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Aspen Dental Management (TAG - The Aspen Group)

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Dental — Ares / Leonard Green / American Securities

Deal Terms

Entry Year2017
Entry EV$1.5B
Entry Multiple10x
Leverage6.7x
Debt Amount$1.135B

Risk Metrics

LTV (est.)76%
Debt / EV0.76x

Notes

Aspen Dental parent TAG expanded beyond dental into ClearChoice (implant centers), WellNow urgent care, and Chapter aesthetic medicine. $4B+ combined revenue. Class-action over unnecessary tooth extractions. $18.5M data breach settlement. Active FTC investigation. The PE dental model's dark side: when production quotas override clinical judgment, patients suffer. Healthy teeth extracted for revenue.

Sponsor

Ares Management$622.5B AUM