Carestream Dental Operating as Freestanding Company
ROCHESTER, N.Y., Sept. 1 — Carestream Health, working with its parent company, Onex Corporation (TSX: ONEX), has completed the sale of Carestream’s dental digital business to funds managed by Clayton, Dubilier & Rice (CD&R), a global private investment firm, and CareCapital Advisors Limited (CareCapital), a specialist investment platform focused on dental and consumer health in Asia and part of Hillhouse Capital Management.
The acquired business is continuing under the name Carestream Dental. Additional terms of the transaction were not disclosed.
Carestream Dental is a leading provider of dental practice management software, imaging and treatment planning software, imaging equipment and CAD/CAM solutions, as well as related customer support services for oral healthcare providers, imaging centers and laboratories around the world. CD&R and CareCapital intend to partner with the Carestream Dental team to build on the company’s leading positions and accelerate growth, focusing on continuous innovation in oral healthcare and premier customer service.
Approximately 1,300 employees associated with the dental digital business have transferred to Carestream Dental.
Carestream Health will continue to focus on growth and market leadership in medical imaging systems; healthcare IT solutions; medical and dental films; non-destructive testing films and imaging systems; and precision films and specialized contract coating services.
About Carestream Dental
Carestream Dental provides industry-leading imaging, CAD/CAM, software and practice management solutions for dental and oral health professionals. With more than 100 years of industry experience, Carestream Dental products are used by seven out of 10 practitioners globally and deliver more precise diagnoses, improved workflows and superior patient care. For more information or to contact a Carestream Dental representative, please call 800-944-6365 or visit carestreamdental.com.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice is a private investment firm. Since inception, CD&R has managed the investment of more than $24 billion in 75 companies representing a broad range of industries with an aggregate transaction value of more than $100 billion. The Firm's healthcare-related investments include VWR International, AssuraMed, Envision Healthcare, PharMEDium, Healogics, Vets First Choice, agilon health and Drive DeVilbiss Healthcare. The Firm has offices in New York and London. For more information, visit www.cdr-inc.com.
Hillhouse Capital Management was founded in 2005 and currently manages more than $20 billion for institutional clients including university endowments, foundations, sovereign wealth funds, pensions and family offices. Hillhouse focuses on the consumer, healthcare, TMT, financials and business services sectors. CareCapital Advisors Limited specializes in operationally-intensive investments in dental and consumer health businesses in Asia. CareCapital's dental portfolio encompasses digital dentistry, specialty clinics, management software, distribution, oral care, education and digital marketing.
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has approximately $24 billion of assets under management, including $7 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests alongside its fund investors and is the largest limited partner in each of its private equity funds.