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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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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."

1. 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.

2. 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.

3. "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:

• 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.
• 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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.