The Buyout Show with Fexingo · 2026-07-13 · 9 min
In this episode of The Buyout Show with Fexingo, Lucas and Luna dive into the rapid consolidation of pediatric dentistry by private equity. With over 50 platforms now operating nationwide, they examine the economics of a DSO (Dental Service Organization) model that promises scale efficiencies but raises questions about care quality. Lucas walks through the typical deal structure: how PE firms acquire individual practices for 5-7x EBITDA, bolt them onto a regional hub, and target 20% EBITDA growth through centralized billing, supply chain, and hiring. Luna pushes back on patient outcomes, citing a JAMA study showing increased antibiotic prescriptions in PE-owned clinics. They discuss the role of non-compete clauses, the exit strategy to larger PE funds or strategic buyers, and why pediatrics specifically is attractive - high demand, low insurance complexity, and loyal patient bases. The episode closes with a look at regulatory heat, including a proposed FTC rule on add-on services. A focused, numbers-driven look at one of the fastest-growing niches in healthcare private equity.
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