123Dentist Corporation

www.123dentist.com

Strategic Merger
Add-on Acquisitions

Press Releases
08/2022

Headquartered in Vancouver, Canada, 123Dentist is one of the largest dental support organizations (DSO) in Canada, with a clinic network that includes offices across nine provinces. As a dentist-led organization, 123Dentist focuses on delivering exceptional care, improved access to high quality dentistry services, and greater opportunities for career advancement and mentorship. 123Dentist’s strategy is to continue to grow by adding affiliated dental offices throughout Canada. 123Dentist is a dentist-friendly platform that provides seamless integration in an effort to limit the customary pain points of joining a DSO.

Sentinel’s investment in 123Dentist began when we acquired Altima Dental in 2016. In July 2022, Altima Dental and 123Dentist announced the plan to merge and create one of the largest DSOs in Canada with a network of 350 clinics servicing the entire country with a presence in every major metropolitan market. The newly formed entity provides a wide range of dental care to more than 800,000 patients, with more than 2.5 million patient visits annually.

Altima Dental Centers Inc.

www.altimadental.com

Management Buyout
Partnership with Founders
Add-On Acquisitions

Press Releases
08/2022
12/2016

Headquartered in Toronto, Canada, Altima Dental Centers 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 Dental 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 Dental's strategy is to continue to grow by adding affiliated dental offices throughout Canada.

In August 2022, after achieving our investment objectives, Altima Dental was merged with 123Dentist Corporation, a strategic buyer backed KKR and KKR portfolio company Heartland Dental, the leading dental support organization (DSO) in the U.S, and Peloton Capital Management. The combination of 123Dentist and Altima, which will be known as “123Dentist,” will be the second-largest DSO in Canada, with 345 clinics in nine provinces.

In the nearly six years Sentinel owned Altima Dental, the business performed well despite Covid-related challenges. Starting with a Toronto-centered business, we helped create a national platform, built a powerful dentist-centric model, and grew from 45 clinics to 117. Sentinel continues as an investor in 123Dentist.

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, California.

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.

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.

MB2 Dental Solutions, LLC

www.mb2dental.com/

Management Buyout
Partnership with Founders
Add-On Acquisitions

Press Releases
01/2021
09/2017

Headquartered in Carrollton, Texas, and serving patients in Alaska, Louisiana, New Mexico, Oklahoma, Tennessee, Kansas, Arizona, Colorado, Arkansas, Missouri and Texas, MB2 is a leading Dental Partnership Organization that employs a 'joint venture' business model through which affiliated dentists enjoy the clinical benefits of a private practice and the infrastructure, compliance, marketing, and purchasing advantages of the traditional DSO model. MB2 draws on the energy of highly-engaged dentist partners with deep commitment and aligned interests.

MB2 has grown rapidly through de novo openings, add-on acquisitions, and strong existing-office growth. MB2 offers general dentistry services, orthodontics, cosmetic dentistry, and oral surgery. MB2 has developed a unique approach, which is designed primarily to serve the interests of dentists and their patients. MB2 bridges the gap between private practice and traditional DSOs with a motto that 'patients come before profits.' MB2 attracts and retains highly talented and motivated entrepreneurial dentists by offering clinical autonomy and the opportunity to become owners of their own practices, while using an efficient and established operating model.

In January 2021, after achieving our investment objectives, MB2 was sold to another private equity firm in a management buyout. In the 3½ years since Sentinel's original investment, MB2's performance was exceptional. Starting with 85 clinics at our initial investment, MB2 made 118 add-on acquisitions and opened 22 de-novo clinics, more than tripling its clinic base to 275. MB2 grew its geographic footprint from six states to 24, and MB2's sales and profitability each grew fourfold. MB2 remains well positioned to continue growing under the leadership of its superb management team.

Metro Dentalcare, Inc.

www.metro-dentalcare.com

Management Buyout
Transition from Founder Ownership
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). 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.

Midwest Eye Consultants

www.midwesteyeconsultants.com

Management Buyout
Partnership with Founders
Add-On Acquisitions

Press Releases
08/2021

Midwest Eye Consultants, owned and managed by its founding doctors, provides management services to one of the largest networks of integrated eye care services in Indiana and northwest Ohio. Midwest Eye's affiliated optometry and ophthalmology practices provide patients a full spectrum of eye care, including primary care, surgical services, LASIK, and prescription eyewear. Midwest Eye's practices operate primarily in rural and secondary markets. Midwest Eye has completed many acquisitions over its 40-year history, and has invested meaningfully in its infrastructure to support continued growth via acquisition.

Midwest Eye's system is one of the fastest growing providers of eye care in Indiana and Ohio. Its highly experienced and tenured management team is deeply committed to providing world-class patient care and to supporting its partner providers. As an acquisition platform, Midwest Eye has a proven record and sophisticated infrastructure that enables it to attract new practices to its network and drive growth. Midwest Eye's vertically integrated eye care delivery model is strategically differentiated and offers tangible value and high quality patient care.

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 profitability significantly, 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.

New You Bariatric Group

Management Buyout
Partnership with Founder
Add-On Acquisitions

Press Releases
08/2019

New You Bariatric Group is the leading provider of administrative support services to bariatric surgery offices in New York, New Jersey, and Connecticut that collectively operate as the New York Bariatric Group and employ bariatric surgeons, other specialists, and physician assistants. NYBG supports practices that offer a full suite of bariatric surgical procedures, pre- and post-op support, related plastic surgery, and innovative non-surgical treatments to meet patients' needs.

NYBG's affiliated practices offer a "One-Day Workup," a comprehensive pre-operative evaluation with on-site cardiologists, pulmonologists, psychologists, and nutritionists, thereby eliminating the need for patients to schedule multiple appointments in different locations prior to surgery. In addition, NYBG's affiliated practices maintain strong relationships with leading health systems in its regional markets and also manage bariatric programs for several hospitals. NYBG's affiliated doctors have completed more than 18,000 bariatric surgeries since inception, which establishes NYBG as the leading U.S. provider of administrative services for bariatric practices. NYBG's strategy is to grow by providing support services to other bariatric surgery offices in its existing and other regional markets.

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.

Northeast Dental Management Inc.

www.nedentalmanagement.com

Management Buyout
Partnership with Founder
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.

ReachOut Healthcare America, Ltd.

www.reachouthealthcare.com

Management Buyout
Transition from Founder Ownership
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.

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.

TTG Imaging Solutions, LLC

www.ttgimagingsolutions.com

Management Buyout
Add-On Acquisitions

Press Releases
12/2021

TTG Imaging Solutions is a leading national provider of nuclear medicine and molecular imaging solutions. Headquartered in Pittsburgh, Pennsylvania, TTG offers end-to-end solutions for cardiology and oncology customers that use diagnostic imaging equipment. Through a nationwide network of field service engineers, TTG offers equipment, maintenance and repair services, clinical staffing, and radiopharmaceutical products. TTG operates three equipment repair centers and three radiopharmacies that serve customers across 46 states. Founded in 2004, TTG has completed nine acquisitions that have expanded its geographic coverage and added new technical capabilities.

TTG has built a record of providing best-in-class services that allow physicians, imaging centers, and hospitals to offer top-quality patient care. TTG has developed an impressive growth playbook – both organically and via add-on acquisitions – that has enabled the company to expand significantly within the large and growing imaging services market.

Vital Care, LLC

www.vitalcareinc.com

Junior Capital
Structured Equity

Press Releases
12/2020

Vital Care is the premier franchisor of home infusion services in the United States. Founded in 1986 and headquartered in Meridian, Mississippi, Vital Care serves the medical needs of a wide range of patients, including those with chronic and acute conditions. Home infusion therapy involves the intravenous or subcutaneous administration of drugs or biologicals to patients at home. Vital Care supports more than 50 franchises across 20 states and focuses on underserved secondary markets.

Using a franchise model with which Sentinel has considerable experience, Vital Care serves the growing $15 billion home infusion market. As one of the top-5 home infusion providers in the U.S. and only franchisor, Vital Care has a differentiated competitive position, is growing rapidly, and is well positioned to extend its geographical reach.

WellSpring Pharmaceutical Corporation

www.wellspringpharm.com

Management Buyout
Transition from Founder Ownership

Press Releases
08/2018
09/2017
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.

In September 2017, WellSpring sold its high-performing portfolio of OTC consumer healthcare brands, including Emetrol, Bonine, Bactine, GlaxalBase, and FDS. These brands occupy the #1 or #2 positions in their respective segments and benefit from a long-standing heritage, high awareness among consumers, and an entrenched retail presence. WellSpring's consumer healthcare business possesses an in-house acquisition capability coupled with a highly efficient and scalable operating model which has proven its ability to identify and integrate new brands and successfully scale its portfolio. Following the sale, WellSpring continued to own its contract manufacturing business.

In August 2018, WellSpring sold WellSpring Pharma Services, its growing pharmaceutical contract manufacturing division. WellSpring Pharma Services, WellSpring's last remaining operating business, provides outsourced manufacturing and contract development services to emerging-growth, mid-sized, and large pharmaceutical and biotechnology clients in the US and Canada. WellSpring Pharma has particular strength working with clients that need flexibility, customization, personalized attention, and technical expertise. WellSpring Pharma is equipped to manufacture prescription drug products in virtually all non-sterile finished dosage forms and also provides primary and secondary packaging services. WellSpring Pharma also offers formulation, tech transfer, and analytical chemistry services to its clients. With the sale of WellSpring Pharma, Sentinel has completed its exit from its successful WellSpring invest after a seven-year hold period.