CompDent Corporation Completes Acquisition of OHS and Changes Name to CompBenefits Corporation
Atlanta, GA - July 13, 2000 - CompDent Corporation, a leader in providing total dental benefits, announced today the completion of its acquisition of OHS, a leading Florida-based dental and vision benefits provider. The combined dental and vision benefits company provides dental coverage for 3.1 million members in 23 states and vision coverage for 1.4 million members in 4 Southeastern states. The Company also adopted a new name, CompBenefits Corporation.
"This acquisition further enhances our leading network of dentists in the Southeast and enables us to deliver increased value and convenience to our customers," said David R. Klock, Chairman and CEO of CompDent. "In addition, we will have the opportunity to offer to our existing customers the outstanding benefit products of OHS's vision care operations ("VCI") and to offer directly to OHS clients both indemnity dental and PPO products through CompBenefits Insurance Company, a licensed life and health insurer in 25 states."
Dr. Stanley Shapiro, President and Chief Executive Officer of OHS, Inc., stated, "This is an important opportunity for OHS to enhance its service to the doctors, subscribers, employers, and agents. Drawing upon the experience, commitment, and best practices of each organization will establish a platform for service excellence into the future."
Phyllis Klock, President and Chief Operating Officer of CompDent, stated, "CompDent and its associates are excited about working together with the management team of OHS and VCI, who like CompDent, support strong customer service orientation and commitment to providing consumers access to affordable, quality dental and vision benefits."
TA Associates, Inc., and Golder, Thoma, Cressey, Rauner, Inc. (CompDent's lead equity sponsors) and Fleet Venture Resources, Inc., (a current equity investor in OHS) led the equity sponsorship required to effect the acquisition.
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