American Dental Partners, Inc. (NASDAQ/exchange>: ADPI) announced today that it has entered into an agreement to acquire certain non-clinical assets of Christie Dental Practice Group, P.L. and Christie Dental Partners, Inc. (collectively, "Christie Dental") and enter into a 40-year service agreement with Christie Dental Practice Group, P.L. The closing of the acquisition is expected to occur on or about December 1, 2009, at which time the service agreement will become effective. Christie Dental will be American Dental Partners' first affiliation with a dental group practice in the state of Florida.
Christie Dental is a multi-specialty dental group that generates approximately $25 million in patient revenue annually. Through a combination of organic growth and strategic acquisitions, Christie Dental has grown from a single location in Merritt Island, Florida in 1997 to 55 dentists and 26 locations in 2009, with significant concentrations in the Melbourne, Ocala and Orlando markets. Christie Dental offers individuals and families a full range of dental care, including general dentistry, hygiene and specialty care, such as pedodontics, oral surgery, endodontics, orthodontics and periodontics.
"We are excited that Christie Dental has chosen to affiliate with American Dental Partners. Christie Dental has a proven track record of strong growth in attractive markets," said Gregory A. Serrao, Chief Executive Officer of American Dental Partners. "Together, we intend to build upon Christie Dental's well-recognized brand and reputation for high quality care."
"An affiliation with American Dental Partners represents an excellent opportunity for Christie Dental. Our business values and cultures are well-aligned," said Dr. Todd E. Christie, founder and Chief Executive Officer of Christie Dental Partners and an owner of Christie Dental Practice Group. "Based on our knowledge of American Dental Partners' demonstrated commitment to its affiliated practices, we are excited about the future growth potential for our dental practice that this affiliation brings."
American Dental Partners, Inc.