Smile Brands Switches PE Hands for Third Time, Welsh To Buy Stakes from Gryphon and CTRS

Private Equity really likes Smile Brands, which last week announced a sale to Welsh Carson. The deal, once it closes, will mark the third time a buyout shop has owned Smile Brands, which provides dental support services, facilities and equipment to dentists. Last week, Welsh Carson said it was buying a majority stake in Smile Brands from Freeman Spogli & Co. Financial terms weren't announced. Freeman Spogli bought Smile Brands from Gryphon Investors in 2005 for about $340 million. Gryphon, a San Francisco PE firm, acquired the company in 1998, when it was known as Bright Now! Dental. Welsh Carson is expected to close the Smile Brands buy in December.

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