12075 N. Corporate Parkway, Suite 120 | Mequon, WI 53092
[email protected]

Built on Trust. Defined by Results.

Deal Room
Deal Room

ACT Dental

Our team advised ACT Dental in its sale to Smile Source, a portfolio company of Incline Equity Partners.

ACT Dental

Transaction Details

Sell-Side Advisory

Year: 2025

Client: ACT Dental

Industry: Business Services

Hedquarters: Milwaukee, WI

Website: www.actdental.com

Overview

Completed by the Vantage Investment Banking team under a prior firm, ACT Dental, a leading consultancy in the dental industry has merged with Smile Source, a community of private dental practices.

About ACT Dental

ACT Dental, headquartered in Milwaukee, WI, specializes in coaching services tailored for dental practices, focusing on both the business and cultural aspects to help dentists across the nation enhance their operations. ACT’s service offerings include personalized coaching, detailed financial analysis, and tools designed to streamline workflows, increase profitability, and improve team dynamics. ACT also provides webinars, podcasts, magazines, clinical training classes, and a comprehensive portfolio of continuing education content to a community of passionate dental professionals through its Best Practices Association.

About Smile Source

Smile Source, supported by Incline Equity Partners since 2023, is a leading private practice network serving independent dentists for over 15 years. Smile Source has a private practice network of 750+ locations and over 1,100 dentists nationwide.

About Incline Equity Partners

Headquartered in Pittsburgh, PA, Incline Equity Partners is a middle-market private equity firm that invests in and partners with growing companies primarily in services, value-added distribution, and specialized light manufacturing across the U.S. and Canada. The firm focuses on buyouts, corporate divestitures, and recapitalizations of businesses with enterprise values typically between about $25 million and $750 million, working collaboratively with management to drive strategic growth and operational value creation. Since its founding in 2011, Incline has committed over $6.5 billion in capital and has made  over 75 platform investments.

Deal Team

Vantage Investment Banking
Bill Penkwitz

Bill Penkwitz

Partner
Alex Penkwitz

Alex Penkwitz

Vice President

PREVIOUS PROJECT
NEXT PROJECT
x

Built On Trust. Defined By Results.

We specialize in investment banking for privately held businesses, offering expert guidance and fresh perspectives. Contact us to learn more and explore your options.

Address
12075 N. Corporate Parkway, Suite 120 
Mequon, WI 53092
Get In Touch
[email protected]
x

Alex Penkwitz

Vice President & Co-Founder

262-339-8772

[email protected]

Biography

Working in the middle market investment banking industry since 2020, Alex is responsible for leading the day-to-day execution of M&A transactions for the Vantage Investment Banking team. His responsibilities span all phases of the transaction process, including financial modeling and valuation analysis, preparation of marketing materials, buyer and investor outreach, and coordination of due diligence activities. He plays a central role in managing timelines, facilitating communication between clients and counterparties, and supporting negotiations to ensure smooth execution.

Alex has advised on more than 25 M&A, Debt Placement, and Capital Raising transactions across multiple industries, including industrials & manufacturing, business services, technology & IT services, consumer products, and food & beverage. His experience working with both privately held businesses and institutional investors gives him a well-rounded perspective on the strategic, operational, and financial considerations that drive successful outcomes.

Alex holds a BBA in finance from Marquette University, centering his education around investments and participating in the Accelerating Ingenuity in Markets (AIM) Program. 

Featured Transactions

Northstar Metal Products has been acquired by IMS Companies
Northstar Metal Products
Golner Precision Products has been acquired by G3 Industries
Golner Precision Products
Regal Ware has secured financing from Mountain Ridge Capital
Regal Ware
Tollefsen Steel & Fabrication
Tollefsen Steel & Fabrication
x

Bill Penkwitz

Partner & Co-Founder

414-559-3519

[email protected]

Biography

Bill brings more than 25 years of investment banking experience, previously founding and building a boutique investment banking firm focused on advising middle market companies on mergers and acquisitions, debt placements, capital raising, and strategic advisory transactions. Over the course of his career, he has advised on more than 150 transactions across a wide range of industries. Bill remains active in the greater Milwaukee community, serving as a board member of several Wisconsin-based organizations and a shareholder in a number of privately held businesses.

Bill’s extensive experience gives him a unique perspective on both the advisory and operational sides of businesses, allowing him to provide thoughtful, senior-level guidance to business owners, management teams, and investors. Bill remains actively involved in all aspects of client engagements, ensuring each process benefits from his deep industry knowledge and leadership.

Prior to entering investment banking, Bill spent several years with U.S. Bank Capital Markets where he personally arranged over $200MM in structured finance transactions. Bill earned his Masters Degree in accounting and received a BBA in finance from the University of Wisconsin-Milwaukee and has passed the CPA exam.

Featured Transactions

Northstar Metal Products has been acquired by IMS Companies
Northstar Metal Products
Golner Precision Products has been acquired by G3 Industries
Golner Precision Products
Regal Ware has secured financing from Mountain Ridge Capital
Regal Ware
R.R. Streets has secured replacement and growth capital from 1876 Ventures.
R.R. Street & Co.