Heartland Dental

active

Dental — KKR

Deal Terms

Entry Year2018

Entry EV$2.8B

Entry Multiple12x

Leverage7.9x

Debt Amount$2.3B

Outcome

PIK ActiveYES

Risk Metrics

LTV (est.)82%

Debt / EV0.82x

Notes

Largest DSO: 1,800+ offices. Moody's called leverage 'very high.' $2.3B unitranche from Blue Owl/Ares/Oaktree at SOFR+600bps — traditional lenders wouldn't touch it.

Sponsor

KKR & Co.$638B AUM

Hot Potato History

2012→Ontario Teachers' Pension Plan($1B)

2018→KKR($2.8B)

Active — 7.9x levered. Unitranche financing from Blue Owl and Ares. Dental-roll-up model under pressure.