Glenn Goldstein, MD, a regional medical director at Dermatology Associates, said about the Company “As a physician, running a practice took time away from being available to my patients. Our physicians are passionate experts in providing medical care, we are not interested or qualified to navigate the insurance, regulatory and business issues that increasingly take more and more of our time. The complexities of a physician practice continue to create new challenges and the best option is to join with other like-minded organizations that possess the expertise needed to succeed through the uncertainties of the future. I am excited about working with Dermatology Associates to build an organization that is focused on dermatology yet retains its independence.”
Geoff Wayne, Chief Executive Officer of Dermatology Associates, said “Partnering with ABRY provides us with additional experience growing multi-site healthcare services business and the added resources and capital needed to accelerate our growth strategy and significantly expand our geographic footprint. We look forward to working with ABRY to support the Company in its next phase of growth.”
Brent Stone, a Partner at ABRY, said “We are excited to be partnering with Geoff Wayne and the Dermatology Associates team. Our partnership is based on a shared vision, and we look forward to providing both the capital and strategic and operational value to support Dermatology Associates as it continues to expand the platform and extends care to a broader patient base.”
The investment in Dermatology Associates represents the latest platform in the continuation of ABRY’s healthcare investment strategy and is its third investment in the healthcare practice management industry, following previous investments in FastMed Urgent Care and North American Dental Group, LLC (f.k.a. Refresh Dental Holdings).
Houlihan Lokey acted as exclusive financial advisor and Choate, Hall & Stewart served as legal advisor to Dermatology Associates, while Latham & Watkins represented ABRY Partners.
About ABRY Partners:
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over$42 billion of transactions, representing investments in over 450 properties. The firm is currently managing over $4.3 billion of total capital and investing out of a $1.9 billion private equity fund, $950 million senior equity fund and a $1.5 billion senior debt fund.
About Dermatology Associates:
Headquartered in Dallas, TX, Dermatology Associates (DA) is the leading provider of dermatological services in Texas, Kansas and Missouri. The company has developed a model which enables physicians to focus their time on patient care, while the business aspects of a practice are handled by its team of experts. DA began with 8 physicians and 4 locations in 2013 and currently has partnered with 60 physicians to provide dermatology services across 42 locations.