SAN FRANCISCO – Delta Dental of California today announced it is selling back to Moda Holdings Group, Inc. the $152.4 million equity stake investment it made in 2019 for a 49.5 percent share in Moda Partners, Inc.
“As a way of accelerating innovation to benefit our 38 million customers, we are always looking for short and long-term partnership and investment opportunities in promising established and startup businesses in the oral health care sector,” said Mike Castro, president and CEO of Delta Dental of California. “The Moda investment met our strategic objectives, and we are grateful for the partnership Moda provided. Investments such as this play an important role in our mission of advancing dental health, increasing access to oral care and supporting our commitment to meeting the needs of those we serve through exceptional dental benefits.”
“We greatly appreciate the long-term partnership we have shared with our friends and colleagues at Delta Dental of California,” said Robert Gootee, president and CEO of Moda. “Their strategic investment of a few years ago helped us sustain and expand our diverse strategies at a critical time. The continuing evolution of the healthcare landscape surely will afford us many fresh strategic opportunities for continued collaboration going forward, while at the same time allowing each of us to focus on our primary initiatives in our strategic markets.”
Since 1955, Delta Dental of California has offered comprehensive, high quality oral health care coverage to millions of enrollees and built the strongest network of dental providers in the country. The Delta Dental of California enterprise includes its affiliates Delta Dental Insurance Company, Delta Dental of Pennsylvania, Delta Dental of New York, Inc., as well as the national DeltaCare USA network, and provides dental benefits to more than 38 million people across 15 states and the District of Columbia*. All are members of the Delta Dental Plans Association based in Oak Brook, Illinois, the not-for-profit national association that through a national network of Delta Dental companies collectively covers millions of people nationwide. For more information about Delta Dental of California, please visit www.deltadentalins.com
*Delta Dental of California’s operating areas encompass Alabama, California, Delaware, Florida, Georgia, Louisiana, Maryland, Mississippi, Montana, Nevada, New York, Pennsylvania, Texas, Utah, West Virginia and District of Columbia.
Founded in 1955, Oregon-based Moda is a company committed to building healthier communities. Moda has 330,000 members in its medical plans and more than 1 million members in its stand-alone pharmacy segment. The Moda family of enterprises includes Moda Health, Moda Assurance Company, ODS Community Dental, Eastern Oregon Coordinated Care Organization, Summit Health, OHSU Health IDS, Ardon Health, BenefitHelp Solutions, Astra Practice Partners, Dental Commerce Corporation, Arrow Dental and Emerging Health. Affiliated companies include Delta Dental of Oregon and Delta Dental of Alaska with more than 1 million dental members.