Who owns Smile Doctors (via New SD Holding Company, L.P.)

Smile Doctors (via New SD Holding Company, L.P.) - Profile

Smile Doctors is an orthodontic support organisation based in Texas that buys into and then runs the business side of orthodontic practices, handling operations, accounting, marketing, revenue cycle management, human resources and purchasing so the affiliated orthodontists can concentrate on treating patients. Its network of clinics delivers traditional braces and clear aligner treatment and includes the largest group of Diamond Plus Invisalign providers in the country, with more than 295 locations across 25 states as of its 2022 recapitalisation. Linden Capital Partners acquired the business in October 2017 and Thomas H. Lee Partners came in alongside Linden as an equal partner in January 2022, with affiliated orthodontists keeping a stake. The interest here is held through New SD Holding Company, L.P., the partnership that owns Smile Doctors, LLC through intermediary entities.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Align Technology, Inc.. Align's Q2 2026 10-Q discloses Subscription Agreements dated December 19, 2024 and June 5, 2025 with New SD Holding Company, L.P. ('SD Holding Company'), which owns a controlling interest through intermediary entities in Smile Doctors, LLC, an orthodontic support organization. Align acquired 'less than a 3% equity interest' through Class A Common Units for a total of $40.0 million cash, and the 10-Q states no fair-value adjustment to the carrying value was recorded for the three months ended June 30, 2026. No standalone carrying value for Smile Doctors is disclosed at any date; the 10-Q discloses only a COMBINED figure for 'investments in privately held companies' of $327.8m at 30 Jun 2026 and $216.2m at 31 Dec 2025, which covers both Heartland and Smile Doctors together (and possibly other unnamed minor positions). Per the project rule against assigning a combined balance to one investee, and since Smile Doctors' own carrying value is never separately disclosed (only its $40.0m original cost across two tranches), shares and value_usd are left null here. Note: $327.8m combined minus Heartland's explicitly disclosed $281.7m leaves an implied remainder of approximately $46.1m as of 30 Jun 2026 covering Smile Doctors (cost $40.0m, plus or minus any unstated adjustment) and any other unnamed minor holdings; this arithmetic is NOT assigned to Smile Doctors as its value because the filing does not itself state it. source