Buyer profile

Heartland Dental

The largest DSO in the United States by supported office count. Heartland acquires established general practices and converts them to its centralized support model. Deals are typically structured with a meaningful equity component in the parent holding company rather than all cash at close.

Ownership and sponsor

KKR (majority), Ontario Teachers' Pension Plan (minority)

Approximate practice count

~1,700 supported offices

Geographic footprint

National, concentrated in the Midwest and Southeast

Reported structure

Figures below are publicly reported or submitted by dentists who received an offer. They are not a statement of company policy and terms vary by practice.

20% to 40%

KKR investment announcement, publicly reported · 2018-04

10% holdback

KKR investment announcement, publicly reported · 2018-04

Earnout common

KKR investment announcement, publicly reported · 2018-04

Post-close compensation is commonly reset to a percentage of adjusted production or collections, replacing owner distributions. Publicly reported ranges cluster near 30 percent of collections.

Comp reset pattern

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Anonymous by default. No name, no practice, no identifying detail is collected. Submissions are reviewed before they move any published range for Heartland Dental.

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Deal terms

Defaults reflect a typical mid-market DSO structure. Replace them with the numbers on your letter of intent.

Headline purchase price$

Annual collections$

Cash at close% of price

Rollover equity% of price

Holdback / escrow% of price

Holdback releasemonths

Earnout amount$

Earnout achievement odds50%

Current owner take-home$

Post-close comp rate% of coll.

Employment termyears

Discount rate%

Rollover exit at year 5

Real consideration, present value · Heartland Dental structure

$3,552,429

$648K below the headline · 15% gap

At 30% rollover you are financing 30% of your own buyout and getting paid for it in five years, if there is an exit.

The numbers above stay visible either way.