NEW YORK, March 16, 2021 – ICV Partners, LLC, a leading investment firm focused on lower middle market companies in business services, consumer goods & services, food & beverage, and healthcare, announced today thatit has made a majority investment in Cherry Tree Dental (Cherry Tree), in partnership with Co-CEOs Steve Sorrel and Jack Young.
Cherry Tree Dental is a leading general dentistry provider in Wisconsin that employs a proven acquisition and office consolidation strategy dedicated to small, one or two-dentist practices. Founded in 2006 and based in Madison, Cherry Tree is the largest independent general dentistry provider in Wisconsin, operating 28 locations in 10 markets. As part of Cherry Tree’s cohesive corporate entity, offices are supported by a central corporate team that provides a variety of services including human resources, payroll, marketing, information technology, and other back office functions.
Qian Elmore, ICV Managing Director, said, “Cherry Tree has emerged from a very challenging year in a superior position and is very well positioned to capitalize on the shifting market dynamics in Wisconsin and surrounding states as more dentists choose to transition from owning their own practice and prefer to focus on serving patients. Cherry Tree is benefiting as dentists relocate from large cities to secondary markets and we look forward to this new partnership to grow the business in new and existing markets throughout Wisconsin.”
Commenting for Cherry Tree, Co-CEO’s Jack Young and Steve Sorrel, said, “When it comes time to discuss succession planning and practice continuity strategy, dentists want to make sure their patients continue to receive the highest quality of care. Focusing on solo practitioners or small dental offices, our sophisticated model is building a successful network serving communities throughout Wisconsin by providing dentists that opportunity to transition their practices and, if they choose, remain with their practice in order to focus on their patients. ICV shares our vision, mission, and values and working with them will enable us to leverage their expertise and broaden our reach to enhance the patient experience with ongoing technology improvements and the addition of new specialty services.”
Ira Moreland, ICV Managing Director, commented, “Cherry Tree prides itself on personal and high touch dentist engagement while maintaining established practices. Cherry Tree’s talented team of local dentists love serving their patients and are helping them alleviate stress by allowing these high-quality professionals to maximize their talents and minimize the pressures of back office responsibilities. We have tremendous respect for the network Jack and Steve have built over the past 15 years and we look forward to working with them to further the company’s reputation as an acquirer of choice.”
This latest platform investment by ICV is consistent with the firm’s strategy of partnering with excellent founders and entrepreneurs in the healthcare sector. Cherry Tree adds to ICV’s portfolio of healthcare companies, which includes Outpatient Imaging Affiliates, a leading provider of outpatient radiology services, Interventional Management Services, one of the largest providers of interventional pain management services in the Atlanta metropolitan market, Atlantis Healthcare Group Puerto Rico, Inc., a leading provider of dialysis services throughout Puerto Rico, and recently acquired Total Access Urgent Care, a leading operator of urgent care centers in the St. Louis market.