BOSTON and CARY, May 7, 2024 – Riverside Partners, a Boston-based private equity firm, announced today the completion of an investment in Net32, Inc. (“Net32” or the “Company”). Based in Cary, North Carolina, Net32 is the leading online marketplace for purchasing dental supplies. The Company leverages proprietary technology to aggregate vendor and manufacturer catalogs into a database of hundreds of thousands of product listings that enables dental professionals to compare pricing easily and transparently.
“The Net32 team has built a market leader that offers compelling value to its customers and vendors," said Patrick Furlong, a Partner at Riverside Partners. "We were attracted to Net32’s over 20 year track record of success, having achieved annual growth exceeding 25% on average. Net32 represents an exciting opportunity to invest in a growing, founder-owned business with strong market tailwinds. Riverside and Net32 share a vision to make dental supplies and equipment purchasing easier and more affordable for more dental offices."
"Net32 is an exceptional company, and we are thrilled to partner with the leadership team to support the Company’s next chapter of growth,” said David Belluck, a General Partner at Riverside Partners. "Net32 is a business at the intersection of Riverside’s healthcare and technology sector focus. We look forward to supporting the Company’s efforts to provide an attractive channel for dental practices and vendors."
Darren Cassidy, CEO of Net32, added, "We are very excited to be working with Riverside Partners. Net32 is poised to do even more for our customers and vendors as we help make purchasing dental supplies and equipment easier and more affordable. The investment is a commitment to bring resources to support Net32’s innovation, help vendors continue to grow their businesses, and enhance the purchasing experience for our customers."
Choate Hall & Stewart LLP served as legal counsel to Riverside Partners. Livingstone Partners served as financial advisor to Net32.
Net32 is an exceptional company, and we are thrilled to partner with the leadership team to support the Company’s next chapter of growth. David Belluck General Partner
About Net32
Founded in 1997 by husband-and-wife Dr. Pat Cassidy, DMD, MPH and Donna Cassidy, Net32 is the leading marketplace for purchasing dental supplies. The Company was founded to address the common challenges encountered by dental practices of all sizes of finding affordable and quality products. Net32 has helped over 70K dentists achieve industry leading savings, with over 50K product and 10K vendor reviews on the platform making it easy to compare listings across the Company’s trusted network of vendors. For more information, visit www.net32.com.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm with total capital commitments of $1.6 billion raised since inception. The firm focuses on growth-oriented companies in the technology and healthcare industries. Riverside Partners is particularly experienced at partnering with founders, owners, and management teams and brings substantial domain expertise and operating experience to its portfolio companies. For more information, visit www.riversidepartners.com.
Media Contact
Andy Merrill
Prosek Partners
(917) 622-1252