BOSTON, May 07, 2024 (GLOBE NEWSWIRE) -- Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm with offices in Boston and New York, today announced the formation of Kleer-Membersy (or the “Company”). The new Company was formed through the acquisition and merger of Kleer and Membersy, the nation’s two largest providers of technology-driven dental membership plans.
Founded in 2015 and 2017, respectively, Membersy and Kleer have provided dental practices and dental service organizations (DSOs) with vital tools to build and grow successful membership programs, including consultative plan design, an advanced technology platform, plan branding and marketing collateral, regulatory compliance, and robust support for patients and dental office staff. The combined Company will support an aggregate footprint of 20,000 dentists and millions of patients across all 50 states, covering the entire spectrum of care, from solo practices to the largest DSOs in the country.
Charlesbank believes Kleer-Membersy will leverage the two industry leaders’ strengths to create significant value for DSOs, dental practices and their patients, as well as to expand access to care for all uninsured and underinsured Americans. The US currently has more than 76 million adults without dental insurance.
“We are thrilled to announce the merger of Kleer and Membersy,” said Mayur Desai, Managing Director at Charlesbank. “Both companies have achieved exceptional market share and growth, bringing a new subscription-based care paradigm to the dental care market.”
Added Mike Zirngibl, a Principal at Charlesbank, “This model improves patient access to care, while also improving dental practice performance. By bringing these companies together, we fully expect to enhance their ability to serve dental practices and patients nationwide."
“It is very exciting to see our mission to improve patient access to care brought to a new level with this merger,” said Dave Monahan, Kleer’s CEO. “Kleer and Membersy have led the charge in establishing a new business model for dentistry that works better for patients and dental practices alike. I couldn’t be happier to partner with the Membersy team and Charlesbank as we aim to accelerate investment and create value for dental practices at an unprecedented scale.”
“We’re extremely excited to work with Dave and the entire Kleer team as we pursue our common goal of forging a more efficient and effective future for the dental care industry,” added Michael Shuman, Membersy’s CEO. “This merger is a force multiplier that will enable us to drive even better outcomes for both our partners and our members across the U.S.”
Ernst & Young Capital Advisors and Holland & Knight served as advisors to Membersy, while Carlsquare and Gunderson Dettmer served as advisors to Kleer. For Charlesbank, OM Partners served as the financial advisor, and Goodwin acted as legal advisor.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm with more than $17 billion of capital raised since inception. Charlesbank focuses on management-led buyouts, growth capital financings, opportunistic credit, and technology investments. The firm seeks to invest in companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
About Kleer-Membersy
With a combined 20+ years of experience, Kleer-Membersy is the only all-in-one membership solution. Trusted by over 20,000 dentists, from solo practices to the largest DSOs, and millions of patients across 50 states, Kleer-Membersy provides a membership model that both patients and providers love. The platform enables patients to gain access to high-quality, affordable care and allows practices to increase patient engagement, improve practice performance, and take control of payer strategy.
Contact for Kleer:
Corinne Bolanos
corinne@kleer.com
Contact for Membersy:
Janelle Pauli
janelle.pauli@membersy.com
Contacts for Charlesbank:
Ryan FitzGibbon / Dan Ivers / Peter Gavaris
Prosek Partners
pro-charlesbank@prosek.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c47afad3-7e60-41e4-9be9-e762a585883f
