A private equity investment firm has acquired controlling interest in Den-Mat Holdings, a Santa Maria-based manufacturer of cosmetic dentistry products and a major employer in the North County.

DLJ Merchant Banking Partner, a private equity firm affiliated with Credit Suisse, completed the acquisition in December, officials said this week.

Den-Mat's flagship product is Lumineers by Cerinate, an ultra-thin porcelain veneer that the firm touts as providing a pain-free alternative to traditional veneers and removing the need for anesthetic during their application.

A Central Coast dentist, Dr. Robert L. Ibsen, founded Den-Mat in 1974.

“We are delighted to acquire Den-Mat, a unique platform in one of the fastest growing segments of the healthcare industry,” said Steven Rattner, global head of DLJ Merchant Banking Partners, in a prepared statement. “Working closely with Dr. Ibsen and Den-Mat's management team, we look forward to leveraging the company's leading edge products to capitalize on new opportunities and significantly expand the business from its current niche position.”

Ibsen said that access to the private equity firm's resources will allow Den-Mat “to accelerate our growth strategy.”

The acquisition also brings several management changes, including:

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n Nicholas L. Teti Jr., former CEO of Isolagen Inc. and former chairman and CEO of Inamed Corporation in Santa Barbara, has been named chief executive officer.

n Adel Michael, former vice chairman and CFO of Mentor Corporation, becoming president and chief operating officer.

Den-Mat's founder, Ibsen, will remain active in the business as chairman and director of professional education and product development.

The firm has more than 680 employees and manufactures more than 200 cosmetic and restorative formulations, used by about 40,000 dentists around the world.

In 2004, Den-Mat Corp. sold its Rembrandt brand of teeth-whitening products to The Gillette Co. of Boston.

The Rembrandt line of products includes the whitening tooth paste, which comes in several varieties; bleaching kits; mouth wash; mouth rinse; a canker prevention and pain-relief product; and breath drops.

Ibsen invented Rembrandt Whitening Toothpaste and Rembrandt Lighten Bleaching Gel, which are credited with creating the current teeth-whitening consumer industry.

Today, the firm operates from two facilities in the 2700 block of Skyway Drive, its prominent headquarters on the west side of the street and a warehouse-type building on the east side.

Den-Mat has grown steadily in recent years.

The firm employed 479 people in April 2006, according to the UCSB Economic Forecast Project, making it the 13th largest employer in northern Santa Barbara County.

By February 2007, the firm reportedly had 586 employees, making it the ninth-largest employee in North County and the 23rd-largest for all of Santa Barbara County, according to the Economic Forecast Project report.

January 12, 2008