FFL Partners invests in Orthodontic Partners
Fri, 15/11/2019 – 09:54
FFL Partners (FFL), a private equity firm focused on growth investments in middle market companies, has made an investment in the newly formed Orthodontic Partners (OP), an orthodontic services organisation.
FFL will be partnering with co-founders Dr Jamie Reynolds, Dr Jeff Kozlowski and CEO Chip Hurlburt, who also have significant equity in the business. Additional financial terms of the transaction were not disclosed.
Headquartered in Grand Rapids, Michigan, OP provides orthodontic care, including traditional braces and aligners, to children, teens and adults. The Company currently has offices in Michigan and Connecticut.
“We look forward to working with Chip, Jamie and Jeff, who have earned their excellent reputations for strong leadership, exceptional orthodontic outcomes and best-in-class patient care,” says Aaron Money, Partner at FFL Partners. “We’re very excited for practices across the country to join the OP family.”
“Jamie, Jeff and I are thrilled to partner with FFL as we work to grow operations in our existing markets and expand across the U.S. by partnering with high-quality orthodontic practices and supporting de novo locations with resources for growth,” says Hurlburt. “We see a huge opportunity to help orthodontists grow their practices while relieving them of the growing administrative burdens of billing, compliance, finance and other back-office functions.”
There are over 10,000 practicing orthodontists in the US, most of which are independently-owned or managed as small group practices, according to data from the American Dental Association.
“OP’s differentiated, flexible and doctor-centred approach empowers orthodontists by providing them with the more sophisticated business practices used by larger practice groups, while enabling the doctors to maintain true clinical autonomy and a focus on delivering the best quality of care,” says Karen Winterhof, Director at FFL Partners.
FFL has strong experience investing and building multi-unit healthcare businesses, including its investments in EyeCare Partners, a leading organisation serving optometrists and ophthalmologists, and WellStreet Urgent Care, a provider of convenient immediate medical treatment for non-emergency illnesses and injuries.
“FFL’s investment in OP reflects its ability to partner closely with management and clinical teams of highly scalable businesses and identify compelling acquisition opportunities that position them for long-term success and enhanced quality of care in local communities. We’re very happy to have FFL’s support as we grow OP, a platform founded by orthodontists for orthodontists,” says Dr Reynolds.
Dr Kozlowski adds: “OP offers orthodontists a unique opportunity for professional development and growth, supported by a culture of efficient, high-quality orthodontic care. We look forward to partnering with leading orthodontists across the country who share our vision for benefiting from being part of our group while maintaining the independence both Jamie and I enjoy in our practices.”