Park Dental Partners (PARK) Registration Filing summary

Company overview and business model

• Operates as a dental resource organization providing administrative and business support to affiliated dental practices in Minnesota and Wisconsin, supporting over 200 dentists across 85 locations under long-term agreements.

• Affiliated practices offer general and specialty dental services, with a focus on patient-centered care and a governance model granting dentists significant input, including board appointments.

• Revenue is primarily derived from dental services, with 92–93% of revenues from patients with private or government insurance plans; the business model emphasizes recurring patient visits and organic and inorganic growth through acquisitions and de novo practices.

• Administrative Resource Agreements ensure compliance with state laws, provide for a management fee (15–18% of net collections, increasing 5% annually), and include cost reimbursement, restrictive covenants, and transfer restrictions on practice ownership.

Financial performance and metrics

• Revenue for the six months ended June 30, 2025, was $122.0M (up 3.8% YoY); full-year 2024 revenue was $229.8M (up 2.8% YoY).

• Adjusted EBITDA for the six months ended June 30, 2025, was $13.0M (10.7% margin); for 2024, Adjusted EBITDA was $19.4M (8.4% margin).

• Adjusted Gross Margin for the six months ended June 30, 2025, was $26.0M (21.3% margin); for 2024, $44.0M (19.2% margin).

• Net income for the six months ended June 30, 2025, was $4.1M; for 2024, $4.4M; cash flow from operations was $9.2M for the first half of 2025.

• Same Practice Revenue growth was 3.6% for the first half of 2025 and 1.6% for 2024; patient retention rates remain high at 89–90%.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, including working capital, organic and inorganic growth (acquisitions and de novo practices), and potential repayment/refinancing of outstanding debt.

• Management will have broad discretion in allocating proceeds; no specific acquisitions or debt repayments are committed as of the filing.