Wednesday, September 3, 2025

ADA Treasurer Offers Deeper Dive into Finances

 


If you are an ADA member (as I am), you may be aware that in the last six months or so, the ADA has been communicating about the organizations finances in a way they never have before (at least to my knowledge).

The influx of venture capital into the industry, followed by the rapid expansion of corporate owned dental offices, has created some ripples.  Firms with large bank accounts have been gobbling up private practices at an alarming rate.  Combining that fact with the increasing debt load of graduating dental students has made many young doctors choose a career in corporate dentistry.

My take:  Many of those corporate dentists do not join the ADA.  They fail to see the benefits of paying dues to the organization.  I think they look at the organization as a group for private practice owners.  However that is far from the truth.

Since membership dollars are down, the ADA faces decreasing revenues paired with increasing costs.  That has created a situation with their finances that has to be addressed.  In the past, people have been critical of the ADA's lack of transparency about things... I was one of them.  However, this year they have made a concerted effort to be much more upfront about things.  I salute them for that.

In the last couple of months the ADA scaled back their expenditures for 2025 and they have been very upfront about the budgetary items they have cut.

The ADA serves a critical role in the career of every dentist, whether those non-member doctors realize that or not.  Our profession is better because the ADA exists.  Their lobbying efforts alone are worth the dues money I pay.  To wrap this up I want to state that I think *every* doctor should be a member.  We need a cohesive voice that speaks for all of us.  If you are not a member, go the ADA website and take a look around.  Especially take a look at what the member benefits are.  I think you will come away from that impressed.  I *highly encourage* you to join.

Getting back to the real subject of today's post... in the continuing effort to provide financial transparency the ADA treasurer has released a much deeper look into the organization's finances.  You can find that deep dive here.  

Tuesday, September 2, 2025

Sycamore Partners Completes Acquisition of Walgreens Boots Alliance

Since a lot of readers here are practicing dentists, I figure that this is sort of a public service announcement.  We all write prescriptions... or we click and send them to a pharmacy.  Either way, it's good to be up to date on changes in the pharmaceutical industry, especially when it can impact our patients.  So with that out of the way, here's a press release I came across about the recent sale of Walgreens to Sycamore partners.  This may have zero impact on practicing dentists, but just in case...

Sycamore Partners (“Sycamore”) announced today that it has completed its acquisition of Walgreens Boots Alliance, Inc. (the “Company” or “WBA”).

Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in WBA, demonstrating their ongoing support and confidence in the Company’s future.

Stefan Kaluzny, Managing Director of Sycamore, said, “Walgreens Boots Alliance, Inc., its companies and its dedicated team members play an essential role in the communities they serve around the world. We look forward to partnering with the management teams at each company, including Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD. As standalone companies under private ownership, they will build on their proud legacies to enhance the customer experience and deepen the trusted relationships they have earned with millions of customers around the world.”

Stefano Pessina said, “This milestone begins a new chapter for Walgreens, The Boots Group and the other portfolio businesses. Our family has proudly supported these companies for decades, and we are pleased to continue that commitment alongside Sycamore. Together, we are united in our belief in the future of these organizations and the essential role they play in millions of lives each day.”

Following the closing of the transaction, Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD will operate as separate standalone companies.

With the completion of the acquisition, WBA's common stock has ceased trading and will no longer be listed on the Nasdaq. In addition to their cash consideration of $11.45 per WBA share, WBA shareholders will receive one non-transferable right to receive up to an additional $3.00 in cash per WBA share from the net proceeds of the future monetization of WBA’s debt and equity interests in VillageMD, which includes the Village Medical, Summit Health and CityMD businesses.

Advisors

UBS Investment Bank is acting as lead financial advisor, Goldman Sachs and J.P. Morgan are acting as co-lead financial advisors, Citi and Wells Fargo are acting as financial advisors, Davis, Polk & Wardwell LLP is acting as legal counsel and Bass Berry & Sims PLC is acting as healthcare regulatory counsel to Sycamore.

Centerview Partners is acting as financial advisor, Kirkland & Ellis LLP is acting as legal advisor and Ropes & Gray LLP is acting as healthcare regulatory counsel to WBA. Morgan Stanley & Co. LLC was also a financial advisor, and provided a fairness opinion to the WBA Board of Directors.

Debevoise & Plimpton LLP is acting as legal advisor to Stefano Pessina.