New York, NY, March 1, 2017 – New MainStream Capital (“NMS”) announced today that it has entered into a partnership with Dana Soper and Steven Jones to form the CORDENTAL Group™ (“CORDENTAL”), a dental support organization. The business venture will capitalize on the “build-up” and dental industry expertise brought by Ms. Soper and Mr. Jones, along with the capital and know-how in the physician practice management space at NMS. NMS has committed $25 million of equity capital which, when combined with modest leverage, will enable CORDENTAL to become a leading DSO in the industry.
Dana Soper has served as a member of NMS’ Operating Executive Council (“OEC”) for the last two years. Prior to her affiliation with NMS, Ms. Soper was the Founder and CEO of CarePoint Partners (“CarePoint”), an alternate-site infusion therapy and specialty pharmacy provider. Under Ms. Soper’s leadership, CarePoint was built through 16 acquisitions as well as de novo openings, and ultimately operated 28 sites across nine states, serving more than 6,800 patients daily. CarePoint was sold to industry leader BioScrip, Inc. in 2013. In her capacity as an NMS OEC member, Ms. Soper serves on the board of Anne Arundel Dermatology Management (“AAD”), where she has been instrumental in helping the team build a solid acquisition platform, resulting in AAD’s completion of five add-on acquisitions over the last twelve months.
“It is very exciting to have an opportunity to build another world-class company founded on the fundamental values of quality care, customer service and partnering with best in class practices,” said Ms. Soper, Co-Founder and CEO of CORDENTAL. “CORDENTAL will take the burden of running the business off the back of the dentist to allow them to thrive in an environment where their only concern is the patient.”
Steven Jones served as a key member of the CarePoint executive team, leading the business development efforts in acquiring home infusion companies with over $115 million in revenues. Following his experience at CarePoint, Mr. Jones applied his business development skills to the dental industry, first with Northeast Dental Management (“NEDM”) where he served as Chief Corporate Development and Integration Officer. At NEDM Mr. Jones orchestrated the closing of 14 dental practice acquisitions in his first 14 months on the job, helping position the sale of NEDM to Dental Care Alliance. Mr. Jones subsequently became Chief Acquisition Officer at Dental Services Group (“DSG”), one of the largest dental laboratory networks in North America, where he built an acquisition network and added 12 acquired laboratories in 11 months.
“We are excited to partner with NMS as we build one of the country’s leading DSOs,” said Steven Jones, Co-Founder and Chief Development Officer of CORDENTAL. “Dana and I view their commitment as a vote of confidence in our abilities and we are very appreciative of this opportunity to work together.”
“NMS has evaluated dozens of opportunities in the dental practice management space without finding the right fit,” remarked Kevin Jordan, Co-Founder and Managing Partner of NMS. “Partnering with Dana and Steven will allow us to build an ideal platform from the ground up, ensuring our internal standards of quality and customer service are achieved.”
David Peterson, Principal at NMS, worked on the CarePoint team before he joined NMS. “Having known Dana and Steven for seven years and seen the caliber and professionalism of their work, we jumped at the chance to partner with them. We’re eager to build CORDENTAL together with them.”
NMS is currently investing NMS Fund II, with $252 million in capital commitments. Having just completed the second full year of investing following its final close in December of 2014, the current NMS Fund II portfolio includes business services companies ettain group and Avaap, and healthcare services companies Anne Arundel Dermatology Management and Constellation Behavioral Healthcare.