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Tonka Bay Equity sells AppleWhite Dental Partners


Minnesota-based Tonka Bay Equity Partners announced it has sold AppleWhite Dental Partners to Cordental Group Management, a dental support organization based in Cincinnati. Terms of the transaction were not disclosed. Tonka Bay partnered with dentist Tom McCoy to form AppleWhite Dental in 2008 in Dubuque. The company has grown through acquisitions and now operates 35 dental practices in Iowa, Wisconsin, Illinois and Minnesota. “Over the past 10 years, AppleWhite has developed into a leading dental practice management company with a strong network and brand in the upper Midwest,” said Cary Musech, a partner with Tonka Bay, whose objective was to help the company grow and be acquired by a larger practice management company. “Dr. McCoy built a talented management team and has attracted high-caliber dental practices to affiliate with the company. With its growing market presence, AppleWhite is positioned for continued success.” Tonka Bay Equity was an investment partner in the Iowa Fund of Funds, an initiative to increase the level of venture capital investments in Iowa. AppleWhite was the third Iowa company in which Tonka Bay invested, along with Accumold LLC in Ankeny and Cedar Rapids-based Hunter’s Specialties Inc. 

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