Cleary Gull Inc. is pleased to announce that its client AppleWhite Dental (“AppleWhite”), a portfolio company of Tonka Bay Equity Partners (“Tonka Bay”), has been acquired by CORDENTAL Group Management (“CORDENTAL”), a portfolio company of NMS Capital (“NMS”). Cleary Gull acted as exclusive financial advisor to AppleWhite Dental in this transaction.

AppleWhite Dental (www.applewhitedentalpartners.com), headquartered in Dubuque, Iowa, is a market-leading dental service organization providing support to over 150 dentists and hygienists in 35 offices across Iowa, Wisconsin, Illinois and Minnesota. Founded in 2008, by Dr. Tom McCoy, AppleWhite has become the buyer of choice for selling practices and preferred employer for new dentist graduates in the Midwest.