TJC to bring Dental365 to potential buyers, sources say; Apax sells residential warranties company OnCourse to Genstar
Good morning, Hubsters. Senior reporter Michael Schoeck here with the US edition of the Wire from New York.
We’ve got an exclusive story from healthcare reporter John R Fischer. On Wednesday, John was first to report that TJC will be launching a sale process for a dental services company active in eight states.
Speaking of companies for sale, next we’ll give you my weekly update on companies coming to market, as told by confidential sources. Today we’ve got two exits to highlight involving Apax Partners and Baird Capital portfolio companies. Stay tuned below as I’ve got fresh comments from Apax about its exit, including return metrics.
But first we’ll dig right into a dental services company coming to market.
Pearly white smiles
TJC is expected to launch a sales process for 2021 portfolio company Dental365, a dental service organization, in the next six to 12 months, three sources briefed on the matter told PE Hub.
The New York-based PE firm, formerly known as The Jordan Company, has retained Harris Williams as sellside advisor for Dental365, according to the sources. The company could fetch a valuation based on $75 million-$100 million of EBITDA generated over the last year, said two of the sources. The median EV/EBITDA multiple for mature B2C healthcare companies over the last 12 months is 15.7x, according to SIPA privateMetrics, part of PEI Group.
Founded in 2014, Dental365 is based in New Hyde Park, New York, and is the flagship brand of Premier Care Dental Management. Dental365’s network of specialty and branded general practices offers general dental care, cosmetic treatments, oral surgery and emergency services across New York, Connecticut, New Jersey, Pennsylvania, Ohio, New Hampshire, Massachusetts and Rhode Island.
TJC acquired the company in 2021 from Regal Healthcare Capital Partners. The company was valued at approximately $440 million and marketed at approximately $30 million of EBITDA, sources at the time told PE Hub. Regal HCP became a minority shareholder when the deal closed, along with existing management.
Under TJC’s ownership, Dental365 has pursued dozens of add-ons that have expanded it into five states and from nearly 70 to more than 160 practices. In 2021, it acquired Beacon Dental Health, expanding into Massachusetts and Rhode Island. In 2023, it entered New Hampshire via the add-on of Dental Designs of New England, and into Pennsylvania via six practice add-ons. It entered Ohio in 2025 when it acquired another six practices and set up a de novo endodontic practice.
More recently, the company expanded its footprint in Massachusetts with the acquisition of Brookline Smile Artists in July.
TJC and Harris Williams did not respond to requests for comment.
Companies for sale
While deal news tends to slow in August, the rate of companies testing the market remains robust as we look at potential exits in H2. So far this year I’ve been briefed by confidential sources on 190 companies coming to the market, compared with 79 at this time last year.
We’ve seen 45 deal announcements emerge for companies tracked or reported by PE Hub for sale in 2026, compared with 33 at this time last year. Hopefully, that increased margin should create more momentum for H2 deal announcements.
This week we saw two deals emerge for companies I reported as for sale this year:
On Wednesday, Apax Partners agreed to sell OnCourse Home Solutions, a residential warranties and repair claims company, to Genstar. The enterprise value was $3.1 billion and gave Apax a gross of MOIC of approximately 3.1x, a source familiar with the matter told PE Hub.
In June, PE Hub exclusively reported that the seller had enlisted Goldman Sachs and Jefferies to advise the $200 million EBITDA company, which was soon to be put in the market, according to confidential sources.
PE Hub connected with Apax partners Ashish Karandikar and Nedu Ottih to learn more about the exit.
In late 2021, Apax carved out the Homeowner Services Group business from American Water Works for $1.2 billion. “At that time, the business was essentially an orphan asset that was under managed and growth- and capital-constrained and facing the complexity of a carve-out,” Karandikar said. Apax rebranded the company OnCourse in late 2023.
Over the near five-year hold, Apax grew the OnCourse platform organically by recruiting a growth-focused management team, and investing in claims and customer service, resulting in double-digit organic growth “on the back of strong volume growth,” Ottih told PE Hub.
Strategic add-ons were a big priority for the warranties business, as Apax grew the company’s utility exposure. In 2024, the PE firm closed the transformational acquisition of utility Consumers Energy’s appliance service plan group. Ottih recalled the deal provided cross-selling opportunities in the utility and municipality market.
“In short, Apax funds sponsored a good-to-great journey leveraging our carve-out experience and industry insights in insurance and residential services,” Karandikar said.
Also on Wednesday, Baird Capital announced an agreement to sell Cleanwater1, a wastewater chemicals and solids management company, to Veralto in a $465 million transaction.
The deal values Cleanwater1 at 17x the company’s last 12 months adjusted EBITDA to June 30.
In early May, PE Hub exclusively reported that Baird was at the early stages of a sale process for Cleanwater1. Based on $40 million of recent year EBITDA, the company could fetch a 15x-17x EBITDA multiple in a sale, sources told me at the time.
Got tips on companies coming up for sale? Shoot me a note at michael.s@pei.group to touch base on background.
That’s a wrap for me. Tomorrow, Nina Lindholm will be with you for the Europe Wire, and John R Fischer will be back with you for the US Wire.
Cheers,
Michael
