Innovative Dental secures private equity investment

Springfield-based Innovative Dental has secured a private equity investment as part of a multifaceted deal.

Founder Dr. Grant Olson said MODIS Dental Partners, an entity launched in fall 2023 by Chicago-based private equity company Thurston Group, is now the largest shareholder in Innovative Dental. He declined to disclose the financial terms of the deal that was finalized Dec. 1.

"They really go after unique opportunities," Olson said, noting the Thurston Group has a track record in the dental service organization sector.

Olson said the deal's structure involves rollover equity in which he becomes a partial owner and board member of MODIS.

"You won't see any name change or leadership change," said Olson, who continues to manage Innovative Dental.

Olson would help lead MODIS in its goal of entering other partnerships with dental practices, he said.

"We're focusing on the East Coast," he said. "We are looking for partnership opportunities for growing dental practices looking to grow their capabilities."

MODIS – which stands for modern dental implant specialists – partnered in the fall with Dr. Michael A. Pikos and the Pikos Institute, a leading dental education center, in an attempt to capitalize on a growing demand for dental implants, according to a September news release.

Pikos spoke about the Innovative Dental deal in a separate news release announcing the Springfield company’s partnership with MODIS.

"I am thrilled to welcome Dr. Olson and the Innovative Dental team to our platform," Pikos said in the release. "We are embarking on a journey together, fueled by a passion for learning and a shared vision for advancing patient care."

Innovative Dental, founded in 2013, opened its $15 million, 30,000-square-foot building at 6401 S. Innovation Ave. in 2020, according to past reporting. Olson said he maintains ownership of the building along U.S. Highway 65.