Carestream Dental Announces New Investment and New Oral Healthcare Innovation Hub

Carestream Dental made a pair of big announcements today, one dealing with new investment and the other introducing the launch of the company’s Oral Healthcare Innovation Hub (OHIH).

Carestream Dental Technology Parent Limited has announced that it has secured new investment as part of a recapitalization to support the continued execution of its strategic innovation agenda. Facilitated by raising more than $525 million of new capital, with General Atlantic Credit’s (GA Credit) Atlantic Park fund leading a 6-year first lien term loan, the transaction establishes an equity partnership comprising GA Credit, Canyon Partners, and several others, according to today’s press release. Clayton, Dubilier & Rice will continue as a minority investor. The proceeds from the transaction will aim to significantly reduce debt, meaningfully extend maturities and provide ample flexibility for continued investment in tools and technology and support organic and inorganic strategic initiatives, Carestream Dental states.

Carestream Dental was formed in 2017 as an innovation and digital-led dental company with a mission to transform dentistry, simplify technology and change lives. Serving more than 1 million users across over 100 countries, the company delivers industry-leading oral healthcare solutions, supported by market leading expertise and experience in engineering; practice and dental service organization operational and clinical workflow; and treatment planning.

Year to date, Carestream Dental has successfully expanded its range of products and solutions, including the launch of a new cone beam computed topography (CBCT) system; executed the significant expansion of its Sensei Cloud practice management software for specialty and enterprise customers; and formed several new partnerships to provide customers with a more seamless and integrated workflow experience. In February of 2024 the company launched the CS 8200 3D Access, described as a 4-in-1 system is designed to enhance user experience, leading to improvements in diagnoses, patient care, and business growth.

“We are thrilled to partner with GA Credit, Canyon Partners and our broader investor base as we work to build the future of oral healthcare,” Lisa Ashby, chief executive officer, Carestream Dental, says in the press release. “This transaction significantly strengthens Carestream Dental’s financial position, providing a stronger platform for us to continue investing in our business and customers. We will continue to innovate with expanded partnerships; the application of AI across our solutions; and novel technology focused on the prevention, treatment and management of oral healthcare. We are excited for our strong future ahead.”

In addition to the recapitalization, Carestream Dental launched the OHIH, an innovation incubator focused on revolutionizing oral healthcare. OHIH will unveil Oral Healthcare Practice 2040 at the International Dental Show (IDS) in March 2025 in Cologne, Germany.

“Carestream Dental has a demonstrated track record of successfully delivering differentiated products and comprehensive solutions to its global customer base,” adds Matthew Bonanno, managing director, GA Credit. “We believe this recapitalization positions Carestream Dental to take advantage of strong secular tailwinds in the global marketplace by continuing to invest in innovation and strategic partnerships. Further, we believe Carestream Dental is poised for meaningful growth across multiple markets as the standard of care continues to migrate to the digitally enabled dental market. We look forward to leveraging our healthcare and software expertise to support Lisa [Ashby] and the team in achieving the company’s growth objectives.”

Additional financial terms were not disclosed.