Stonebridge Associates Advises Doral Dental on its
Acquisition of Atlantic Dental, Inc.

BOSTON, Massachusetts—August 6, 2008—Doral Dental, one of the nation’s largest governmental dental benefits administrators, has acquired Atlantic Dental, Inc. (ADI) for an undisclosed amount.

Stonebridge Associates, a leading provider of investment banking services to middle market businesses, served as the exclusive financial advisor to Doral Dental, a wholly owned subsidiary of DentaQuest. In this role, Stonebridge assisted Doral in evaluating the financial aspects of the acquisition and provided guidance to Doral in negotiating the structure of the transaction.

“Stonebridge has been a partner to our company for years and provided expert advice on different matters, from capital structure to financing alternatives. Therefore, when it came time to evaluate the acquisition of ADI, Stonebridge was able to provide the experience and objective advice that we needed,” says Fay Donahue, CEO of DentaQuest.

Since its founding in 2001, DentaQuest has selectively evaluated the acquisition of dental plans and benefit management companies that have the potential to expand DentaQuest’s geographic presence or broaden product lines within existing markets. This acquisition strategy has been supported by a highly scalable and cost-efficient operating and information technology platform. With its acquisition of ADI complete, Doral is now well positioned to provide high-quality, cost-effective services to Medicaid and Medicare members in the attractive and growing south Florida market.

About Stonebridge Associates

One of New England’s largest independent investment banking firms, Stonebridge Associates specializes in providing merger and acquisition (M&A), divestiture, private placement, and strategic financial advisory services to middle market and emerging growth companies. Applying a wealth of industry experience, superior technical skills, and structuring expertise to every engagement, Stonebridge Associates develops creative solutions to help clients achieve superior outcomes. Since 1986, Stonebridge has closed over $3 billion in private financings and advised on over 300 M&A transactions and advisory assignments. Member FINRA/SIPC. For more information, please visit www.stonebr.com.

About Doral Dental

Serving nearly 10 million customers across 23 states and the District of Columbia, Doral Dental provides high quality oral healthcare through expert government dental plan administration. A dental subcontractor to more than 50 managed care organizations (MCOs), Doral Dental is also the sole dental administrator for five statewide dental carve-outs. A wholly owned subsidiary of DentaQuest, a dental management company headquartered in Boston, Massachusetts, Doral Dental specializes in administering complex initiatives and meeting the diverse information needs of state agencies, MCOs, dental care providers, and members.

About Atlantic Dental, Inc. (ADI)

A dental benefits management company based in south Florida, ADI provides oral health care to more than 650,000 members through its preferred network of more than 1,300 dentists and specialists. ADI was controlled by a Miami investment group and was managed by MBF Healthcare Partners, a Florida-based private equity firm with over $400 million in committed capital. 

For additional information regarding this transaction, please contact: Richard A. Harvey, Jr., President, Stonebridge Associates, at (617) 357-1770 or rharvey@stonebr.com