By Ian Ardill
If you’ve ever wondered what it’s like to own a dental practice – not as a dentist, but as an investor – you’re not alone. On this episode of Money Match, I sit down with Elroy Gust, President and CEO of Newlook Capital. With zero debt and a focus on quality over quantity, Newlook is quietly redefining private equity in healthcare.
About the Dental Practice Rollout Fund
- Launched in 2018, focused on dental practice consolidation
- Currently owns ~35 practices with $140M AUM in this fund alone
- Operates with no bank debt—an uncommon approach in private equity
- Partners with Dr. Sam, who owns 30% of the fund and leads operations
Investment Options
1. Debentures
- 5-year rolling term
- 9% interest income, ideal for registered accounts
- Lower risk, sits higher in the capital stack
2. Equity
- Quarterly cash distribution of 6–7%, plus upside
- Targeting 15% total annual return
- Participation in practice value growth (multiple arbitrage from 6–7× purchase to 9–10× resale)
Investment Philosophy
- Extremely selective: Looks at many clinics, buys few
- Only purchases profitable, well-run clinics—no turnaround projects
- Avoids leverage to de-risk returns
- Strong alignment with investors: No profit share for New Look until investors receive an 8% hurdle
Is this investment opportunity right for you? Watch this latest episode of Money Match, or give me a call.
PS This is Part Two of my interview with Elroy. Check out Part One here, in which we discuss another Newlook fund that has served investors so well by buying essential services businesses: the Newlook Capital Industrial and Infrastructure Services Fund.
Ian Ardill, B.A., M.T.S.
Wealth Advisor
CEO, Ardill Group
Direct: 1 905 769 2004
Office: 1 905 907 7000
ian@ardillgroup.com
Ian is a Dealing Representative with Raintree Financial Solutions, an Exempt Market Dealer. Exempt Market investments are offered only through RFS, while insurance and planning services through Ardill Group are outside RFS’s supervision. Please review the official offering documents and speak with your RFS advisor to ensure suitability before making any investment.
This article does not provide sufficient information for you to make a fully informed investment decision. This article also contains forward looking statements, which include target returns that may not be predictive of actual performance. Forward-looking information is based on the current expectations, estimates and projections of the securities issuer and involve a number of unknown risks and uncertainties which could cause the actual results or events to differ materially from those presently anticipated.
