Mortenson Dental Partners Raises $12 Million in Equity Offering

Louisville, Kentucky (June 1, 2021) — Mortenson Dental Partners (MDP) announced today that it has completed the private placement of $12 million from the sale of its common stock. The equity raise, available only to MDP doctors and team members, as well as its Employee Stock Ownership Plan (ESOP), adds 30 new investors. Because MDP is a 100% doctor- and employee-owned organization, external investors, including private equity and/or institutional investors, were not eligible for the equity offering.

Bill Becknell, Chief Executive Officer, commented, “We are thrilled by the response, support and trust of our team members in the equity raise. I would like to personally thank each participant and welcome the 26 new doctors and four new team member owners, who carry on the deep Mortenson tradition of doctor and employee ownership and exceptional patient care. Further, the participation of our ESOP in the equity raise through the confidence and diligence of our ESOP Trustee, TI-Trust, provides expanded ownership for all our ESOP employees.”

As one of the largest groups of employee-owned dental practices in the country, MDP has no private equity or institutional investors. Doctors and certain nonclinical team members who have made direct capital investments own a majority stake of Mortenson Family Dental Holdings, Inc. d/b/a Mortenson Dental Partners. The remainder is held by MDP’s ESOP, in which team members are automatically enrolled with no action or payment required. MDP makes annual contributions to the ESOP on behalf of the active employees, providing expanded benefits.

Becknell continued, “Doctor and team member ownership — and the ownership mentality that comes with it — is fundamental to who we are as an organization. With this structure, all team members personally contribute to a high-quality experience for each patient while also sharing in the success of the company.” 

“We are thrilled to have exceeded our $10 million offering expectations through a 20 percent oversubscription and with participation from 51 investors, at an average investment of $235,000,” shared Tim Hoagland, Director of Financial Planning & Analysis and Shareholder Relations. 

“The proceeds from the equity raise will be used primarily to pay down debt, while strengthening our balance sheet and providing new ownership opportunities for our doctors. We are extremely pleased with the support from our bank group,” Jeff Reibel, MDP’s Chief Financial Officer, explained. “The credit facility provides access to capital to fuel our continued investment in organic and acquired growth in the future. With a net promoter score of 94 and Google star ratings exceeding 4.8, MDP is continually focused on providing high-quality dental experiences to our patients while also expanding the number of communities we serve.”

Funds generated in the equity raise increase access to capital under the company’s recently expanded $90 million revolving credit facility, in which Fifth Third Bank, National Association acted as Joint Lead Arranger, Joint Book Runner and Administrative Agent; JPMorgan Chase Bank, N.A. as Joint Lead Arranger, Joint Book Runner and Syndication Agent; and Truist Bank as Documentation Agent. The credit facility matures in October 2025 and may be used for general corporate purposes, including acquisitions. It also contains an accordion feature to increase total commitments to $130 million. 

MDP continues to grow in each of the nine states in which it operates and is looking for passionate, care-focused team members. Those looking to learn more about the benefits of joining MDP can click here. More information about Mortenson Dental Partners can be found at


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including statements related to the expected use of the net proceeds from the completed private placement. These forward-looking statements are based on current plans, expectations,  projections, forecasts and assumptions about future events that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “could,” “would,” “estimate,” “project,” “forecast,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “target,” or similar terms, variations of those terms or the negative of those terms. While forward-looking statements reflect good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and the Company undertakes no obligation to update or revise its forward-looking statements, except as required by law. The forward-looking statements in this news release are based on a variety of assumptions that may not be realized and that are subject to significant risks and uncertainties. 

About Mortenson Dental Partners

Mortenson Dental Partners is one of the largest groups of doctor and employee-owned dental practices in the United States. Beginning as a single practice in 1979, MDP has grown to 140 offices across nine states and welcomes nearly one million patient visits each year. With services ranging from general and pediatric dentistry to orthodontics and oral surgery, Mortenson Dental Partners believes in offering high-quality dental care as part of its mission to improve the lives of others by living our values every day.