Heartland Dental Care, a dental practice management company, is seeking a buyer and has hired investment banks Jefferies and Moelis to find one, according to a Reuters news article.
The sale could fetch as much as $1.4 billion, according to two anonymous sources close to the matter, the story noted.
Heartland Dental has about $120 million in annual earnings before interest, tax, depreciation, and amortization (EBITDA) and could be sold for 10 to 12 times EBITDA, the sources told Reuters.
The auction is early in the second round, and final bids are expected in about a month.
Heartland manages more than 350 affiliated dental practices in 19 U.S. states, providing dentists with administrative services such as personnel staffing, purchasing, and financial, marketing, and technology support.
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