American Dental Partners Announces Affiliation With Christie Dental
16 November 2009 - 3:29PM
Marketwired
American Dental Partners, Inc. (NASDAQ: ADPI) announced today that
it has entered into an agreement to acquire certain non-clinical
assets of Christie Dental Practice Group, P.L. and Christie Dental
Partners, Inc. (collectively, "Christie Dental") and enter into a
40-year service agreement with Christie Dental Practice Group, P.L.
The closing of the acquisition is expected to occur on or about
December 1, 2009, at which time the service agreement will become
effective. Christie Dental will be American Dental Partners' first
affiliation with a dental group practice in the state of Florida.
Christie Dental is a multi-specialty dental group that generates
approximately $25 million in patient revenue annually. Through a
combination of organic growth and strategic acquisitions, Christie
Dental has grown from a single location in Merritt Island, Florida
in 1997 to 55 dentists and 26 locations in 2009, with significant
concentrations in the Melbourne, Ocala and Orlando markets.
Christie Dental offers individuals and families a full range of
dental care, including general dentistry, hygiene and specialty
care, such as pedodontics, oral surgery, endodontics, orthodontics
and periodontics.
"We are excited that Christie Dental has chosen to affiliate
with American Dental Partners. Christie Dental has a proven track
record of strong growth in attractive markets," said Gregory A.
Serrao, Chief Executive Officer of American Dental Partners.
"Together, we intend to build upon Christie Dental's
well-recognized brand and reputation for high quality care."
"An affiliation with American Dental Partners represents an
excellent opportunity for Christie Dental. Our business values and
cultures are well-aligned," said Dr. Todd E. Christie, founder and
Chief Executive Officer of Christie Dental Partners and an owner of
Christie Dental Practice Group. "Based on our knowledge of American
Dental Partners' demonstrated commitment to its affiliated
practices, we are excited about the future growth potential for our
dental practice that this affiliation brings."
Cobblestone | Harris Williams (www.cobblestonehw.com), a
specialty group of Harris Williams & Co., acted as the
exclusive advisor to Christie Dental.
American Dental Partners is one of the nation's leading business
partners to dental group practices. The Company is affiliated with
26 dental group practices that have 241 dental facilities with
approximately 2,123 operatories located in 18 states.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively affect the
matters herein described, including but not limited to the
Company's risks associated with overall or regional economic
conditions, dependence upon affiliated dental practices, contracts
its affiliated practices have with third-party payors, government
regulation of the dental industry, impact of health care reform,
dependence upon service agreements and the impact of any
terminations or potential terminations of such contracts, business
interruptions, the outcome of pending litigation and the Company's
acquisition and affiliation strategy, which are detailed from time
to time in the "Risk Factors" section of the Company's filings with
the Securities and Exchange Commission, including the annual report
on Form 10-K for the year ended December 31, 2008 and quarterly
reports on Form 10-Q.
Contacts: Gregory A. Serrao Chairman, President and Chief
Executive Officer 781-224-0880 Breht T. Feigh Executive Vice
President, Chief Financial Officer and Treasurer 781-224-0880
American Dental Partners, Inc. 401 Edgewater Place, Suite 430
Wakefield, MA 01880 Phone: 781/224-0880 Fax: 781/224-4216
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