Charlesbank Capital Partners Announces the Formation of Kleer-Membersy, Combining the Nation’s Two Largest Tech-Driven Dental Membership Plans

Boston, MA, May 7, 2024 – Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm with offices in Boston and New York, today announced the formation of Kleer-Membersy (or the “Company”). The new Company was formed through the acquisition and merger of Kleer and Membersy, the nation’s two largest providers of technology-driven dental membership plans.

Founded in 2015 and 2017, respectively, Membersy and Kleer have provided dental practices and dental service organizations (DSOs) with vital tools to build and grow successful membership programs, including consultative plan design, an advanced technology platform, plan branding and marketing collateral, regulatory compliance, and robust support for patients and dental office staff. The combined Company will support an aggregate footprint of 20,000 dentists and millions of patients across all 50 states, covering the entire spectrum of care, from solo practices to the largest DSOs in the country.

Charlesbank believes Kleer-Membersy will leverage the two industry leaders’ strengths to create significant value for DSOs, dental practices and their patients, as well as to expand access to care for all uninsured and underinsured Americans. The US currently has more than 76 million adults without dental insurance.

“We are thrilled to announce the merger of Kleer and Membersy,” said Mayur Desai, Managing Director at Charlesbank. “Both companies have achieved exceptional market share and growth, bringing a new subscription-based care paradigm to the dental care market.”

Added Mike Zirngibl, a Principal at Charlesbank, “This model improves patient access to care, while also improving dental practice performance. By bringing these companies together, we fully expect to enhance their ability to serve dental practices and patients nationwide."

“It is very exciting to see our mission to improve patient access to care brought to a new level with this merger,” said Dave Monahan, Kleer’s CEO. “Kleer and Membersy have led the charge in establishing a new business model for dentistry that works better for patients and dental practices alike. I couldn’t be happier to partner with the Membersy team and Charlesbank as we aim to accelerate investment and create value for dental practices at an unprecedented scale.”

“We’re extremely excited to work with Dave and the entire Kleer team as we pursue our common goal of forging a more efficient and effective future for the dental care industry,” added Michael Shuman, Membersy’s CEO. “This merger is a force multiplier that will enable us to drive even better outcomes for both our partners and our members across the U.S.”

Ernst & Young Capital Advisors and Holland & Knight served as advisors to Membersy, while Carlsquare and Gunderson Dettmer served as advisors to Kleer. For Charlesbank, OM Partners served as the financial advisor, and Goodwin acted as legal advisor.