Core Viewpoint - Dentalcorp Holdings Ltd. has successfully completed a statutory plan of arrangement, resulting in the acquisition of all issued and outstanding shares by an acquisition vehicle affiliated with GTCR LLC for C$11.00 per share, valuing the company at approximately C$2.2 billion in equity and C$3.3 billion in enterprise value [1] Transaction Details - The transaction involved the acquisition of all subordinate voting shares and multiple voting shares, with certain shareholders rolling over a portion of their shares into a new capital structure [1] - Following the transaction, the subordinate voting shares are expected to be delisted from the Toronto Stock Exchange, and the company will apply to cease being a reporting issuer in Canada [2] Shareholder Actions - Registered shareholders are required to submit a completed Letter of Transmittal along with their share certificates to receive cash consideration [4] - Non-registered shareholders will receive their entitled consideration through their intermediaries without needing to submit a Letter of Transmittal [5] Ownership Changes - Prior to the transaction, Graham Rosenberg held 100% of the multiple voting shares and 30.2% of the total voting power, and after the transaction, he and the Limited Partnership own approximately 3.0% of the equity in the resulting private company [8][9] - LC8 DCC Investment Borrower, L.P. owned approximately 36.4% of the subordinate voting shares before the transaction and received C$769.1 million in cash for their shares [11] Company Overview - Dentalcorp is recognized as Canada's largest dental practice network, focusing on delivering high-quality clinical outcomes and experiences while allowing dental professionals to maintain clinical autonomy [12] - The company aims to grow through strategic acquisitions and leveraging industry-leading technology [12] GTCR Overview - GTCR is a prominent private equity firm that has invested over $30 billion in approximately 300 companies since its inception, focusing on transformative growth in various sectors [13]

Core Viewpoint - Dentalcorp Holdings Ltd. has received approval under the Investment Canada Act for its plan of arrangement involving an acquisition by GTCR LLC [1] Group 1: Acquisition Details - GTCR LLC will acquire all of Dentalcorp's issued and outstanding subordinate voting shares and multiple voting shares, excluding certain shares owned by Graham Rosenberg [1]

Core Insights - The transaction involved Warburg Pincus & Co. selling 9,720,000 shares of Sotera Health Company at approximately $16.33 per share, totaling $158,727,600, which represents a significant reduction in their indirect stake [4][7]. Company Overview - Sotera Health Company is a prominent provider of sterilization and lab testing services, with a diverse customer base in healthcare and life sciences, leveraging advanced technology and regulatory expertise to ensure product safety and compliance [6]. Transaction Details - The sale was executed through indirect entities, specifically Bull Holdco L.P. and Bull Co-Invest L.P., with Warburg Pincus holding no direct shares before or after the transaction [3][5]. - The 9,720,000 shares sold accounted for 22.18% of Warburg Pincus's indirect stake, leaving them with 34,102,952 shares indirectly held post-transaction [4]. Market Performance - As of January 8, 2026, Sotera Health's stock has increased nearly 40% year over year, with consistent sales growth reported in seven out of the last eight quarters and earnings growth in the latest three quarters [7]. - The stock price was $16.84 at market close on the day of the transaction, reflecting a year-over-year increase of 31.25% as of December 3, 2025, indicating favorable liquidity conditions for the sale [1][7]. Institutional Ownership - Warburg Pincus, a global private equity firm, holds a significant investment in Sotera Health, owning 48% of the company, and has three seats on its board of directors [8][9]. - The presence of institutional investors like Warburg Pincus can signal potential upside for retail investors, despite the recent sale raising some concerns [9].

Core Viewpoint - Dentalcorp Holdings Ltd. has received approval from its securityholders for a plan of arrangement involving an acquisition by GTCR LLC [1] Group 1 - The special meeting of the Company's securityholders took place on December 4, 2025 [1] - Securityholders approved the special resolution known as the Arrangement Resolution [1] - The acquisition will involve a newly formed vehicle controlled by GTCR LLC acquiring all of Dentalcorp's issued and outstanding shares [1]

Core Viewpoint - The U.S. District Court has denied the FTC's request for a preliminary injunction to block the proposed acquisition of Surmodics by GTCR, marking a significant step towards the completion of the merger [1][3]. Group 1: Merger Details - The consummation of the merger is still subject to a Temporary Restraining Order, which prevents the parties from finalizing the merger before 5:00 p.m. Central time on November 17 [2]. - The merger agreement includes conditions such as the absence of any legal restraints, no material adverse effect on the company, and other customary closing conditions [2]. Group 2: Company Background - Surmodics is a leading provider of medical device and in vitro diagnostic technologies, focusing on performance coating technologies for intravascular medical devices and components for diagnostic tests [4]. - The company's mission is to improve disease detection and treatment, leveraging its expertise in surface modification and drug-delivery coating technologies [4].

Core Viewpoint - Dentalcorp Holdings Ltd., Canada's largest dental practice network, has entered into a definitive arrangement agreement to be acquired by funds affiliated with GTCR LLC, supported by the company's leadership [1] Company Summary - Dentalcorp is recognized as one of North America's fastest-growing networks of dental practices [1] - The acquisition is backed by key executives including the Founder, Chairman, and CEO Graham Rosenberg, and the President and CFO Nate Tchaplia [1]

Core Viewpoint - The U.S. Federal Trade Commission (FTC) has blocked the proposed acquisition of Surmodics, Inc. by GTCR LLC due to anti-competitive concerns, particularly regarding market control in hydrophilic coatings, a vital component in medical devices [2][6]. Company Summary - Surmodics' acquisition by GTCR was valued at approximately $627 million, or $43.00 per share, representing a significant premium over the company's market value [2]. - The company has expressed strong opposition to the FTC's decision, arguing that the merger would be pro-competitive and beneficial for stakeholders, including customers and patients [3]. - Surmodics intends to challenge the FTC's ruling in court, asserting that the acquisition aligns with long-term industry trends and growth objectives [3][8]. - In the first quarter of fiscal 2025, Surmodics reported total revenues of $29.9 million, a decrease of 2% year-over-year, and a loss per share of 60 cents, which is a 20% improvement from the previous year's loss [9]. Industry Summary - The FTC's decision reflects a broader regulatory trend towards stricter scrutiny of private equity acquisitions in the healthcare sector, aiming to prevent monopolistic behavior and rising healthcare costs [7]. - The merger's blockage could set a precedent for future transactions, making it more challenging for private equity firms to consolidate within the medical technology space [7][8]. - The FTC's unanimous decision indicates a strong commitment to maintaining competition in the medical coatings sector, which has historically benefited from rivalry between companies like Surmodics and Biocoat [6].