As a dental resource organization (“DRO”) operating through Park Dental Partners, Inc., and subsidiaries, we provide comprehensive business support services including clinical team members, administrative personnel, facilities and equipment to our affiliated general and multi-specialty dental practices (which are not legal subsidiaries) throughout Minnesota and Wisconsin. Our network of affiliated dental practices employs over 200 dentists across 84 practice locations and was ranked as one of Minnesota’s largest private companies by revenue by the Minneapolis/St Paul Business Journal in June 2025. Our clinical support team includes over 900 hygienists, dental assistants, and patient care coordinators that support affiliated dentists in operating their dental practices. Our network of affiliated dental practices has been operating for over fifty years, beginning with the establishment of the general dentistry group in 1972. The mission of our affiliated dental practices since inception has been to ensure patients enjoy the benefits of a lifetime of good oral health. This mission continues to be the driving force behind our organization today. Our network of affiliated dental practices provides both general and specialty dental services, including oral surgery, periodontics, pediatric dentistry, prosthodontics, endodontics, and orthodontics, under long-term agreements with initial terms of 30 years, with automatic 5-year renewals. We have established a significant footprint and brand awareness in our current markets. Our revenues, derived primarily from our affiliated dental practices’ provision of dental services, were approximately $183.3 million and $172.9 million for the nine months ended September 30, 2025 and 2024, respectively, and were approximately $229.8 million and $223.5 million for the years ended December 31, 2024 and 2023, respectively. Our material revenues are comprised of dental services, which includes the consolidated revenues of our affiliated dental practices. Dental services are provided to patients, who typically pay for services through private insurance plans, government insurance plans, or directly. Approximately 91% and 93% of total revenues for each of the nine months ended September 30, 2025, and 2024, respectively, and approximately 93% of total revenues for each of the years ended December 31, 2024 and 2023, respectively, were derived from patients with private insurance or government sponsored plans. Dental care patients tend to be price-sensitive because many pay for a significant portion of their dental expenses on an out-of-pocket basis. We have steadily grown by adding new dentists and team members, expanding existing practices, implementing operating efficiencies, and by acquiring existing practices. Our organic expansion includes opening de novo practices, which are new practice locations opened with our affiliated dentists in existing or new markets. Since the start of calendar 2014 we have acquired 40 practices and opened 11 de novo practices. On average, de novo practices are cash flow positive within approximately six months, meaning that the practice location monthly Gross Margin excluding depreciation is positive. Of the 11 de novo practices opened since 2014, more than 80% were cash flow positive within six months. We attribute this success to our established model that streamlines day-to-day dental practice operations by providing key business and administrative resources, allowing dentists and team members to focus on patient care. We plan to expand our existing general and multi-specialty dental brands, establishing a group of successful, respected dental practices. Dentists hold a majority interest in our organization, which we believe is a key differentiator between our model and those of our competitors. Our model provides our affiliated dentists with significant organizational input because our affiliated dentists, who are majority shareholders in the business, are directly involved in our governance through their right to appoint three directors to the Board of Directors. We believe this right helps ensure that our affiliated dentists maintain a professional voice in governance that helps focus the organization on ensuring patients enjoy the benefits of a lifetime of good oral health. We believe this compelling model allows for greater input and provides enhanced stewardship for dentists, which assists with attracting and retaining dental professionals and serves as a catalyst for future growth. By contrast, we believe traditional dental organization ownership structures, many of which are funded by private equity, introduce constraints and concessions that limit dentists’ clinical autonomy and can restrict or omit dentists’ professional voice in governance. --- Our affiliated dental practices have been in operation since the founding of Park Dental in 1972. In May 2023, the owners of our affiliated dental practices established a dental resource organization 100% owned by dentists and management, through the creation of Park Dental Partners, Inc. and transitioned to the new operating structure on October 1, 2023. Park Dental Partners, Inc was incorporated in the state of Minnesota in 2023 to act as a dental resource organization for the operating affiliated dental practices. Our principal executive offices are located in Roseville, Minnesota.
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- General Dentistry: Provides routine examinations, cleanings, fillings, and preventive care to maintain oral health.
- Restorative Dentistry: Offers procedures like crowns, bridges, and dental implants to repair or replace damaged and missing teeth.
- Cosmetic Dentistry: Includes aesthetic treatments such as teeth whitening, veneers, and bonding to enhance smile appearance.
- Orthodontics: Corrects misaligned teeth and bite problems using solutions like braces and clear aligners.
- Specialty Dental Services: Delivers advanced treatments including endodontics (root canals), periodontics (gum therapy), and oral surgery.
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It appears there might be a misunderstanding regarding the public status and symbol of the company mentioned.
**Park Dental Partners (symbol: PARK)** does not appear to be a publicly traded company. A search for "Park Dental Partners" primarily identifies Park Dental, which is a large private dental practice group operating primarily in Minnesota.
The stock symbol **PARK** is, in fact, assigned to **Park-Ohio Holdings Corp.**, which is an industrial company involved in manufacturing and supply chain management services, completely unrelated to dental services.
Since "Park Dental Partners" is not a public company with the symbol PARK, I am unable to identify its major customers or categorize its customer base as requested for a publicly traded entity.
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Pete Swenson, Chairman and Chief Executive Officer
Pete Swenson has over two decades of leadership experience, steering executive and operational functions and leading the growth of Park Dental from 98 doctors to more than 200 doctors and 1,400 team members. Prior to joining Park Dental, he served as Vice President of Market Development for American Dental Partners (ADPI), a dental practice management company that was later acquired by Heartland Dental. During his tenure at ADPI, he contributed to its growth from a start-up to over $300 million in revenues through its 1998 IPO. Swenson previously served as Chief Executive Officer for Park Dental and The Dental Specialists prior to the formation of Park Dental Partners, Inc.
Christopher Bernander, Chief Financial Officer and Treasurer
Christopher Bernander joined Park Dental Partners in 2022 and is responsible for managing the company's accounting, treasury, internal control, financial planning and analysis, and revenue cycle operations. His background includes CFO and financial leadership roles in technology and professional services companies such as Calabrio, Digital River, and Renaissance Learning. Bernander has observed a significant shift towards third-party capital investment, including private equity firms, in the dentistry and healthcare industry, providing greater access to capital and innovation.
Jean Lind, Chief Administrative Officer
Jean Lind is a 44-year veteran of Park Dental Partners, responsible for driving value through the management of resources including quality assurance and compliance, patient experience, team relations, recruitment, marketing, and clinical mentor teams. She has held numerous leadership roles within the organization over the years and helped establish the Park Dental Partners Foundation in 2015, where she serves as board president.
Christopher E. Steele, DDS, Chief Clinical Officer, General Practices
Dr. Christopher E. Steele oversees clinical standards and practices, ensuring quality patient care across all affiliated general dental practices, and also spearheads continuing education and professional development initiatives for general dentists. With over three decades of experience, he has served in multiple operational and governance leadership capacities within the organization. Dr. Steele joined the group in 1991 and has led Park Dental, a general dental group with over 160 dentists, as president since 2019. He currently serves as a director on the PDPI Board and has also been on the Park Dental Partners Foundation Board since its inception in 2015.
Alan S. Law, DDS, PhD, Chief Clinical Officer, Specialty Practices
Dr. Alan S. Law is responsible for providing convenient comprehensive specialty care to patients within the group. As President of The Dental Specialists, he was appointed to the board of Park Dental Partners.
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The key risks for Park Dental Partners (symbol: PARK) include its geographic concentration coupled with Variable Interest Entity (VIE) credit risks, a high level of debt indicating an elevated risk of bankruptcy, and its status as a "smaller reporting company" and "emerging growth company."
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Geographic Concentration and Variable Interest Entity (VIE) Credit Risks: Park Dental Partners' operations are concentrated in Minnesota and Wisconsin, leading to significant geographic revenue concentration risks. Furthermore, the company treats its affiliated dental practices as Variable Interest Entities (VIEs), meaning Park Dental Partners is liable for any net debts of these affiliated practices. This structure ties the company's financial stability directly to the performance and debt levels of its geographically concentrated affiliates.
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High Level of Debt and Increased Risk of Bankruptcy: Park Dental Partners has a high Debt/Equity ratio of 152.48. Additionally, the company's Altman Z-Score is 1.6, which suggests an increased risk of bankruptcy, as a Z-score under 3 is considered a warning sign. This significant debt load and the associated bankruptcy risk pose a substantial threat to the company's financial health and long-term viability.
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"Smaller Reporting Company" and "Emerging Growth Company" Status: As a "smaller reporting company" and "emerging growth company," Park Dental Partners is permitted to provide less information to shareholders. This reduced transparency can impact investor confidence, and historically, many stocks with similar statuses have performed poorly post-IPO. This status could hinder the company's ability to attract and retain investors and affect its stock performance in the public market.
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- The increasing adoption of tele-dentistry and virtual dental care platforms, which can reduce the need for traditional in-person visits for certain consultations and follow-ups, potentially shifting patient engagement and revenue streams away from traditional brick-and-mortar clinics.
- The continued expansion of direct-to-consumer (DTC) dental service models, offering at-home solutions for services such as clear aligners and teeth whitening, thereby bypassing traditional dental practices for specific, often profitable, procedures.
- Intensified competition from rapidly expanding, private equity-backed Dental Support Organizations (DSOs) that leverage significant capital, advanced technology, and aggressive marketing strategies to consolidate market share and potentially outcompete established regional players on scale, efficiency, and patient acquisition.
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Park Dental Partners (symbol: PARK) operates as a dental resource organization (DRO), providing non-clinical business management and administrative support services to affiliated dental practices primarily in Minnesota and Wisconsin. Through its network of affiliated practices, it also provides a wide range of general and specialty dental services, including oral surgery, periodontics, pediatric dentistry, prosthodontics, endodontics, and orthodontics.
Addressable Markets:
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Dental Support Organizations (DSO) Services: The addressable market for Dental Support Organizations (DSO) services in the U.S. was valued at approximately USD 32.2 billion in 2024 and is projected to reach around USD 58.98 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.23% from 2025 to 2034. Another estimate places the U.S. DSO market size at USD 145.88 billion in 2024, projected to reach approximately USD 284.07 billion by 2034, with a CAGR of 6.87% from 2024 to 2034.
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Dental Services: The broader U.S. dental services market, which encompasses the services provided by Park Dental Partners' affiliated practices, was valued at an estimated USD 175.25 billion in 2024. This market is projected to grow to approximately USD 294.28 billion by 2034, at a CAGR of 5.32% during the forecast period from 2025 to 2034. Another report indicates the U.S. dental services market size was USD 202.83 billion in 2025 and is forecast to reach USD 256.67 billion by 2030, reflecting a 4.82% CAGR.
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Here are 3-5 expected drivers of future revenue growth for Park Dental Partners (symbol: PARK) over the next 2-3 years:
- Acquisitions of Practices (Inorganic Growth): Park Dental Partners intends to utilize proceeds from its Initial Public Offering (IPO) for general corporate purposes, which may include the acquisition of additional dental practices. The company has a history of inorganic growth, having completed 41 acquisitions since 2014, with 16 of those occurring between 2020 and 2024.
- Opening New Offices (De Novo Growth): The company plans to expand its network through organic growth, specifically by opening new "de novo" offices in its existing markets of Minnesota and Wisconsin. Since 2014, Park Dental Partners has opened 11 new offices.
- Adding Dentists and Hygienists: A key strategy to build practice revenue involves increasing the number of dentists and hygienists within its affiliated practices. This expansion of clinical staff directly contributes to increased patient capacity and service delivery.
- Introducing New Specialty Services: Park Dental Partners aims to introduce new specialty services to further enhance its practice revenue. By expanding its service offerings to include areas like oral surgery, periodontics, pediatric dentistry, prosthodontics, endodontics, and orthodontics, the company can attract a broader patient base and address diverse dental needs.
- Favorable Market Dynamics: The broader U.S. dental services organization market is projected for significant growth, with a compound annual growth rate (CAGR) of 17.9% from 2025 to 2034. This growth is primarily driven by increasing dental health awareness, a rising incidence of dental issues within an aging population, and ongoing innovations and improvements in dental treatment options. Park Dental Partners is positioned to benefit from these overarching market trends.
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Share Issuance
- Park Dental Partners, Inc. completed its initial public offering on December 3, 2025, issuing 1,535,000 shares of common stock at a price of $13.00 per share.
- The IPO generated approximately $20 million in gross proceeds for the company.
- The underwriters have a 30-day option to purchase up to an additional 230,250 shares at the public offering price.
Inbound Investments
- The company received approximately $20 million in gross proceeds from its initial public offering in December 2025.
Capital Expenditures
- Park Dental Partners provides facilities and equipment as part of its comprehensive business support services to affiliated dental practices.
- The $20 million raised through the IPO is intended to fuel the company's next stage of growth, which would typically involve capital expenditures.
