Minnesota dental lab company raises $75 million

GeoDigm Corp. has been raking in some serious cash.

The company, based in Chanhassen, Minnesota, raised $75 million from the sale of equity and debt, according to documents filed with the Securities and Exchange Commission.

GeoDigm netted $48.9 million from selling equity and $26.1 million from peddling debt, the documents say. Combined with the $40 million GeoDigm collected from investors last year, the company has raised a whopping $115 million in just under two years.

GeoDigm has been using its war chest to gobble up dental labs across the country, a relatively fragmented industry. In June, the company spent $125 million to purchase National Dentex Corp., based in Natick, Massachusetts.

National Dentex, the largest operator of dental labs in the United States, generated $160 million in sales last year. The company operates 40 labs across the country and serves about 24,000 dentists.

Founded in 1996 by Drs. Robert Isaacson and Bruce Hultgren, GeoDigm developed laser scanning technology to create 3D models of patient mouths. Today, the company, which generates about $27 million in annual revenue, uses its technology to perfect dental restorations.

Private equity firm Welsh, Carlson, Anderson, & Stowe acquired GeoDigm in 2009.