Firm at a glance
Thurston Group is a platform private equity firm founded in 1986 and headquartered in Chicago, per its own website [S1].
What they buy
Thurston Group’s portfolio demonstrates a pronounced focus on healthcare services, particularly dental and specialty medical practice platforms [S2]. The firm has assembled approximately 15 portfolio companies, with the majority representing dental service organizations, specialty physician partnerships, and related healthcare real estate solutions [S2]. A smaller portion of the portfolio includes business services and real estate investments outside the healthcare sector [S2].
Portfolio
Healthcare
Thurston Group’s healthcare portfolio includes a clinical trial site network, a modern dental platform, leading MedSpa practices, medical weight loss centers, ARC Health, a dental service organization, an orthopedist specialty services organization, endo-driven specialty services partnerships, dental clinics in the Southeast, oral surgeon partnerships, orthodontic practices, and multi-specialty dental services in Pennsylvania and New Jersey [S2].
Real Estate
The firm holds a veterinary real estate solution and a dental real estate solution [S2].
Business Services
One portfolio company provides accounting, finance and technology solutions [S2].
Recent activity (last 24 months)
* August 2024: SGA Dental Partners, a Thurston Group portfolio company, secured approximately $350 million in financing [S3]
How this firm fits a seller
Thurston Group appears well suited for healthcare practice owners seeking a buyer with deep sector experience, particularly in dental and specialty medical services. The firm has reportedly returned over $4 billion of invested capital since inception, suggesting a track record of successful exits [S1]. For sellers of dental practices, orthodontic groups, or specialty physician partnerships, Thurston’s concentration in these verticals may indicate operational expertise and established playbooks. The firm’s real estate solutions suggest it may offer sale-leaseback or property management options for practice owners.
Sources
[S1] https://www.thurstongroup.com/about-us (as of 2025-01-15)
[S2] https://www.thurstongroup.com/portfolio (as of 2025-01-15)
[S3] https://www.lw.com/en/news/2024/08/latham-advises-on-thurston-group-portfolio-company-sga-dental-partners-us350-million-in-financing (as of 2024-08)
Frequently asked questions
Does Thurston Group buy healthcare businesses?
Yes, healthcare represents the dominant sector in Thurston Group’s portfolio, with particular concentration in dental service organizations and specialty physician partnerships [S2]. The firm’s portfolio includes approximately 13 healthcare-related platforms spanning dental, orthodontic, oral surgery, orthopedic, endodontic, MedSpa, weight loss, and clinical trial services [S2].
What companies has Thurston Group acquired recently?
Public records show that SGA Dental Partners, a Thurston Group portfolio company, completed a financing transaction in August 2024 [S3]. The firm’s portfolio page lists multiple dental and healthcare platforms, though specific acquisition dates for most holdings are not publicly disclosed [S2].
Where is Thurston Group based and how big is the firm?
Thurston Group is based in Chicago [S1]. The firm reports having returned over $4 billion of invested capital since its founding in 1986 [S1]. Current fund size and assets under management are not publicly disclosed in available sources.
Is Thurston Group still actively acquiring?
The most recent public transaction activity dates to August 2024, when portfolio company SGA Dental Partners secured financing [S3]. This recent activity suggests the firm remains active, though no new platform acquisitions have been publicly announced in the trailing 24 months based on available sources.
This profile is maintained by CT Acquisitions as an independent third-party reference. CT Acquisitions is not affiliated with, endorsed by, or a representative of the firm profiled. All facts sourced from publicly available materials as of the dates cited.