Houlihan Lokey Advises Linden Capital Partners

Houlihan Lokey is pleased to announce that Smile Doctors, LLC (Smile Doctors), a portfolio company of Sheridan Capital Partners (Sheridan), has been recapitalized by Linden Capital Partners (Linden) in partnership with Sheridan and management. The transaction closed on October 6, 2017.

Smile Doctors is the largest orthodontic dental support organization, with over 90 affiliated practices in 11 states. Headquartered in Georgetown, Texas, and founded by Dr. Scott Law, Scotte Hudsmith, and Dr. Dana Fender, Smile Doctors focuses exclusively on developing and growing affiliated orthodontic practices. Orthodontists can focus on patient care while receiving the support of experienced professionals who are committed to the growth and success of their practices. Support provided by Smile Doctors includes services related to operations, accounting, marketing, revenue cycle management, and human resources.

Linden is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare industry. Linden's strategy is based upon three elements: healthcare specialization, integrated private equity and operating expertise, and strategic relationships with large corporations. Linden invests in middle-market platforms in healthcare services as well as medical products, pharmaceuticals, and specialty distribution.

Sheridan is a Chicago-based private equity firm focused on leveraged buyouts in the healthcare and consumer sectors. Sheridan targets businesses with enterprise values between $25 million and $150 million operating in the U.S. or Canada and actively brings its strategic resources to management teams and owners in order to help accelerate growth, build enduring value, and achieve superior results.

Houlihan Lokey is among the most active advisors in this segment of the market, having advised on 13 DSO transactions since June 2014 with an aggregate enterprise value of approximately $5 billion. Smile Doctors represents the second specialty-focused DSO platform transaction for Houlihan Lokey in the last 12 months, following the sale of D4C Dental Brands to Cressey & Company in December 2016. This most recent transaction further strengthens Houlihan Lokey's leadership in the healthcare sector and highlights our continued momentum and leadership in the multi-site healthcare services space.

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