COMPDENT ACQUIRES ILLINOIS-BASED DENTAL COMPANY.ATLANTA--(BUSINESS WIRE)--May 9, 1996--CompDent Corp. (Nasdaq/NM:CPDN CPDN Climate Prediction Dot Net CPDN Certified Peritoneal Dialysis Nurse ), a leader in the managed dental care industry, today announced that it has completed the previously announced acquisition of Dental Care Plus Management Corp., an Illinois-based third-party administrator and managed dental care provider which services more than 500,000 members, including its subsidiary, I.H.C.S., Inc. CompDent purchased Dental Care Plus Management Corp. for $27 million in cash and assumed $11 million in accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. . With the addition of Dental Care Plus, CompDent has approximately 2.3 million plan members in 23 states. Dental Care Plus provides its customers with a broad array of managed dental care and Third Party Administration services. An established leader in the state of Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Dental Care Plus includes among its current clients the State of Illinois, the Chicago Board of Education, and the Chicago Transit Authority
"This is an important acquisition for CompDent and one which solidifies our Midwest market position," said David R. Klock, president and chief executive officer of CompDent. "Illinois has the sixth largest concentration of dental managed care enrollment in the nation and Dental Care Plus has the dominant state-wide provider network. With this acquisition and Texas Dental Plans, which we completed in January, we now offer our members a full array of services, including managed care, referral-fee-for-service and Third Party Administration, and have a national reach." CompDent Corp., headquartered in Atlanta, offers a full product line of dental care plans including managed dental care, referral fee-for-service fee-for-ser·vice adj. Charging a fee for each service performed. and third-party administration. The Company's dental care plans are sold through a network of independent agents and a direct sales force. CONTACT: CompDent Corporation, Atlanta Sharon S Sharon, city, United States Sharon (shâr`ən), city (1990 pop. 17,493), Mercer co., NW Pa., on the Shenango River, near the Ohio line; settled c.1800, inc. as a city 1920. . Graham, 770/998-8936 |
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