RBC CENTURA ADVISES ON RECAPITALIZATION OF DENTAL MANAGEMENT COMPANY
Investment Banking Group Offers Expertise in Healthcare Field
Raleigh, N.C. – Jan. 3, 2007 - – RBC Centura’s Investment Banking Group was the exclusive financial advisor in negotiating the successful recapitalization of its client, Northwestern Management Services, LLC with The Beekman Group LLC, a private equity firm. Northwestern, headquartered in Boca Raton, Fla., is a premier dental practice management company operating in Southeast Florida. It provides comprehensive management and administrative services as well as non-clinical staffing, facilities and other resources for its affiliated dental practices, Gentle Dental Group. Gentle Dental is a long-established, branded network of 11 convenient dental practices offering high-quality general preventive and restorative care, specialty dental services and cosmetic treatment.
“We are very excited to be partnering with David Willens and his management team in continuing to build the Northwestern platform,” said Beekman Group Chief Executive Officer John Troiano. “This management team has built a company with practices that perform substantially better than industry peers and a deep corporate infrastructure which positions it for future growth.”
“The investment by The Beekman Group will provide us with access to substantial additional capital to allow us to accelerate the expansion of Northwestern both in South Florida and other potential locations in the United States,” said Northwestern Chief Executive Officer and Co-Founder David Willens.
“The match between Northwestern and Beekman was obvious given the mutual alignment of management’s vision and Beekman’s core strategy of building value,” added RBC Centura’s Investment Banking Group Managing Director and Group Head D. Ryan Tyler.
“RBC truly leveraged their global connections to identify world-class private equity groups with a strong interest in the dental care industry as well as national and international dental practice management companies seeking to gain market share in South Florida,” said Willens. “RBC Centura’s Investment Banking Group understood our company’s mission and transaction objectives. They ran a successful process in an uncertain and difficult deal environment.”
Northwestern represents the second dental practice management transaction and fourth healthcare-related transaction that RBC Investment Banking Group has executed over the past two years. Given the investment banking group’s expertise in the healthcare industry, it continues to actively seek middle market healthcare investment banking mandates throughout the Southeastern United States. RBC Investment Banking Group works with middle-market companies to assess and execute strategic mandates associated with growth opportunities, mergers and acquisitions, stockholder value, exit strategies and shareholder liquidity. RBC Investment Banking Group is a unit of RBC Centura Bank, which offers a wide range of financial services and advise and is a wholly-owned subsidiary of the RBC Financial Group (NYSE, TSX: RY).
About RBC Centura
RBC Centura, headquartered in Raleigh, N.C., offers a wide range of financial services and advice, including a complete line of banking, and mortgage services to individuals, businesses and public institutions throughout the Southeast. RBC Centura's multi-faceted customer access network includes more than 340 full-service banking centers, an extensive ATM network, and telephone and Internet banking. In addition, RBC Centura offers builder finance products through its RBC Builder Finance division. According to SNL Financial, RBC Centura is the 45th largest U.S. bank based on assets as of August 2007. RBC Centura Banks Inc. is a wholly-owned subsidiary of Royal Bank of Canada (RBC) (NYSE, TSX: RY), Canada's largest bank as measured by assets and one of the world's financial, social and environmental corporate leaders for the past eight years as on the Dow Jones Sustainability World Index.