Linden LLC

Linden Agrees to Sell Spear Education to Avista Capital Partners

December 19, 2022 | For Immediate Release

Chicago, IL (December 19, 2022) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare sector, announced today an agreement to sell Spear Education, LLC (“Spear” or the “Company”) to Avista Capital Partners (“Avista”).  Spear, a portfolio company of Linden, is a tech-enabled provider of digital and in-person clinical training, practice analytics, and consulting solutions for the dental end-market.

“We could not have asked for a better partner than Linden. With their guidance and support, Spear was able to develop and invest behind a robust value creation plan that drove significant growth across the business,” said Kaleim Manji, Chief Executive Officer of Spear. Kaleim added, “We are incredibly proud of the organization we have built. Spear today is a fundamentally different business than it was at the time of Linden’s investment.”

“During Linden’s partnership, the Company invested significantly in its infrastructure, which we believe positions the business for sustainable, long-term growth. We congratulate Kaleim and the management team and look forward to following their continued success,” stated Tony Davis, Linden President and Co-Founder and Board Director of Spear. Tony added, “Spear represents Linden’s third realization in 2022. We are proud to provide our investors liquidity this year amidst a difficult macro environment.”

Michael Watts, Linden Partner and Board Director of Spear, said, “Kaleim and the management team have done an exceptional job transforming the business over the last several years. Since the initial acquisition, the Company has evolved from primarily an in-person, campus-based business to a recurring revenue, digital membership model.”

Gerard Moufflet, Linden Operating Partner and Board Director of Spear, said, “The sale of Spear represents yet another successful outcome for Linden’s long-standing oral care sector effort.” Gerard added, “It has been a pleasure to work so closely with the team on driving the Company’s expansion into new products and markets.”

Robert W. Baird & Co. served as financial advisor to Spear, and Kirkland & Ellis LLP served as legal counsel.

About Spear
Spear Education is dentistry’s premier source for continuing education and practice management solutions. The company serves dentists of all clinical skill levels and transforms practices and the lives of patients by offering physical hands-on courses, extensive peer-to-peer learning, and comprehensive digital tools. For more information, go to

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 250+ total transactions. The firm has raised over $7 billion in limited partner commitments since inception. For more information, please visit