Effingham Daily News
The pending sale of a majority interest in Heartland Dental Care to a Canadian teachers’ pension plan isn’t expected to affect the dental administration firm’s local presence.
“Heartland will maintain its current management personnel and corporate office in Effingham,” said Chad Thompson, vice president of administration. “We’re also looking forward to our expansion and the new employees we plan to add as a result of that expansion.”
Heartland is building an expansion to its location on the Interstate 57-70 frontage road in northeast Effingham.
The company announced Monday that it had agreed to sell a majority stake in the company to Teachers’ Private Capital, the investment division of Ontario Teachers’ Pension Plan.
Plan spokeswoman Deborah Allan said Monday her group had no plans to make major operational changes that would reduce the Heartland footprint in Effingham.
“We’re there as an investor,” Allan said. “We like the management and the company.
Thompson said in a news release that company founder and CEO Dr. Rick Workman will retain a “significant” minority stake in the company along with management and employees.
Heartland declined to disclose sale terms.
Workman said in a news release that the sale will enable Heartland’s continued growth.
“Having Teachers’ as a partner will provide us with a stable platform to continue to grow,” Workman said.
Jane Rowe, senior vice president of Teachers’ Private Capital, said Heartland is a good fit for her clients.
“Our investment in Heartland Dental Care is supported by favorable fundamentals and demographics,” Rowe said. “We look forward to working with Dr. Workman and Heartland Dental Care’s excellent management team.”
Moelis & Company and Jefferies & Company Inc. advised Heartland during the transaction process.
Heartland provides operational support for more than 375 dental practices in 21 states. Services include administrative staffing, human resources, administration, financial and information technology.