Press Releases

DentaQuest Ventures to Acquire Doral Dental USA -- 1/27/2004

DentaQuest Ventures, Inc., a leading Boston-based national administrator of dental benefits, announced today that it has signed a definitive agreement to acquire Milwaukee-based Doral Dental USA, the nation’s top administrator of government dental programs. Doral Dental USA is the largest multi-state administrator of Medicaid/CHIP dental programs in the United States, managing approximately six million members in 16 states.

DentaQuest Ventures provides dental benefits administration, servicing more than two million members across the country, and offers direct dental benefits to members in Maryland, Virginia, and the District of Columbia. With this acquisition, DentaQuest will provide dental benefit services to over eight million members.

The closing of the acquisition is subject to certain regulatory approvals as well as other closing conditions. It is anticipated that the transaction will close shortly after the regulatory approvals are received and the additional closing conditions are satisfied. Financial terms of the deal were not disclosed.

Doral Dental USA will continue to operate under the Doral name and Ronald A. Brummeyer, president of Doral Dental USA, will continue in that position. All of the company’s products and services offerings will remain the same. Doral Dental USA will continue to be based in Milwaukee.

“We are very excited about the acquisition of Doral Dental USA,” said Robert E. Hunter, D.M.D., President and Chief Executive Officer of DentaQuest Ventures. “Both of our companies are recognized leaders in our respective market segments – DentaQuest in private dental benefits and Doral Dental in government funded dental benefits. We are truly complementary businesses and together we represent a larger and more diversified platform to pursue future expansion opportunities.”

DentaQuest and Doral Dental USA are companies with a strong focus on business excellence, superior customer service, and innovation in the marketplace. In June 2003, DentaQuest received the prestigious Massachusetts Performance Excellence Award, which is modeled after the well-known Malcolm Baldrige National Quality Award. In July 2003, Doral Dental USA was recognized as one of Wisconsin’s top organizations, qualifying for Deloitte & Touche’s “Wisconsin 100” Honor Roll as one of the state’s largest private companies. In addition, Doral received a special “Vision Award,” one of five elite honors awarded by Deloitte & Touche. The awards were given to DentaQuest and Doral for achieving the highest levels of excellence throughout their organizations.

“Doral has grown dramatically over the past decade and is well-positioned for further growth and success,” said Ronald A. Brummeyer, President of Doral Dental USA. “We believe that DentaQuest and Doral will continue to grow and reach a new level of dental benefits administration.”

Based in Boston, Massachusetts, DentaQuest Ventures is one of the leading administrators of dental benefits in the country with over two million members. The company offers a full range of commercial dental plans including indemnity, PPO, managed care, dual option, and voluntary plans in Maryland, Virginia, and the District of Columbia. DentaQuest currently has 380 employees and approximately $70 million in revenue.

As the largest multi-state administrator of government dental programs in the U.S., Doral Dental USA currently works with more than 35 managed care plans nationwide and has direct contracts with Illinois, Kansas, and Tennessee for statewide Medicaid dental benefits carve-outs. The company administers benefits for nearly six million members across 16 states and is widely recognized for its ability to reduce administrative costs, enlarge and create quality provider networks, and increase the quality and number of services available to dental patients.

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