CHARLOTTE, N.C., May 25, 2021
TUSK Partners acted as exclusive financial advisor to Bethlehem, PA-based Spark Orthodontics on its recapitalization and growth capital led by Rock Mountain Capital. Spark Orthodontics is a leading multi-location Ortho group in Pennsylvania, with 10 clinic locations across the state. The transaction, which closed April 19, 2021, will support continued growth and future acquisitions as the company expands into new markets.
“TUSK did a remarkable job for me every step of the way. They worked tirelessly to understand my business and my vision for the future of Spark. TUSK’s knowledge of the orthodontic space was particularly valuable in educating financial investors on that side of the business and the interplay between orthodontic care and oral surgery needs. They leveraged their deep knowledge of buyers in the space and their deal-making expertise to aid us in getting a deal closed in a tough environment – coming out of COVID. TUSK delivered both strategic and financial buyers that allowed me to explore different pathways. Ultimately, I decided to partner with Rock Mountain Capital and could not be happier with the result,” said Jason Hartman, CEO of Spark Orthodontics.
“TUSK has been working on a large number of specialty transactions this year and we especially love working in the orthodontic specialty. It is rare to work with someone like Dr. Jason Hartman who has both passion for the clinical care and patient experience and the ability to balance those passions with profitability and a commitment to growth and scale. We are elated to have helped form a new PE-backed DSO in the dental economy. Dr. Hartman, and his partners at Rock Mountain Capital are well on their way to creating the new preeminent group in the specialty space,” said Kevin Cumbus, Managing Director of Mergers and Acquisitions and President at TUSK Partners. “This is the sixth orthodontic group we have represented recently with more opportunities in our pipeline. As a result, orthodontics is an area of focus and expertise in our firm. Spark Orthodontics is an impressive group with performance well above industry standards led by Dr. Hartman’s keen strategy for growth in the future. Spark’s new partnership with Rock Mountain Capital will enable the company to move forward in its growth strategy with speed and certainty.”
Although Rock Mountain Capital is a new investor in dental, they have a long track record of successful investments in owner-operated business and in multi-site consumer and healthcare roll-up platforms. David Scharf, Managing Director of Rock Mountain Capital added, “Dr. Hartman has demonstrated significant leadership and expertise in the field of orthodontics and we look forward to working together to support Spark’s growth strategy.”
The transaction was led by Kevin Cumbus, Ryan Mingus, Alex Cherniavsky, and George May at TUSK Partners. Virgil Ochoa of Dykema LLP served as legal counsel to Spark Orthodontics. Financial terms of the transaction were not disclosed.
About Spark Orthodontics
Spark Orthodontics was founded in 2010 by Dr. Jason M. Hartman, D.M.D., M.S. With 10 locations in Pennsylvania, the practice is known for its innovative office designs and is widely recognized as a leader in orthodontics. Dr. Hartman received a Bachelor’s degree from Muhlenberg College, Magna Cum Laude; a D.M.D. from the University of Pennsylvania School of Dental Medicine; and an M.S. from the Columbia University College of Dental Medicine. He was named a Certified Diplomate of the American Board of Orthodontics, a degree of recognized excellence. In 2012 Dr. Hartman was named One of America’s “Top 40 Dentists Under Age 40″ by Incisal Edge Magazine. Spark Orthodontics has locations in Reading, Camp Hill, Harrisburg, Bethlehem, Schnecksville, Pottsville, Lancaster, York, West Hazleton and Danville, Pa. For more information, visit https://sparkorthodontics.com.
About Rock Mountain Capital
Rock Mountain Capital is a private equity firm founded by industry veteran David Stonehill, who brings over 20 years of experience investing in and growing middle market companies. Rock Mountain focuses on working with entrepreneurs and management teams in the consumer goods & services, technology, media & telecom (TMT), and consumer-facing healthcare services sectors to accelerate organizational development, execute on organic growth opportunities and pursue strategic M&A and roll up/consolidation strategies. For more information, visit https://rockmountaincapital.com/.
About TUSK Partners
TUSK Partners (“TUSK”) provides M&A Advisory services in the dental industry. TUSK has completed over $500M of transactions across all specialties. With an in-depth understanding of the marketplace and access to 100’s of buyers nationwide, we help our clients confidently pursue M&A transactions that maximize their long-term value. With our significant
collective experience of over 40+ years of dental practice transaction, we offer our clients solutions that help them to achieve their strategic and financial objectives. For more information, visit https://tusk-partners.com.