Houlihan Lokey Advises Kaltroco

Houlihan Lokey is pleased to announce that Kaltroco, a family-owned investment company, has acquired Smile America Partners. Houlihan Lokey served as financial advisor to Kaltroco.

Founded in 1997 with headquarters in Farmington Hills, Michigan, and additional administrative offices in Arizona, Smile America Partners is the world’s leading dental service organization (DSO) specializing in portable and mobile dentistry. Its mission is to bring smiles and good oral health where it is needed. Working with dental practice partners, it provides care for more than 370,000 underserved children annually at more than 8,000 schools in 20 states.

Kaltroco is a private investment company headquartered in Jersey, Channel Islands, with investment professionals in Nashville, Zurich, and Cape Town. Kaltroco partners with founders and management teams to pursue ambitious growth objectives. As a family-backed investment company with no outside investors and no restrictions on structure or hold period, Kaltroco has the flexibility to invest on the timeline that best fits its portfolio companies’ needs and its partner management teams’ objectives. Since its founding, Kaltroco has invested in more than 30 companies globally, with a focus on the healthcare services, business services, and consumer industries.

This transaction further highlights Houlihan Lokey’s leadership in healthcare services and oral health. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2025, the group closed 45 transactions and was ranked by LSEG as the No. 1 advisor for all global healthcare M&A transactions.*

*Excludes accounting firms and brokers.

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