Benevis Exits Chapter 11 with a Strengthened Balance Sheet and Continues its Commitment to Supporting Best-in-Class Patient Care
MARIETTA, Ga.–(BUSINESS WIRE)–LT Smile Corporation, along with certain of its subsidiaries (the “Company”), today announced that substantially all of its assets and operations have been acquired under section 363 of the U.S. Bankruptcy Code by certain credit investment funds managed by and affiliated with New Mountain Capital, LLC (“New Mountain”). The sale transaction was previously approved by the U.S. Bankruptcy Court for the Southern District of Texas.
The sale was supported by the Company’s current DIP lenders, who provided incremental financing to strengthen the Company during the transition and provide additional growth capital. The buyer, New Benevis Holdco, Inc. (“Benevis”) will continue to provide its industry leading, non-clinical business support services to dental practices across the country.
“The acquisition by New Mountain’s credit funds is a significant milestone,” said Scott Hornbuckle, Chief Financial Officer. “New Mountain is a leading healthcare investor with extensive experience building businesses, which will enable us to transform Benevis into a stronger company. We now have an improved financial position as we continue on our mission to help dentists provide the highest-quality services and care to millions of patients each year.”
“We want to thank our team members and dental partners for their unwavering commitment to providing expert patient care and our business affiliates and lenders for their firm confidence in our business throughout this process,” continued Mr. Hornbuckle.
Dr. Dale Mayfield, Chief Clinical Officer of Benevis, added, “Benevis continues to focus on the health and safety of its team members, dentists and patients with enhanced safety protocols and increased orthodontic teledentistry consultation options. We have emerged from this process stronger than ever and continue to position Benevis for long-term success.”
The Company is represented by Jackson Walker, and Conway Mackenzie and Lincoln International LLC are serving as financial advisors. New Mountain was advised by Proskauer Rose LLP.
About Benevis
Benevis is a comprehensive dental practice support services company focused on improving access to dentistry by providing the highest quality non-clinical practice support services to some of the nation’s leading dental practices.
Benevis affiliates with top dentists throughout the country by providing support services that help dentists better manage and grow their practices and allow dentists to focus on providing high-quality care to their patients.
About New Mountain Capital
New Mountain Capital manages private equity, public equity, credit and net lease capital with aggregate assets under management totaling more than $25 billion. New Mountain has raised over $30 billion of committed capital across private equity, credit, net lease and public equity investment strategies. For more information, please visit www.newmountaincapital.com.
Contacts
Whit Clay
Sloane & Company
M: 917-601-6012
wclay@sloanepr.com
