Affiliates of Carestream Dental LLC (“Carestream Dental”) announced that they have entered into an agreement to sell Carestream Dental’s Scanning Technology business to Envista Holding Corporation (“Envista”), a leading global dental products company for $600 million. The Scanning Technology business is composed of Carestream Dental’s intraoral scanner equipment (CS 3600, CS 3700, and CS 3800) and related software.
Carestream Dental will continue to operate its market-leading imaging technology, clinical software and practice management software businesses which provide innovative solutions for dental practices, groups, DSOs and industry partners. The sale of the Scanning Technology business will not only deliver significant proceeds representing the value of the company’s innovation processes, but also allow Carestream Dental to focus its investments and efforts in the highly attractive and growing dental cloud and technology solutions market. Its recent investments in Sensei Cloud practice management and Swissmeda’s suite of clinical software solutions complement a legacy of market-leading device innovation with new growing SaaS applications focused on helping practices and groups build new revenue, profits and patient flows.
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“This is an exciting time for Carestream Dental and our customers,” Lisa Ashby, CEO of Carestream Dental, said. “We’ve had a multi-year investment plan in cloud solutions and technology, and this transaction allows us to better focus and accelerate our innovation in AI tools, clinical cloud applications and cloud practice management for GPs, DSOs and specialty practices. We will continue to work together with our customers and partners to create innovation which delivers both clinical and operational value, and think Envista represents a great home for our Scanning Technology business under which our employees and customers will thrive.”
Subject to legal, regulatory and employee consultation requirements, it is anticipated that the transaction will close in late Q1/early Q2 of 2022. Additional terms of the transaction were not disclosed. Jefferies LLC is serving as financial advisor and Debevoise & Plimpton LLP is serving as legal counsel to Carestream Dental in the transaction.
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