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Charlesbank Capital Partners-backed dental network MB2 received $525 million from Warburg Pincus.

Why it matters: The investment values the business at more than $3.5 billion.

Zoom in: Charlesbank will continue its longstanding partnership along with Warburg. The recap offers liquidity options to the company's doctor partners.

How it works: The Dallas-based company has partnered with more than 700 general and specialty dental practices across 43 state since inception in 2007.

Follow the money: Specialty physician services dealmaking has been stirring over the last month.

Also today, Kian Capital Partners and RF Investment Partners, alongside Lakewood Healthcare Capital, invested in US VisionMed and will form US VisionMed Partners, an optometry management services organization.

Meanwhile, Cencora agreed to pay $4.6 billion to acquire Retina Consultants of America from Webster Equity Partners last week. On Tuesday, Cardinal Health paid $2.8 billion to buy a 71% stake in GI Alliance from Apollo Global Management.

Catch up quick: This marks MB2's third recapitalization in the past seven years.

Since Charlesbank's initial investment in 2021, MB2 has added over 450 new partnerships.

💭 Our thought bubble: While physician backed business haven't been an ideal target for sponsors lately, the dental space has less headline risk while remaining relatively fragmented, despite a long consolidation wave.

Warburg recaps MB2 Dental at $3.5B EV

The $525 million investment represents a enterprise value of the business at $3.5 billion

Illustration of a metal briefcase with teeth. 

Health tech deals

Charlesbank Capital Partners-backed dental network MB2 received $525 million from Warburg Pincus.Why it matters: The investment values the business at more than $3.5 billion.

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Warburg recaps MB2 Dental at $3.5B EV

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