Summary: Carestream Dental has secured $525 million in new funding to reduce debt, extend maturities, and invest in innovation. The company also launched the Oral Healthcare Innovation Hub to revolutionize oral healthcare.
Key Takeaways:
- Carestream Dental’s recapitalization supports debt reduction and further innovation in oral healthcare technology.
- The new funding positions the company for growth and market expansion through strategic investments and partnerships.
Carestream Dental Technology Parent Limited announced that it has secured new funding as part of a recapitalization effort to support the continued execution of its strategic innovation agenda.
Details of the Recapitalization Effort
Facilitated by raising more than $525 million of new capital, with General Atlantic Credit’s (GA Credit) Atlantic Park fund leading a six-year first lien term loan, the transaction establishes an equity partnership comprising GA Credit, Canyon Partners, and several others. Clayton, Dubilier & Rice will continue as a minority investor.
The proceeds from the transaction will aim to significantly reduce debt, meaningfully extend maturities, and provide ample flexibility for continued investment in tools and technology and support organic and inorganic strategic initiatives.
Company Overview and Recent Developments
Carestream Dental was formed in 2017 and has more than one million users across over 100 countries. Year to date, Carestream Dental has expanded its range of products and solutions, including the launch of a new cone beam computed tomography (CBCT) system and expanded its Sensei Cloud practice management software for specialty and enterprise customers; and formed several new partnerships to provide customers with a more integrated workflow experience.
“We are thrilled to partner with GA Credit, Canyon Partners, and our broader investor base as we work to build the future of oral healthcare,” said Lisa Ashby, chief executive officer of Carestream Dental. “This transaction significantly strengthens Carestream Dental’s financial position, providing a stronger platform for us to continue investing in our business and customers. We will continue to innovate with expanded partnerships; the application of AI across our solutions; and novel technology focused on the prevention, treatment, and management of oral healthcare. We are excited for our strong future ahead.”
Introduction of the Oral Healthcare Innovation Hub
In addition to the recapitalization, Carestream Dental has launched the Company’s Oral Healthcare Innovation Hub (OHIH), an innovation incubator focused on revolutionizing oral healthcare. OHIH will unveil Oral Healthcare Practice 2040 at the International Dental Show (IDS) in March 2025 in Cologne, Germany.
“Carestream Dental has a demonstrated track record of successfully delivering differentiated products and comprehensive solutions to its global customer base,” said Matthew Bonanno, managing director, GA Credit. “We believe this recapitalization positions Carestream Dental to take advantage of strong secular tailwinds in the global marketplace by continuing to invest in innovation and strategic partnerships. Further, we believe Carestream Dental is poised for meaningful growth across multiple markets as the standard of care continues to migrate to the digitally enabled dental market. We look forward to leveraging our healthcare and software expertise to support Lisa and the team in achieving the Company’s growth objectives.”
