FOR IMMEDIATE RELEASE
January 26, 2017
Richmond, VA – Transact Capital Partners is pleased to announce that Wood Lombardozzi, PC, a Richmond-based pediatric dental group, was acquired by Michigan-based Spring & Sprout Support Services LLC, a portfolio company owned by Huron Capital. Transact Capital Partners served as the exclusive financial advisor to Wood Lombardozzi. Steve Zacharias managed the transaction for Transact Capital.
Dr. Roger Wood founded the practice in 1978 and Dr. Nick Lombardozzi joined the ownership group in 1992. The Practice has developed a stellar reputation over the last 38 years for delivering comprehensive dental care to pediatric, adolescent, and special needs patients throughout the Richmond Metro area. Located in Midlothian VA and employing more than 35 people, numerous awards and recognitions have solidified its reputation as “the best provider of pediatric dental care” in the Richmond area.
According to Dr. Wood: “Transact Capital approached us in the spring and presented the opportunity to take advantage of the strong demand for pediatric dental practices and monetize the equity and goodwill that Nick and I had built up in the company over the last two decades. Once engaged, Transact researched the market to single out Spring & Sprout as a strong buyer with the right cultural fit and platform for us to continue building our practice going forward.” Dr. Lombardozzi added: “Steve and his team did a great job guiding us through the entire process and our financial and personal goals were met in every way .”
Steve Zacharias of Transact Capital said: “The market is extremely strong and owners of pediatric dental practices are enjoying large price premiums to ‘take money off the table’ and at the same time continue to earn full compensation for their services going forward. This ‘created wealth’ effect results from the synergies and efficiencies that the centralized back office brings to a local practice, along with making investments in technology, marketing and best practices. The doctors are then allowed to do what they do best, leaving administrative issues and headaches to administrative management.”
Spring & Sprout, owned by Huron Capital, is a dental support organization formed to provide practice support services to dental specialists in Pediatric Dentistry and Orthodontics. With offices in Michigan, Ohio, Pennsylvania, Tennessee, and Texas, this acquisition is the first geographic expansion into the state of Virginia for Spring & Sprout. Founded in 2014, Spring & Sprout has completed 11 affiliations; five of which were added in 2016.
Mick Janness who led the transaction for Spring & Sprout commented: “We are very excited about entering the Virginia market and look forward to expanding in that region. Having Transact Capital on the other side of this transaction helped moved it along very quickly and efficiently once we won the bid process.”
Transact Capital Partners is a full-service mergers and acquisitions advisory, business brokerage, and valuation firm headquartered in Richmond, VA, with offices in Roanoke and Tidewater, VA, Lexington, KY, and Orlando, FL. Transact focuses on the needs of privately held companies in the lower middle market with enterprise values under $100 million. With extensive experience in owning, running, and investing in private companies or divisions of public companies, the firm’s principals are able to assist many business owners exit their companies or explore other opportunities. Securities and investment banking transactions are offered through Transact Capital Securities, LLC. Member FINRA and SIPC.
To learn more about this transaction, or Transact Capital Partners, please contact Steve Zacharias at 804-612-7102 (Steve@TransactCapital.com). Additional information about Transact Capital Partners can be found at www.TransactCapital.com.