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 across 85 locations in Minnesota and Wisconsin under long-term agreements with affiliated dental practices.

• Revenue is derived from management fees and cost reimbursements from affiliated practices, which provide general and specialty dental services; clinical decisions remain with the practices.

• 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 expanding in medium and large metropolitan areas.

• The business model leverages centralized infrastructure for administrative efficiency, cost savings, and scalability.

Financial performance and metrics

• Revenue for the six months ended June 30, 2025, was $122.0 million, up 3.8% from $117.5 million in the prior year period; full-year 2024 revenue was $229.8 million, up 2.8% from $223.5 million in 2023.

• Adjusted EBITDA for the six months ended June 30, 2025, was $13.0 million (10.7% margin), up 12.6% year-over-year; for 2024, Adjusted EBITDA was $19.4 million (8.4% margin).

• Net income for the six months ended June 30, 2025, was $4.1 million; for 2024, net income was $4.4 million.

• Same Practice Revenue growth was 3.6% for the six months ended June 30, 2025, and 1.6% for 2024.

• Patient retention rate was 89.7% for the six months ended June 30, 2025, and 89.2% for 2024.

Use of proceeds and capital allocation

• Net proceeds from the IPO (estimated at $18.1 million) will be used for organic and inorganic growth, including acquisitions, capital expenditures, working capital, and potential debt repayment.

• Management will have broad discretion in allocating proceeds, with no specific acquisitions or repayments committed as of the filing date.