Smile Doctors
Smile Doctors provides orthodontics services to both adults and adolescents across the United States.
They attract patients with a high-touch approach to the clinical and consumer experience, high-quality facilities, community-centric marketing, and flexible and affordable payment plans.
Sheridan recognized Smile Doctors’ differentiated position in an attractive, fragmented market and partnered with Scotte Hudsmith and the founding orthodontists in September 2015 to execute an ambitious plan for growth. Throughout the partnership, Sheridan Capital Partners (SCP) worked diligently to improve patient care and access, enhance operations, execute a high-velocity acquisition strategy, and fuel organic growth.
Value Creation
Working with the founders and the existing professional CEO, Sheridan enhanced recruiting efforts both at the corporate level – hiring multiple leadership positions across Finance, Business Development, Marketing, and Regional Operations – as well as on the clinical level. Smile Doctors deployed a proprietary online learning module for onboarding new clinical assistants and sharing clinical best practices across the entire platform. The enhanced team, provision of strategic resources, and professionalization of the organization resulted in same-store sales growth nearly tripling.
| Website | smiledoctors.com |
| Sector | Orthodontics |
| Location | Georgetown, TX |
| Status | Realized |
| Investment Date | November 2015 |
Sheridan helped us grow well beyond our expectations, but they were equally thoughtful about knowing when and how to find the right partner for the next phase of our journey.
Scotte Hudsmith CEO & Chairman | Smile Doctors
Scotte Hudsmith is an investor in Sheridan and is not being compensated for sharing his opinion and experience with our firm. Any compensation creates a conflict of interest and Scotte's comments may not be representative of any other person's experience with the firm.
Acquisitions
SCP further drove scale through the development and execution of a comprehensive acquisition strategy, completing 27 add-on acquisitions during its investment. Sheridan played a key role in establishing the company as the provider of choice in its geographic markets during the partnership, growing from 12 locations in two states at the time of investment to 108 locations across 11 states at exit.
The ultimate recapitalization of Smile Doctors after a relatively short hold period reflects the exceptional growth of the business during Sheridan’s ownership. Sheridan remained involved with the company as a minority investor for the next several years as the team worked to expand the Smile Doctors brand, culture, patient experience, and clinical excellence to more communities across the U.S. Smile Doctors is now the largest orthodontics platform in North America.
Highlights
Locations
Acquisitions
FTE Growth
with Sheridan