After bursting on the scene and dramatically changing the dental industry, private equity activity has cooled down in recent years.
Dental industry deals saw a 37.2% drop in 2025 compared to 2024, primarily in endodontics and periodontics, according to a recent analysis from PitchBook.
In 2024 and early 2025, climbing interest rates and slowing buyer activity caused some drag in the industry, but private equity has reset and reloaded.
While there may be less deals in terms of raw numbers, private equity is still a major player in dentistry, according to this executive.
Silvestre Gonzalez, COO of Charleston, S.C.-based Forge Specialty Partners, recently connected with Becker’s to discuss how private equity’s approach to dentistry has evolved.
Note: This response was lightly edited for clarity and length
Question: How has your perception of private equity’s role in dentistry changed over the past 12-18 months?
Silvestre Gonzalez: Over the past 12 to 18 months, my perspective on private equity in dentistry has definitely evolved.
A year and a half ago, it felt like the space had overheated. Rates were up, deal volume dropped pretty sharply, margins were getting squeezed and a lot of buyers hit the brakes. It looked like the aggressive roll-up phase was running out of steam.
But moving into late 2025 and now in 2026, it’s clear the story didn’t end — it matured. With rates starting to ease and capital still sitting on the sidelines, activity is picking back up. There’s also real pressure to deploy capital and recapitalize existing platforms, which is bringing momentum back into the market.
What’s changed most is the approach. Private equity feels more disciplined now — less about massive consolidation plays and more focused on targeted growth: smaller and mid-market platforms, specialties, de novos, tech and AI integration and strategic tuck-ins.
Net-net, I see private equity today as more durable and value-oriented than I did 18 months ago. It’s not going anywhere. In fact, it’s becoming a more embedded and constructive force in how dentistry scales and evolves.
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