The Ontario Teachers' Pension Plan is reportedly nearing a deal to buy Heartland Dental Care for $1.3 billion.
Ontario Teachers, one of Canada's largest pension funds, beat out three private equity firms -- KKR & Co., Madison Dearborn Partners, and Apax Partners -- that had also made final bids for Heartland Dental in an auction, according to a Bloomberg report.
Heartland is one of the largest U.S. dental practice management companies. It manages some 370 practices in 19 states. The company is partly owned and operated by founder and Chief Executive Rick Workman, DDS. CHS Capital, a Chicago-based private equity firm, bought a stake of Heartland in 2008.
