Dallas-based MB2 Dental is wrapping up a year filled with extensive growth and is gearing up for even more success in 2025.
The dental partnership organization expanded its network into five states this year, hitting 700 offices in 44 states. The company also underwent its third recapitalization in seven years, with Warburg Pincus investing $525 million into the DPO in November.
Jeff Cellucci, the chief strategy officer at MB2 Dental, spoke with Becker's to discuss what's next for the company after its eventful year.
Editor's note: Responses were lightly edited for length and clarity.
Question: What are you most proud of when it comes to MB2 Dental's growth this year?
Jeff Cellucci: I’m incredibly proud of how MB2 has continued to stay true to our mission while achieving unprecedented growth. This year, we’ve expanded into new states, added exceptional partners and scaled our infrastructure — all while maintaining the scrappy mentality that drives our success. We stay close to our doctor partners and team members, listening to their feedback to ensure their voices guide our decisions.
I’m especially proud that we’re continuing this journey with the same core team that has brought us here. It’s inspiring to see the consistency of our leadership team over three recap events, which speaks to our shared commitment. We’re in it for the long haul, with our loyalties firmly with our doctors, the company and each other.
Q: What is next for the company after its recent recapitalization event?
JC: We just completed our third recapitalization event in a span of seven years. Our partnership with Warburg Pincus along with the continued investment from Charlesbank Capital Partners gives us the resources to expand while empowering our doctor partners to thrive and grow. Looking forward, we plan to continue investing in technology and infrastructure to support both current and future doctor partners. This event is another vote of confidence in our business model, and we’re excited to use it to drive value for our partners.
Q: MB2 Dental expanded its network into several new states this year. Will the company aim to enter any other new states next year?
JC: Yes, we’re excited to share that we have new states in our pipeline, with more announcements in the coming months. While we’re proud to already partner with doctors in 44 states, we’re not focused on hitting all 50. Instead, we’re running our own race, staying disciplined in our approach and prioritizing partnerships with the best dentists and practices in the country — wherever they may be. It’s not about simply expanding our footprint; it’s about aligning with doctor partners who share our vision and values.
Q: Is there any particular market where MB2 Dental is most interested in expanding? If so, why?
JC: We are focused on building out more density in many of [our] existing key markets across the country. As the largest multispecialty dental group in the U.S., we have the unique ability to continue expanding both our general and specialty networks in these areas. By leveraging our robust referral network, we can strengthen collaboration between practices, which ultimately leads to better patient care. This approach aligns with our mission to empower dentists and support their success while delivering exceptional outcomes for patients.
Q: What other goals does the company have planned for next year?
JC: We recently launched MB2U, our internal education program designed to support associate doctors transitioning into practice ownership. This program equips new owner doctors with essential tools to analyze their business, access to MB2 HQ Central Support resources, and benefits from a curriculum taught by experienced doctor owners.
MB2U includes a quarterly event that leverages MB2’s platform to foster peer connections while utilizing operational support to help doctors achieve their unique professional and practice goals. Through this program, participants experience MB2’s core value proposition: maintaining control of their practice while benefiting from the financial outcomes and operational support of a larger organization.
Q: What changes do you anticipate for the overall DSO field in 2025? Also, are there any trends you expect to continue?
JC: With the slowdown of DSO recapitalization events over the past year, we’re optimistic that our recent recap could help create momentum for more DSOs to transact in the years ahead. We expect continued consolidation, with smaller groups exploring strategic acquisitions by larger organizations, especially if private equity buyers are less active and acquisition multiples continue to decline.
At the same time, we think it’s great to see more groups adopting joint-venture models that foster shared ownership and alignment with doctors. This approach benefits both doctors and their practices, creating long-term value and stronger collaboration. As the field continues to evolve, these trends reinforce the importance of disciplined growth and a commitment to putting doctors at the center — principles that have always been core to MB2 Dental’s philosophy.
Q: What will be the biggest challenge for DSOs in 2025?
JC: The biggest challenge for DSOs in 2025 will likely be balancing scalability with personalized care and partner satisfaction. As the field grows more competitive, maintaining a dentist-first approach while meeting the demand for operational efficiency will be crucial. Those who can add value to their practices by prioritizing trust and alignment with dentists’ values will ultimately succeed.