Smile Brands Group Inc., an Irvine dental services company that withdrew plans for a public offering earlier this year, is getting a new majority owner.
New York-based Welsh, Carson, Anderson & Stowe, a private equity firm, has agreed to purchase a majority interest in Smile Brands from Freeman, Spogli & Co., a Los Angeles private equity investor.
Freeman Spogli, which owned about 73% of Smile, said it would retain a minority stake in the company. The deal’s expected to close in December.
Smile provides various support services for more than 1,100 dentists and hygienists who practice in about 325 offices nationally.
The company, which has yearly revenue of about $455 million, was slated to go public this year. It dropped that plan at the end of May, citing “general market conditions.”
Smile’s offering was set to raise $130 million.
