Houlihan Lokey Advises Cerberus Capital Management (2)

Houlihan Lokey is pleased to have advised an affiliate of Cerberus Capital Management, LP (Cerberus) on its successful acquisition of National Dentex Labs (NDX). Houlihan Lokey served as buyside financial advisor and exclusive placement agent of a credit facility to support the transaction, which closed on October 26, 2020.

Based in Palm Beach Gardens, Florida, NDX is the largest network of fully owned dental labs in the United States providing superior restorative dentistry solutions. The company offers a broad range of options for both independent dentists and dental support organizations (DSOs), meeting the demands of a rapidly changing marketplace and delivering best-in-class solutions to the patients they serve. The company is well-positioned to capitalize on strong market trends as new and larger DSOs and independent dentists seek lab partners that deliver best-in-class solutions and exceptional customer service at scale.

Cerberus is a global leader in alternative investing with more than $48 billion in assets across complementary credit, private equity, and real estate strategies. Since its founding in 1992, Cerberus has invested more than $15 billion of equity, acquiring controlling or substantial minority interests in more than 60 portfolio companies and completing more than 60 add-on acquisitions.

Houlihan Lokey's Healthcare Group served as buyside financial advisor to Cerberus, assisting in evaluating and negotiating the acquisition. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2019, Houlihan Lokey was ranked the No. 1 M&A advisor for all U.S. healthcare transactions by Refinitiv (formerly Thomson Reuters).

Houlihan Lokey’s Capital Markets Group served as exclusive placement agent to NDX, assisting the company in arranging, structuring, and negotiating the financing, which consisted of a revolver, term loan, and delayed draw term loan (DDTL). The proceeds were used to finance the acquisition of NDX as well as to pay transaction-related fees and expenses. The DDTL will be used to fund future add-on acquisitions. Houlihan Lokey’s Capital Markets Group is one of the largest providers of private capital solutions in the world, raising more than $10 billion across more than 55 transactions during 2019.