BUYER POOL ANALYSIS
Selling a dental practice to Individual / Owner-Operator buyers
Owner-operators, SBA-financed independent buyers, and smaller management buyouts. Pricing reflects what an individual can finance (typically 10-25% down + SBA 7(a)) and operate hands-on. Below typical PE engagement size.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 12.5x across 14 disclosed deals (P25: 10.38x, P75: 15.1x). Median EV/Revenue 2.3x across 6 deals. Median deal value: $412.5M.
- How many disclosed transactions?
- 15 deals total (15 from 2018+), filtered to Individual / Owner-Operator acquirers of dental practice businesses.
- Most active buyers
- Ontario Teachers' Pension Plan (1) · Peak Rock Capital (1) · HGGC (1) · Norwest (1) · Lindsay Goldberg (1) · Cathay Capital (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of dental practice businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Donte Group | Ontario Teachers' Pension Plan | $1166.6M | 12.5x | 2.60x |
| 2024 | HuFriedyGroup | Peak Rock Capital | $787.5M | 8.5x | 1.90x |
| 2023 | Dentive | HGGC | $340.0M | 11.3x | — |
| 2023 | General & Specialty Services Practice | Undisclosed | $4.0M | 7.1x | — |
| 2023 | HighFive Healthcare | Norwest | $412.5M | 15.0x | — |
| 2023 | Lightwave Dental | Lindsay Goldberg | $439.0M | 13.5x | 2.00x |
What this buyer pool prices for
Individual buyers — owner-operators, SBA-financed independents, smaller management buyouts — price for what they can finance (typically 10-25% down with SBA 7(a) loans up to $5M deal value) and operate hands-on. Multiples are below PE / strategic because the buyer is taking the owner-operator role, not stepping in as institutional capital. Owner-dependency and seasonality matter more here than to a PE buyer.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to dental practice businesses acquired by individual / owner-operator buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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