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 THE RESULT: Caymus Partners served as the exclusive financial advisor to Coast Dental Services, Inc. (“Coast Dental” or the “Company”) in the divestiture of its Tennessee dental offices. Caymus Partners contacted a limited number of potential partners as part of an overall auction process. Caymus Partners continues to provide financial advice to Coast Dental as it explores other strategic initiatives.
“Caymus Partners was a full-fledged partner that remained focused on keeping our divestiture process on track—I cannot imagine an advisor more qualified and dedicated to address the sale process and all of its details. Caymus also provided us with critical and insightful advice that helped us evaluate the interested buyers and then did excellent work seeing the sale through to closure. Caymus Partners did a terrific job of running a limited auction for our Tennessee facilities and generated a significant level of interest in the transaction from various buyers that were aligned with the interests of our company. Caymus Partners’ knowledge of the dental industry, and their contacts, proved to be invaluable.”
Tom Marler, Chief Executive Officer
Coast Dental Services, Inc.
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Company Description
Coast Dental is a leading provider of comprehensive business services and support to general dentistry practices. Coast Dental provides business services and support to dental centers located in Florida, Georgia and Virginia. The Company also employs dentists and hygienists, controls clinical decision-making processes, and provides dental services and plans to patients.
Client Objective
Coast Dental was a publicly-traded entity looking for a creative way to self-finance a going-private transaction. Caymus Partners was hired to divest Coast Dental’s Tennessee dental offices in order to raise capital to purchase the balance of the minority, publicly held common stock. Caymus Partners was successful in finding the right partner and negotiating the transaction to an expeditious close.
Challenges Overcome
Caymus Partners overcame a number of key challenges in making this transaction successful:
- Preserving Confidentiality of the Transaction. Caymus Partners worked tirelessly and was successful at keeping confidential the fact that a sales process was underway;
- Negotiating a Complex Transition Relationship. Caymus Partners successfully negotiated a transaction between the two parties despite the transition of the Company’s facility to the buyer being highly challenging;
- Capital Needed to Achieve Corporate Initiatives. The sale of the Company’s dental offices generated cash that the Company will use to fund corporate initiatives; and
- Generated a Competitive Sale Process. Though the dental practice management sector is small, Caymus Partners canvassed a wide diversity of over 25 prospective buyers and generated a significant amount of interest.
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