Los Angeles-based Varsity Healthcare Partners has invested in Colorado Springs, Colo.-based Peak Dental Services, reports The Gazette.
Varsity declined to say how much it invested, but the private equity investment firm's website says the company makes investments of $10 million to $60 million in healthcare providers, payers and service providers.
Peak Dental Services, started in 2008, owns or operates 35 practices with 65 dentists and 400 employees.
"Historically, we have acquired and started new practices and we plan to accelerate that with 12 to 15 practices a year," said A.J. Peak, CEO of Peak Dental Services. "The dental industry is consolidating much like other parts of the healthcare market. Our goal is to keep or accelerate the pace of our expansion. We could expand to 50 to 60 practices in Colorado, but we need to go out of state and are making lots of efforts to do so."
Varsity's investment is expected to finance acquisitions and new practices for five years or more, Mr. Peak told The Gazette.