SOURCE: American Dental Partners, Inc.

American Dental Partners, Inc.

December 01, 2009 17:02 ET

American Dental Partners Completes Affiliation With Christie Dental Partners

WAKEFIELD, MA--(Marketwire - December 1, 2009) - American Dental Partners, Inc. (NASDAQ: ADPI) announced today that it has completed the previously announced acquisition of certain non-clinical assets of Christie Dental Practice Group, P.L. and Christie Dental Partners, Inc. (collectively, "Christie Dental") and entered into a 40-year service agreement with Christie Dental Practice Group, P.L. The purchase price paid in connection with the acquisition consisted of cash in the amount of $27 million and was funded by cash on hand and the Company's senior secured credit facility. Following the completion of the acquisition, the Company had approximately $100 million outstanding under its credit facility.

Founded in 1997, Christie Dental is a multi-specialty dental group with 55 dentists and 26 practice locations in the Melbourne, Ocala and Orlando, Florida markets and generates approximately $25 million in patient revenue annually.

American Dental Partners is one of the nation's leading business partners to dental group practices. The Company is affiliated with 27 dental group practices that have 267 dental facilities with approximately 2,276 operatories located in 19 states.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risk and uncertainties that may individually or collectively affect the matters herein described, including but not limited to the Company's risks associated with overall or regional economic conditions, dependence upon affiliated dental practices, contracts its affiliated practices have with third-party payors, government regulation of the dental industry, impact of health care reform, dependence upon service agreements and the impact of any terminations or potential terminations of such contracts, business interruptions, the outcome of pending litigation and the Company's acquisition and affiliation strategy, which are detailed from time to time in the "Risk Factors" section of the Company's filings with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2008 and quarterly reports on Form 10-Q.

Contact Information

  • Contacts:
    Gregory A. Serrao
    Chairman, President and
    Chief Executive Officer

    Breht T. Feigh
    Executive Vice President, Chief
    Financial Officer and Treasurer

    American Dental Partners, Inc.
    401 Edgewater Place, Suite 430
    Wakefield, MA 01880
    Phone: 781/224-0880
    Fax: 781/224-4216