Houlihan Lokey Advises Smile Doctors

Houlihan Lokey is pleased to announce that Smile Doctors, LLC, a portfolio company of Linden Capital Partners (Linden), has received a strategic investment from Thomas H. Lee Partners (THL). This transaction closed on December 24, 2021.

Based in Georgetown, Texas, Smile Doctors is the largest orthodontics-focused dental support organization in the U.S. The company’s mission is to create confident smiles that inspire the best in their patients, each other, and the communities they serve. With 295 convenient locations across 25 states, Smile Doctors has the fastest-growing network of award-winning orthodontists nationally.

Founded in 2004 and based in Chicago, Linden is one of the largest private equity firms focused exclusively on the healthcare industry. Linden’s strategy is based on three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) a differentiated human capital program. Linden invests in middle-market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing more than 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception.

THL is a premier private equity firm investing in middle-market growth companies exclusively in three sectors: healthcare, financial services, and technology and business solutions. THL couples deep sector expertise through an Identified Sector Opportunity process with dedicated internal operating resources from its Strategic Resource Group to transform and build great companies of lasting value in partnership with management. Since 1974, THL has raised over $30 billion of equity capital, invested in more than 160 companies, and completed over 500 add-on acquisitions representing an aggregate enterprise value at acquisition of more than $210 billion.

Houlihan Lokey is a leading advisor in the dental sector, having advised on 50 transactions, including 10 transactions in 2021. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2020, the group closed 22 transactions and was ranked the No. 1 advisor for U.S. healthcare M&A transactions under $1 billion by Refinitiv.

Houlihan Lokey served as the financial advisor to Smile Doctors.