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đź”´ PRIVATE EQUITY OWNED
Aspen Dental
dental · Chicago, IL
PE Firm
Leonard Green & Partners
Year Acquired
2018
“Free X-rays to get you in the door, production quotas to keep the drill spinning.”
The PE Playbook
- •PE owners Leonard Green, Ares, and American Securities extracted $1.1 billion+ in debt-funded dividends since 2012
- •Paid $1.7 million+ in settlements with attorneys general in PA, MA, NY, and IN for deceptive practices
- •Class-action alleges 'unlawful corporate practice of dentistry' by setting production goals and favoring lucrative procedures
- •Suffered a 2023 ransomware breach exposing data of nearly 600,000 patients; settled for $4.4 million
Since the Acquisition
- ▸Massachusetts won a $3.5 million settlement in 2023 over bait-and-switch tactics — advertised accepting all insurance but didn't take MassHealth, luring low-income patients who had to pay cash or take high-interest loans
- â–¸PBS Frontline investigation found the business model leads to overtreatment: a production-based bonus system incentivizes pushing expensive extractions, crowns, and dentures over basic cleanings
- â–¸Patients filed lawsuits alleging unlicensed dentists pulled teeth and that unnecessary extractions caused ongoing health problems
- â–¸PE firms extracted at least $1.1 billion in debt-funded dividends from Aspen Dental since 2012