Saturday, April 20, 2024 Apr 20, 2024
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MB2 Dental Raises $2.3 Billion Debt Facility 

Plus: PMG opens new headquarters in Dallas, Australian wellness company establishes US HQ in Fort Worth, and more.

Dallas-based dental partnership organization MB2Dental has raised a debt facility of more than $2.3 billion. The unitranche facility, managed by lead investor and arranger KKR—which has about $65 billion in assets under management—will help fund future expansion for the company.

In 2023, MB2 Dental completed 150 practice acquisitions, bringing the total number of practices in its network to 663. The total enterprise value of its 2023 transactions was more than $500 million. More than two months into 2024, it has increased its network to 685 practices and has more than 40 letter of intents in the pipeline.

Additionally, in May of last year, MB2 Dental secured a $150 million debt facility and raised an additional $20 million from Doctors Partners. MB2 has invested more than $75 million in “sidecar” investments to help fund its company acquisitions. 

“MB2 Dental’s access to this new credit facility demonstrates a true endorsement of our strong historical performance and confidence in our growth pipeline,” said Dr. Chris Steven Villanueva, founder and CEO at MB2 Dental who founded the company in 2007.

In 2023, MB2’s headcount grew at its corporate offices with the addition of 115 new employees, bringing total corporate headcount to more than 500 DFW employees.

The organization has partnered with general and specialty dental practices across 39 states. The organization has undergone two recapitalization events. MB2 Dental partnered with private equity firm Charlesbank Capital Partners in 2021, in a deal also led by KKR. 

PMG Opens New Dallas Headquarters in Uptown

Global marketing and tech company PMG recently opened its new Dallas headquarters, located in The Link at Uptown. After a year of 20 percent annual revenue growth, the company will move its 300 Dallas employees into the property from its previous location in the Centrum. PMG will occupy three upper floors and 75,000 square feet.

Architecture firm Corgan and construction company K2 led the design of PMG’s space. The space will include amenities such as a cafe, multimedia production studio, art installations, a communal dining and lounge area, a hospitality lounge, a fitness room, and more. 

“We leveraged planning strategies that are adapted to support new ways of working,” Corgan Design Director Garry Walling said. “The open office was organized into ‘neighborhoods’ that are flanked by huddle and collaboration spaces equipped with modern technology. The headquarters is enriched by industrial features serving as a subtle nod to PMG’s early start-up days and complemented with timeless, rich wood tones, mixed metal accents, and hand-crafted tiles for the variety and playfulness that today’s PMG workforce epitomizes.” 

Last fall, PMG expanded the company internationally by acquiring Camelot Strategic Marketing & Media and UK-based RocketMill, adding 400 people. PMG now has more than 900 employees globally.

PMG’s management increased to $4 billion in media billings in 2023 and added 19 brands as clients including Nike, Apple, and Michaels.

“We’re very excited for this move,” said George Popstefanov, founder and CEO of PMG. “The new headquarters is a milestone moment in our 14-year history, and symbolic of our growth and incredible momentum as we kick off 2024. PMG has been built on a pioneering and innovative spirit, so we embrace being part of the Victory Park area revitalization and connecting with the broader community, as Dallas transforms into a dynamic and thriving business hub that’s attracting top employers and talent from across industries.” 

Chicken N Pickle Breaks Ground in Allen

Pickleball venue and chicken restaurant concept Chicken N Pickle broke ground at its Allen location last week. The venue, which will be set on 135 acres at The Farm in Allen, will be 43,000 square feet and is set to open in early 2025.

“Chicken N Pickle’s newest venue at The Farm in Allen is a perfect fit,” said Bruce Heller, president of JaRyCo. “A quality mixed-use development is not about building buildings; it is about providing great experiences. We want unique amenities for The Farm, and Chicken N Pickle certainly helps us meet that goal.” 

Chicken N Pickle, which has other DFW locations in Grand Prairie and Grapevine, features entertainment such as pickleball courts, sports bars, and yard games. Bars and dining areas are on the main floor, with additional tables on the rooftop and in the game yard. In addition to pickleball courts, Chicken N Pickle offers games such as cornhole, ping pong, battleship and Jenga for guests. 

“At Chicken N Pickle, we invented the idea of combining high-quality food, craft cocktails and the ever-growing sport of pickleball,” said CEO Brad Clarke. “Guests visit our inclusive properties seeking an experience and a place to make memories, and one of the most rewarding things we see is people connecting with family and friends on our pickleball courts or game yard, or over great food and drinks, all under one roof.” 

Chicken N Pickle was established in 2016 and with locations in Missouri, Kansas, Texas, Oklahoma, and Arizona. The company has announced future locations in Nevada, Colorado, Indiana, and Nebraska are under development. 

The Farm will also be the location of other entertainment venues, including High 5 and The Hub. The Farm in Allen is set to have 1.6 million square feet of office space, 142,000 square feet of retail, 60,000 square feet of restaurants, 2,400 urban residential units, a 150-key hotel, and 112 townhomes. The development will also include a 16-acre greenbelt along Watters Creek, more than 2.5 miles of hike and bike trails, a 1.5-acre lake, and additional park areas. 

City Cave Float & Wellness Establishes US HQ in Fort Worth

Australian-based wellness company City Cave Float & Wellness Center is expanding its franchise into the United States and has established its US headquarters in Fort Worth. The brand’s first float therapy location in the US opened in Fort Lauderdale in June 2023, and the company is focusing initial US franchise development in DFW. 

“As one of the fastest growing wellness franchises in the world, we’ve always had our sights on expanding into the United States,” said Jeremy Hassell, co-founder of City Cave. “Now that our first U.S. location has proven successful in Flagler Village, we are all in on franchising, beginning in Dallas-Fort Worth. We can’t wait to further expand City Cave to new communities across the country.” 

City Cave Float & Wellness Center locations offer float therapy, sauna, and massage services. The company has 74 locations across Australia, New Zealand, one U.S. center in Florida, and an additional 30 locations in development. The company was founded in Queensland in 2014 by Jeremy Hassel and Tim Butters. The brand’s total footprint across Australia and New Zealand has increased by more than 300 percent since 2021. 

Gold Medal Pools Acquires Atlanta-based Andy’s Pool Service

Gold Medal Pools recently acquired Atlanta-based Andy’s Pool Service. This is the company’s first deal of 2024 and the first outside of Texas, representing a geographical expansion for the company. 

“We’re excited to enter the Atlanta market and expand our consolidation strategy nationally,” CEO Josh Sandler said. “Our team has successfully completed 5 purchases in the past six months, and we don’t foresee slowing down anytime soon.” 

Since 1987 Andy’s Pool Service has served the Atlanta area, and other communities in North Georgia. Andy’s owners Dwayne Hamrick and Richard Sosebee will join the Gold Medal Ownership Group.

“This partnership, combined with Gold Medal’s long-term consolidation plan, creates substantial operational support and financial resources that will allow us to provide even greater growth opportunities to employees and homeowners,” Sosebee said.


Celie Price

Celie Price

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