Park Dental Partners (PARK) Registration Filing summary

Company overview and business model

• Operates as a dental resource organization providing business support services to over 200 dentists at 84 locations in Minnesota and Wisconsin under long-term agreements with affiliated practices.

• Revenue is primarily derived from management fees and cost reimbursements from affiliated dental practices, which are consolidated in financial statements due to variable interest entity status.

• The organization is majority-owned by dentists, who have significant governance rights, including appointing three directors to the board.

• Growth has been achieved through acquisitions (40 since 2014) and opening de novo practices (11 since 2014), with a focus on operational efficiency and patient-centered care.

Financial performance and metrics

• Revenue for the nine months ended September 30, 2025, was $183.3M, up 6% from $172.9M in the prior year period; full-year 2024 revenue was $229.8M, up 2.8% from $223.5M in 2023.

• Net income for the nine months ended September 30, 2025, was $5.4M, up 17% year-over-year; full-year 2024 net income was $4.4M.

• Adjusted EBITDA for the nine months ended September 30, 2025, was $18.3M (10.0% margin), up 17.5% year-over-year; full-year 2024 Adjusted EBITDA was $19.4M (8.4% margin).

• Same practice revenue growth was 5.8% for the nine months ended September 30, 2025, and 1.6% for full-year 2024.

• Cash at September 30, 2025, was $8.4M, with $12.5M in term debt and $2.2M in subordinated notes; unused line of credit was $15M.

Use of proceeds and capital allocation

• Net proceeds of approximately $18.1M (or $20.8M if over-allotment is exercised) are expected, assuming a $13.00/share IPO price.

• Proceeds will be used for organic and inorganic growth (acquisitions, de novo practices), working capital, general corporate purposes, and potential debt repayment.

• Management has broad discretion over allocation of proceeds; no specific acquisitions or repayments are committed as of the filing.