaction valued at $45 million.



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Hospice Advantage Holdings, LLC

www.hospiceadvantage.net/

Friendly Recapitalization
Partnership with Founder

Press Releases
10/2015
12/2012


Hospice Advantage, headquartered in Bay City, Michigan, is a leading hospice care organization that provides end-of-life care, palliative treatment, personal care, and family support services, primarily to patients in their homes. Hospice Advantage was founded to better serve the needs of terminally ill patients and currently operates in 56 locations in 10 states throughout the Midwest, Southeast and South.

With the graying of America, hospice care has become an important and growing component of healthcare in the United States. Hospice Advantage has built a strong brand name and referral network complemented by a scalable back office operation that includes compliance and quality assurance, billing, human resources, facility development, and information technology. This infrastructure will support further growth in the Midwest and South, both organically and via acquisition.

In October 2015, having achieved our investment objectives, Hospice Advantage was sold to strategic buyer Compassus. Since Sentinel's original investment, Hospice Advantage grew organically and through acquisitions, with operations in more than 60 locations in 14 states throughout the Midwest, Southeast, and South. During our ownership, Hospice Advantage completed 15 tuck-in acquisitions and opened locations in four new states. Hospice Advantage remains well positioned to continue growing under the leadership of its outstanding management team.



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Interim Healthcare Holdings, Inc.

www.interimhealthcare.com

Recapitalization
Restructured Operations
Refocused Business Strategy

Press Releases
10/2012
05/2006


Interim Healthcare Holdings, Inc., headquartered in Sunrise, Florida, is the nation's largest provider of home healthcare and supplemental healthcare staffing services. Interim is the nation's oldest and best established healthcare franchise organization with an average owner tenure in excess of 23 years, more than 300 service locations in 39 states and Puerto Rico, more than $620 million in systemwide sales, and a committed workforce of 75,000 employees.

Structured as a franchisor, Interim operates two complementary businesses serving the healthcare market. Interim’s core business provides home healthcare services, including skilled medical care delivered by nurses, therapists and other specialized caregivers, and non-medical support services provided by home health aides, personal care aides, companions and homemakers. Interim’s second business provides supplemental staffing for healthcare facilities and other businesses. Supplemental staffing places nurses, therapists and other healthcare personnel in facilities and businesses for short-term assignments or as direct hires.

With more than 40 years of continuous operation, Interim has proven experience in the healthcare sector and with franchise organizations, both as franchisee and as franchisor. With the greying of America fueling growth in the healthcare sector, industry experts expect home healthcare to grow significantly in the next several years. With a well-established business model, strong management team and loyal franchisees and employees, Interim is well positioned to capitalize on this trend.

In May 2006, Sentinel Capital Partners and management invested in Interim in a buyout transaction. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners III, L.P.

In October 2012, after owning the business for more than six years and achieving substantially all of our investment objectives, Interim Healthcare was sold to another private equity firm. Under Sentinel's ownership, Interim underwent an operational transformation from a franchisor and direct provider of healthcare services into a "pure-play" healthcare franchisor. As part of the transformation, Interim refranchised all of its company-owned home healthcare locations, exited non-core healthcare businesses, and focused its efforts on recruiting new franchise owners to its network. Interim Healthcare remains well positioned to continue growing under the leadership of its superb management team.



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Metro Dentalcare, Inc.

www.metro-dentalcare.com

Management Buyout
Transition from Founder Ownership
Subsequent Add-On Acquisitions

Press Releases
09/2007
05/2005


Metro Dentalcare, headquartered in Richfield, Minnesota, is a leading regional dental clinic operator in the Minneapolis/St. Paul Twin Cities area.

Metro Dentalcare operates 23 clinics offering general, orthodontic and specialty dental care and employs more than 500 doctors, hygienists and dental assistants. Metro Dentalcare provides a range of state-of-the-art preventive, restorative, pediatric and cosmetic dental services to more than 125,000 patients annually. Metro Dentalcare’s strong brand name and reputation for the highest quality of dentistry has made the company a preferred service provider for many of the largest employers in the region.

Metro Dentalcare is well positioned to continue to expand in its existing markets via acquisitions and openings of de novo centers. Dental industry growth is being driven by an aging population that desires to keep its teeth longer, by new technologies that make dental care more cost effective and less painful, by advances in and increased demand for cosmetic dentistry and by the increasing prevalence of dental benefits offered by employers. Compared to national averages, the Twin Cities area has above average population growth, favorable demographic trends and relatively high median income levels.

In May 2005, Sentinel Capital Partners and management acquired Metro Dentalcare in a buyout transaction. M&I Bank provided senior debt financing for the transaction. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners III, L.P.

In September 2007, after achieving substantially all of its investment objectives, Sentinel sold Metro Dentalcare to American Dental Partners, Inc. (NASDAQ: ADPI) generating a return of five times its money. Since Sentinel's original investment, Metro Dentalcare's profitability has more than doubled. With 35 clinics in the Twin Cities, Metro Dentalcare is well positioned to continue growing.



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Mobile Dentists

www.mobiledentists.com

Management Buyout
Transition from Founder Ownership
Subsequent Add-On Acquisitions

Press Releases


ReachOut Healthcare America, based in Phoenix, AZ, ReachOut provides mobile dental services to under-served children in schools and foster programs, to the aged and disabled in residential facilities, and to US Army and National Guard units throughout the country. ReachOut provides dental service to nearly 80,000 children and 30,000 armed-services personnel each year. ReachOut offers a complete array of diagnostic, preventative, restorative, prosthodontic, and periodontal dental services.

ReachOut is the leader in a large and growing market that is significantly underserved, and its mobile model is scalable into numerous end-markets such as the military and nursing homes.

In November 2007, Sentinel Capital Partners and management acquired ReachOut in a management buyout transaction. Marshall & Ilsley Bank provided debt financing for the transaction. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners III, L.P.

In August 2008, ReachOut acquired Mobile Dentists, its largest competitor, creating a company that is the nation’s leader in mobile dental services. The combined company operates in 21 states and provided dental care to more than 250,000 low-income children in 2008. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided equity financing from Sentinel Capital Partners III, L.P.

In December 2010, after achieving substantially all of its investment objectives, Sentinel sold ReachOut in a management buyout transaction. Since Sentinel's original investment, ReachOut's profitability has more than tripled. Today ReachOut has a national leadership position and is well positioned to continue growing.



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National Spine & Pain Centers, LLC

www.treatingpain.com/about

Management Buyout
Transition from Founder Ownership

Press Releases
06/2017
03/2012
09/2011


National Spine & Pain Centers, LLC, headquartered in Rockville, Maryland, is a provider of interventional pain management services focused on relieving chronic back and neck pain. Interventional pain management is a rapidly growing medical specialty whose objective is to relieve pain through advanced, minimally invasive procedures while preventing costly, invasive surgery. National Spine & Pain Centers offers medical treatment through affiliated physicians. Such treatment provides both immediate and long-lasting pain relief and enables patients and payors to avoid more costly and invasive surgical procedures from which recovery time can be lengthy. National Spine & Pain Centers provides administrative and management services to physicians who are dedicated to providing high quality patient care in outpatient ambulatory surgical center settings. Affiliated physicians are fellowship-trained and board-certified/board-eligible pain specialists and many are nationally recognized leaders in pain management.

National Spine & Pain Centers' conservative care model addresses chronic pain through multiple treatment modalities, including minimally invasive outpatient procedures, pharmacological management, and other complementary support services.

In March 2012, National Spine & Pain Centers acquired Capitol Spine & Pain Centers, the largest interventional pain management group in Virginia. In December 2012, National Spine & Pain Centers acquired New York Pain Consultants, a leading interventional pain management group in New York. With 30 clinics operating in Maryland, Virginia, the District of Columbia, and New York, the combined company’s affiliated physician practices treated more than 160,000 patients in 2012, making it the nation’s leading provider of interventional pain management procedures focused on relieving back and neck pain.

Under Sentinel’s five-year ownership, NSPC achieved significant growth and emerged as the national leader in serving interventional pain management physician groups. At the time of Sentinel’s original investment, NSPC served nine clinics, all located in Maryland. Five years later, NSPC had grown eightfold, serving 69 clinics in seven states, including Connecticut, Maryland, New Jersey, New York, North Carolina, Virginia, West Virginia, and the District of Columbia. Having increased its profitabilty signficantly, we achieved our investment objectives and NSPC was sold to another private equity firm in a management buyout. NSPC remains well positioned to continue growing under the leadership of its outstanding management team.



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North American Rescue, LLC

www.narescue.com

Recapitalization

Press Releases
10/2009


North American Rescue, headquartered in Greer, South Carolina, is the leading developer and distributer of tactical emergency medical equipment to the U.S. military, law enforcement and other organizations that employ trauma care professionals. NAR has enjoyed the honor of serving its country, community, and customers by providing innovative casualty care solutions at home and abroad. NAR is leading the effort to decrease preventable death on the battlefield, whether it be a foreign combat zone or the streets of America.

Founded in 1996, NAR serves armed forces medical personnel, first responders, and other healthcare professionals by providing solutions that decrease preventable deaths on the battlefield and other austere conditions. NAR's founders were former U.S. military pararescuemen who recognized first-hand a need for quality casualty care products and procedures to treat combat-related injuries. In leveraging their significant military casualty care experience, NAR's management team has developed many life-saving products that are now standard-issue equipment for combat soldiers and tactical vehicles.

NAR's customers are the Army, Navy, Marine Corps, Air Force, and law enforcement professionals. NAR’s success stems from the background and experience of its executives in the Special Operations units of the U.S. military and the military medical community.

NAR is considered a thought leader in emergency trauma care and has collaborated with the military medical community, civilian institutions, and government organizations specializing in the development of tactical medical and rescue training standards. NAR also collaborates with the Tactical Combat Care Committee, which leads the development of solutions for unconventional medical and rescue operations in combat environments.

NAR is Sentinel’s second investment in the defense sector. The first was ReachOut Healthcare America, Ltd. the nation’s leading provider of administrative support services to affiliated dentists in the mobile dental industry, serving military personnel, underprivileged children, and seniors.

In February 2015, after achieving substantially all of our investment objectives, NAR was sold to another private equity firm. Since Sentinel's original investment, NAR rapidly expanded its civilian first responder revenues while continuing to serve its profitable military customers. NAR remains well positioned to continue growing under the leadership of its outstanding management team.



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Northeast Dental Management Inc.

www.nedentalmanagement.com

Management Buyout
Partnership with Founder
Subsequent Add-On Acquisitions

Press Releases
01/2016
04/2012


Headquartered in Paramus, New Jersey, Northeast Dental Management is a leading provider of office support services to dental clinics in the Northeast and mid-Atlantic. NEDM provides over 100 affiliated dentists and their staff with services such as administration staffing, human resources, purchasing, accounting/finance, and information technology. Each year, Northeast Dental’s affiliated clinics in New Jersey, New York, Pennsylvania, and Virginia provide 100,000 patients with the highest quality dental care via a full suite of best-in-class general dentistry, oral hygiene, and specialty dental services, including oral surgery, periodontics, pedodontics, and orthodontics.

Northeast Dental offers patients dentistry services at competitive prices in friendly, well-appointed dental clinics. Most clinics are in suburban areas in retail and business locations. Northeast Dental's strategy is to grow by providing support services to other dental offices in its existing geography.

In January 2016, having owned the business for almost four years and having achieved our investment objectives, NEDM was sold to private equity-backed Dental Care Alliance. Since Sentinel's original investment, NEDM made 24 add-on affiliations, which enabled it to more than double its number of offices from 29 to 65. During our ownership, NEDM expanded its geographic footprint from four to seven states along the Amtrak Corridor, and its revenues and profits more than doubled. NEDM remains well positioned to continue growing under the leadership of its outstanding management team.



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ReachOut Healthcare America, Ltd.

www.reachouthealthcare.com

Management Buyout
Transition from Founder Ownership
Subsequent Add-On Acquisitions

Press Releases
12/2010
08/2008
11/2007


ReachOut Healthcare America, based in Phoenix, AZ, ReachOut provides mobile dental services to under-served children in schools and foster programs, to the aged and disabled in residential facilities, and to US Army and National Guard units throughout the country. ReachOut provides dental service to nearly 80,000 children and 30,000 armed-services personnel each year. ReachOut offers a complete array of diagnostic, preventative, restorative, prosthodontic, and periodontal dental services.

ReachOut is the leader in a large and growing market that is significantly underserved, and its mobile model is scalable into numerous end-markets such as the military and nursing homes.

In November 2007, Sentinel Capital Partners and management acquired ReachOut in a management buyout transaction. Marshall & Ilsley Bank provided debt financing for the transaction. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners III, L.P.

In August 2008, ReachOut acquired Mobile Dentists, its largest competitor, creating a company that is the nation’s leader in mobile dental services. The combined company operates in 21 states and provided dental care to more than 250,000 low-income children in 2008. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided equity financing from Sentinel Capital Partners III, L.P.

In December 2010, after achieving substantially all of its investment objectives, Sentinel sold ReachOut in a management buyout transaction. Since Sentinel's original investment, ReachOut's profitability has more than tripled. Today ReachOut has a national leadership position and is well positioned to continue growing.



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Strategic Partners, Inc.

www.strategicpartners.net

Management Buyout
Transition from Founder Ownership

Press Releases
08/2010
04/2006


Strategic Partners, Inc., headquartered in Chatsworth, California, is a leading designer, manufacturer, and distributor of medical uniforms for the specialty retail and mass merchant channels. The business has a history of design innovation and excellent customer service.

Strategic designs, manufactures, and sells its products to independent and chain retailers of uniforms, mass merchants, and through catalog and Internet retailers. Strategic's brands include Baby Phat, Cherokee, H.Q., Med•Man, Rockers, Classroom, Cherokee Workwear, Cherokee Studio, Team Scrubs, and Tooniforms. With over 50 license agreements, Strategic is the industry’s largest licensee.

In April 2006, Sentinel Capital Partners and management invested in Strategic in a recapitalization transaction. Sentinel originated, sponsored and negotiated the transaction, and provided private equity financing from Sentinel Capital Partners III, L.P.

In August 2010, after achieving substantially all of its investment objectives, Sentinel sold Strategic Partners in a management buyout transaction. Since Sentinel's original investment, Strategic Partners' profitability has more than doubled. Today Strategic Partners has a national leadership position and is well positioned to continue growing.



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WellSpring Pharmaceutical Corporation

www.wellspringpharm.com

Management Buyout
Transition from Founder Ownership

Press Releases
10/2011


WellSpring Pharmaceutical Corporation, headquartered in Sarasota, Florida, is a manufacturer and marketer of branded OTC health and personal care products in the United States and Canada. WellSpring markets a portfolio of stable and well-recognized OTC brands focused on skin care and gastrointestinal care. WellSpring's OTC products have widespread distribution through major food, mass, and drug retailers; wholesalers; and pharmaceutical distributors.

WellSpring also provides outsourced manufacturing and packaging services for leading pharmaceutical companies from its production facility in Ontario, Canada. WellSpring’s 101,000 square foot facility has a strong audit history with the FDA and Health Canada and offers customers a breadth of product manufacturing capabilities including tablets, capsules, gels, liquids, and creams.

Sentinel partnered in the acquisition with Ancor Capital Partners, a premier independent sponsor with deep operational capabilities in the healthcare consumables and contract manufacturing sectors.