Private equity firm American Securities is in the process of acquiring the Kool Smiles chain of dental clinics, according to Federal Trade Commission records.
New York-based American Securities offered about $700 million for the chain, which is owned by Friedman Fleischer & Lowe, according to a story in Businessweek.
Kool Smiles caters to children enrolled in Medicaid, a federal-state health insurance program for the poor, and other state health insurance plans, according to Friedman Fleischer's website. Some other potential buyers that looked at Kool Smiles were concerned that it was too reliant on Medicaid payments as governments face deficits, the story sated.
American Securities plans to expand Kool Smiles' main business of opening clinics in places where access to dentists and other medical services is limited, according to the story.
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