Ownership profile
Who owns Aspen Dental?
Aspen Dental is a consumer dental brand operated by Aspen Dental Management, Inc. (ADMI), a subsidiary of The Aspen Group (TAG), which is majority-controlled by private equity firms Leonard Green & Partners and Ares Management (combined ~80%), with American Securities, management, and dentist-partners holding the remaining stake.
Ownership profile
Aspen Dental
Aspen Dental Management, Inc. (ADMI), a subsidiary of The Aspen Group (TAG)
Evidence (13)
Aspen Dental's own website states that TAG provides administrative and business support services to Aspen Dental branded dental practices, and that each practice is owned and operated by a licensed dentist.
https://www.aspendental.com/about/American Securities lists The Aspen Group on its portfolio page, confirming active PE investor involvement.
https://www.american-securities.com/companies/the-aspen-group/California's Attorney General identified Aspen Dental as owned by private equity firms in a May 2026 settlement announcement.
https://oag.ca.gov/news/press-releases/attorney-general-bonta-announces-settlement-aspen-dental-over-corporate-practiceAspen Dental Management, Inc. (ADMI) is the operating legal entity behind the Aspen Dental brand, providing marketing, operations, and training support services to Aspen Dental-branded practices.
https://en.wikipedia.org/wiki/Aspen_DentalPrivate equity firm Ares Management first acquired Aspen Dental in 2006.
https://en.wikipedia.org/wiki/Aspen_DentalLeonard Green & Partners purchased Aspen Dental from Ares Management in 2010 for approximately $500 million.
https://en.wikipedia.org/wiki/Aspen_DentalThe Aspen Group (TAG) is the parent company of Aspen Dental Management, Inc., rebranded from ADMI in December 2021.
https://www.prnewswire.com/news-releases/aspen-dental-management-rebrands-as-tag--the-aspen-group-301436111.htmlIn June 2017, Ares Management and Leonard Green & Partners announced a definitive agreement to increase their equity ownership in ADMI, in partnership with American Securities and ADMI's leadership team, restoring Ares and Leonard Green as majority owners.
https://www.leonardgreen.com/ares-management-leonard-green-increase-ownership-in-aspen-dental-management-inc/In March 2015, American Securities led a recapitalization of Aspen Dental Management Inc. in partnership with Ares Management, Leonard Green & Partners, and the existing management team.
https://www.prnewswire.com/news-releases/american-securities-leads-recapitalization-of-aspen-dental-300054682.htmlTAG is a private company (not publicly traded).
https://pitchbook.com/profiles/company/10548-73PitchBook confirms American Securities, Leonard Green & Partners, Ares Management, and AustralianSuper as investors in The Aspen Group, with total capital raised of $3.05B.
https://pitchbook.com/profiles/company/10548-73The Molar Report (June 2026) corroborates that TAG is majority-owned by Leonard Green & Partners and Ares Management at roughly 80% combined, with American Securities, management, and dentist-partners holding the balance.
https://www.themolarreport.com/companies/aspen-dentalAspen Dental is majority (~80%) owned by private equity firms Leonard Green & Partners and Ares Management combined, with the remaining ~20% held by American Securities, management, and dentist-partners.
https://pestakeholder.org/news/pe-owned-aspen-dental-faces-yet-another-investigation-for-deceptive-practices-2/What's uncertain
- Exact current equity split among Leonard Green, Ares, American Securities, and AustralianSuper has not been publicly disclosed in any SEC filing or official press release since the 2017 transaction; the ~80%/~20% breakdown comes from the Private Equity Stakeholder Project (an advocacy group), corroborated by The Molar Report — treat as an estimate, not audited fact.
- AustralianSuper is noted by PitchBook as an investor but no press release or PE portfolio page confirms the nature or size of their stake; it may be a debt or limited-partner position.
- No formal exit has been announced by any of the three PE firms; all three are assumed to remain invested as of the investigation date.
- Specific percentage stakes and current fund vintages are not publicly confirmed; staleness risk is moderate given last major equity event was in 2017.
- Aspen Dental practices are legally owned by individual licensed dentists; the PE ownership described here pertains to the dental support organization (ADMI/TAG), not the individual dental offices.