# SmileDirectClub: Global operational wind-down announced

SmileDirectClub, Inc.; historical operating predecessor SDC Financial LLC · United States · Dental health

Evidence reviewed Oct 26, 2026. Historical event record.

SmileDirectClub announced a wind-down of its global operations in December 2023 after it failed to secure capital for a recapitalization.

## Historical private valuation

$3.2bn · Oct 10, 2018

The company and lead investor disclosed a $3.2 billion valuation alongside completion of a $380 million equity private placement.

[Clayton, Dubilier & Rice / company release](https://www.cdr.com/news/smiledirectclub-announces-380-million-equity-private-placement-32-billion-valuation)

## Documented event

Global operational wind-down announced · Dec 8, 2023

No transaction price shown. The company announced it had initiated a swift wind-down of global operations after attempts to recapitalize failed. The announcement is the event recorded here.

[SmileDirectClub / PR Newswire](https://www.prnewswire.com/news-releases/smiledirectclub-begins-swift-wind-down-of-business-to-maximize-value-302010460.html)

## What changed

The failed attempt to recapitalize the business ended in an announced operational wind-down. Its private financing benchmark predates the IPO; the company’s much larger later stock-market value is not used to establish unicorn status.

## Timeline

### Oct 10, 2018 — Institutional private placement completed

The financing was led by Clayton, Dubilier & Rice, with participation from Kleiner Perkins and Spark Capital.

[Clayton, Dubilier & Rice / company release](https://www.cdr.com/news/smiledirectclub-announces-380-million-equity-private-placement-32-billion-valuation)

### Dec 8, 2023 — Operational wind-down initiated

The company said it had been unable to find a partner willing to provide the capital needed for its proposed recapitalization.

[SmileDirectClub / PR Newswire](https://www.prnewswire.com/news-releases/smiledirectclub-begins-swift-wind-down-of-business-to-maximize-value-302010460.html)

## Disclosed investors

Historical funding participation; not current ownership or investor losses.

- Clayton, Dubilier & Rice — [Clayton, Dubilier & Rice / company release](https://www.cdr.com/news/smiledirectclub-announces-380-million-equity-private-placement-32-billion-valuation)

- Kleiner Perkins — [Clayton, Dubilier & Rice / company release](https://www.cdr.com/news/smiledirectclub-announces-380-million-equity-private-placement-32-billion-valuation)

- Spark Capital — [Clayton, Dubilier & Rice / company release](https://www.cdr.com/news/smiledirectclub-announces-380-million-equity-private-placement-32-billion-valuation)

## Sources

- [SmileDirectClub Announces $380 Million Equity Private Placement; $3.2 Billion Valuation](https://www.cdr.com/news/smiledirectclub-announces-380-million-equity-private-placement-32-billion-valuation) — Clayton, Dubilier & Rice / company release; published Oct 10, 2018; accessed Oct 26, 2026; primary source.

- [SmileDirectClub Begins Swift Wind Down of Business to Maximize Value](https://www.prnewswire.com/news-releases/smiledirectclub-begins-swift-wind-down-of-business-to-maximize-value-302010460.html) — SmileDirectClub / PR Newswire; published Dec 8, 2023; accessed Oct 26, 2026; primary source.

Logo: [SmileDirectClub logo source](https://commons.wikimedia.org/wiki/File:Smile_Direct_Club_logo.svg), Smile Direct Club · [Public domain / PD-textlogo (source classification)](https://commons.wikimedia.org/wiki/Template:PD-textlogo). Wikimedia-generated scaled preview; no local edits.

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