Keystone Dental Enters into Definitive Agreement to Merge with Paltop Advanced Dental Solutions
BURLINGTON, Mass. and CAESAREA, Israel, Jan. 4, 2019
BURLINGTON, Mass. and CAESAREA, Israel, Jan. 4, 2019 /PRNewswire/ -- Keystone Dental Inc. ("Keystone"), the largest independent dental implant company operating in North America, has entered into a definitive agreement to merge via a stock exchange transaction with Paltop Advanced Dental Solutions LTD ("Paltop"), an emerging Israeli-based dental implant company with expertise in precision manufacturing and state-of-the-art digital dentistry solutions.
The companies will merge operations, forming a global dental implant player with nearly $50 million in combined revenues offering an expanded product portfolio that will compete in both the premium and value market segments. An additional $20 million in capital investment, principally dedicated to growth acceleration initiatives, will be infused simultaneous to the merger by Accelmed Growth Partners. Other terms of the agreement were not disclosed.
"After an exhaustive search of potential partners, we are very pleased to be combining forces with Paltop," said Russ Bonafede, Keystone's CEO. "Keystone targeted Paltop because they bring one of the world's most efficient precision machining operations, innovative end-to-end digital solutions for implant dentistry, and an exceptionally high-quality product portfolio that represents a strong value proposition for clinician users. We look forward to working with the Paltop management team, led by the Topaz family, to create a successful and highly responsive dental implant enterprise."
Sam Topaz, Chairman of Paltop adds "We believe that the combination of Paltop Israel with the American Keystone Group is occurring at the ideal time for both our companies and for the dental market. Paltop has been developing new and innovative technologies for the past decade and Keystone is a company with a strong brand and a highly-qualified sales & marketing team led by skillful and experienced management. There are two main goals to this merger. First is to establish a fastgrowing global player in the field of dental implants, and second to realize our vision to lead the digital transformation of dental treatments."
Dr. Uri Geiger, Managing Partner of Accelmed and the Chairman of Keystone added "We believe that the combination of Keystone's strong brand, commercial infrastructure, and the newly installed toptier management team led by Russ Bonafede, together with Paltop's manufacturing capabilities and innovation, will create one of the worlds' fastest growing dental implant companies. Together with its co-investors, Accelmed invested $50 million in the combined company and we look forward to working with the collective management team in the years to come."
About Accelmed Growth Partners
Accelmed is an investment firm focused on value creation for medical device companies and technologies. Accelmed was founded in 2009 by Mori Arkin and Uri Geiger and invests in small and mid-cap private and public companies. With its proven track record and large team of accomplished investment professionals, Accelmed's vision is to create leading med-tech players by merging commercial platforms with small innovative growth companies, predominantly from Israel. Accelmed maintains offices in New York and Herzliya, a suburb of Tel Aviv. For more information, refer to www.accelmed.com
About Keystone Dental Inc.
Keystone Dental is an oral healthcare company dedicated to the delivery of breakthrough dental implant and biomaterial technologies. Headquartered in Burlington, Massachusetts with manufacturing and distribution facilities in Irvine, California, Keystone markets its products worldwide and is the largest independent dental implant company in North America. The company's product portfolio includes proprietary offerings such as Genesis – The Biomimetic Implant System™, the TILOBEMAXX™, PrimaConnex® and Prima Plus™ Implant Systems, the DynaMatrix® Extracellular Membrane, and the DynaBlast® and DynaGraft® bone graft substitutes. For more information, refer to www.keystonedental.com
About Paltop Advanced Dental Solutions LTD
Paltop is an emerging dental implant company that markets its products worldwide. Founded and headquartered in Caesarea, Israel, Paltop leverages decades of collective experience and industry leadership in precision manufacturing and implant technology to manufacture premium cutting-edge implant components. Deeply committed to scientific R&D and heavily invested in state-of-the-art manufacturing equipment, Paltop is renowned for its continuous introduction of advanced products and digital dentistry services of the highest quality standards. For more information, refer to www.paltopdental.com