Key Takeaways
- • Paradigm Oral Health executes surgeon-led buyback of BlackRock Long Term Private Capital's majority stake, returning control to surgeons and management while maintaining its surgeon-owned operating model.
- • Warburg Pincus-led investor consortium comprising Goldman Sachs Alternatives and Sixth Street backs the recapitalization, providing significant capital to fund the buyback transaction.
- • Latham & Watkins represents the investor group with a senior-led Hybrid Capital team, underscoring the complexity and scale of the recapitalization structure.
- • Transaction reinforces Paradigm's strategic positioning in oral surgery and digital dentistry, with explicit commitment to preserving surgeon-led governance while advancing technology investment and clinic expansion.
Summary
Paradigm Oral Health, a leading oral surgery and digital dentistry platform, has announced a significant recapitalization transaction in which a surgeon-led buyback returns majority ownership from BlackRock Long Term Private Capital to the company's surgeons and management. The transaction, announced July 23, 2026, is backed by a substantial investment led by Warburg Pincus in partnership with Goldman Sachs Alternatives and Sixth Street Partners.
The deal reflects a strategic refinancing aimed at maintaining Paradigm's surgeon-owned and surgeon-led operational model while providing growth capital. According to the announcement, the recapitalization is intended to support Paradigm's continued investment in clinical excellence, innovative technology platforms, advanced training programs, and expansion of its clinic network across additional geographies.
Latham & Watkins LLP represented Warburg Pincus, Goldman Sachs Alternatives, and Sixth Street in structuring and executing the investment. The transaction was handled by a comprehensive Hybrid Capital team led by Stelios Saffos (Global Chair of Capital Markets and Hybrid Capital), John Sobolewski (Global Chair of Liability Management), Peter Sluka (Global Co-Chair of Hybrid Capital), and John Miller (Global Vice Chair of Hybrid Capital), alongside partners Andrew Blumenthal, Haim Zaltzman, Nima Movahedi, and counsel Ben Gelfand, with substantial associate support. This senior-partner involvement reflects the complexity of the recapitalization structure, which likely involved multiple security classes and intricate governance provisions to balance investor return objectives with surgeon-led control.
The transaction positions Paradigm to pursue expansion and technology innovation while preserving the surgeon-centric governance structure that has differentiated the platform since its founding. For Warburg Pincus, which manages over $105 billion in assets under management, the investment reflects continued focus on growth-stage healthcare platform acquisitions with established management teams and clear operational models.
The deal reflects a strategic refinancing aimed at maintaining Paradigm's surgeon-owned and surgeon-led operational model while providing growth capital. According to the announcement, the recapitalization is intended to support Paradigm's continued investment in clinical excellence, innovative technology platforms, advanced training programs, and expansion of its clinic network across additional geographies.
Latham & Watkins LLP represented Warburg Pincus, Goldman Sachs Alternatives, and Sixth Street in structuring and executing the investment. The transaction was handled by a comprehensive Hybrid Capital team led by Stelios Saffos (Global Chair of Capital Markets and Hybrid Capital), John Sobolewski (Global Chair of Liability Management), Peter Sluka (Global Co-Chair of Hybrid Capital), and John Miller (Global Vice Chair of Hybrid Capital), alongside partners Andrew Blumenthal, Haim Zaltzman, Nima Movahedi, and counsel Ben Gelfand, with substantial associate support. This senior-partner involvement reflects the complexity of the recapitalization structure, which likely involved multiple security classes and intricate governance provisions to balance investor return objectives with surgeon-led control.
The transaction positions Paradigm to pursue expansion and technology innovation while preserving the surgeon-centric governance structure that has differentiated the platform since its founding. For Warburg Pincus, which manages over $105 billion in assets under management, the investment reflects continued focus on growth-stage healthcare platform acquisitions with established management teams and clear operational models.
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