The Beekman Group Announces the Sale of Riccobene Family Dentistry, a Leading Dental Service Organization in the Southeast Region

NEW YORK--(BUSINESS WIRE)--The Beekman Group (“Beekman”) announced that an affiliate of Beekman Investment Partners III (“Beekman”) completed the sale of BAF Management Services, LLC and affiliated companies d/b/a Riccobene Associates Family Dentistry (collectively, “Riccobene” or the “Company”), one of the largest dental service organizations in the Southeast Region with over 60 locations in North Carolina, South Carolina, and Virginia.

Beekman partnered with Dr. Michael Riccobene, DDS in February 2018 to form a dental service organization (“DSO”) to support Dr. Riccobene’s dental group operating under the name Riccobene Associates Family Dentistry, originally founded in 2000. Together with Beekman, Riccobene rapidly expanded from 15 locations in North Carolina to over 60 locations through acquisitions and de novo openings in North Carolina, South Carolina, and Virginia. Over its investment period, Beekman, in collaboration with Riccobene management, was instrumental in driving the recruitment of key executives and implementing systems and processes which enhanced patient care, accelerated clinic expansion, and improved practice-level performance.

Andrew Marolda, Managing Director of The Beekman Group said, "We are pleased to have partnered with Dr. Riccobene and his management team over the last six years. Riccobene has become a leading DSO in the Southeast region and has the potential to grow into one of the leading dental service companies in the country. We are thankful to Dr. Riccobene and the entire Riccobene management team and clinician leadership for building a leading DSO platform and wish Riccobene continued success with their new partners.”

Dr. Michael Riccobene, CEO of the Company, said “We’d like to thank The Beekman Group for their partnership and strategic direction these past years. Their experience in building leading dental and healthcare organizations and hands-on involvement proved invaluable to our team as we navigated through Covid and executed on a disciplined growth plan, expanding to over 60 practices, in multiple states, and growing our revenue and cash flow by nearly 5x, while maintaining the Riccobene Way of patient-first service and quality dentistry. We are excited to continue growing our footprint and providing quality patient care with our new partners, Comvest Private Equity.”

William Blair served as financial advisor to Riccobene in connection with the transaction. Holland & Knight and Akerman served as legal advisor to Riccobene and Beekman, respectively. Financial details of the transaction were not disclosed.

About Riccobene Associates Family Dentistry

Riccobene Associates Family Dentistry is a leading DSO platform facilitating high-quality general and multi-specialty dental services across North Carolina, Virginia and South Carolina. Through its state of the art facilities, best-in-class clinical teams, and patient-centric approach to care, Riccobene provides comprehensive and individualized care across its 60+ clinics. For more information, please visit www.brushandfloss.com.

About The Beekman Group

The Beekman Group is a private equity firm, based in New York City, focused on building industry-leading companies in the healthcare, consumer, and business services sectors. The firm partners with management teams who desire to be significant owners and create meaningful value by accelerating organic and acquisition growth initiatives. Beekman manages over $1 billion in assets and has completed over 200 transactions since inception. For more information, please visit www.thebeekmangroup.com.