Welsh Carson makes $100m dental acquisition

The New York firm is expanding its portfolio company, GeoDigm, with the acquisition of National Dentex, a company that runs dental laboratories.

Welsh Carson Anderson & Stowe has acquired National Dentex, a dental laboratory company, for $100 million as a add-on to its dental platform GeoDigm.
 
The firm, based in New York, bought a minority stake in Minneapolis-based GeoDigm in February 2009, when it agreed to back $100 million in financing for acquisitions. Welsh, Carson invests in information/business services and healthcare sectors. GeoDigm makes electronic-modeling and other technology used by dental labs.
 
GeoDigm’s Dentex transaction, which is not subject to a financing condition, is expected to close by June 30, 2010. It could not be determined by press time whether there was any debt in this deal. 
 
National Dentex’s shareholders will receive $17.00 in cash for each share of National Dentex stock, according to a press release. 
 
Since its founding in 1979, Welsh, Carson has organised 15 limited partnerships with total capital of over $20 billion. The firm is currently investing an equity fund, Welsh, Carson, Anderson & Stowe XI, L.P., and WCAS Capital Partners IV, L.P., a dedicated subordinated debt fund.
Private Equity International named Welsh, Carson, Anderson & Stowe the “Mid-Market Firm of the Year” in North America for 2008. Welsh, Carson has invested in more than150 companies and funded over 650 follow-on acquisitions. Across all WCAS Partnerships, the current portfolio consists of 31 companies with combined revenues of approximately $27 billion and EBITDA of approximately $4 billion.