Latest / The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions
How Private Equity Is Buying Up Independent Dental Practices
Private equity has quietly consolidated the dental industry over the past decade. Today, Lucas and Luna examine how dental support organizations (DSOs) backed by PE firms now control roughly 15% of U.S. dental practices. They break down the economics of a typical roll-up: a PE firm acquires a regional DSO, then uses debt to buy individual dentist offices at 4-6x EBITDA, centralizes back-office functions, and pushes for higher-margin procedures. The hosts discuss the tension between efficiency gains and patient care, citing the departure of Heartland Dental's CEO in 2025 amid quality…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.