Keystone Dental Enters into Definitive Agreement to Merge with Paltop Advanced Dental Solutions
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.
Burlington, Mass. and Caesarea, Israel – 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 fast-growing 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 top-tier 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.”