Anne Arundel Dermatology Management, a portfolio company of New MainStream Capital, has acquired Virginia Dermatology & Skin Cancer Center PLLC. Financial terms weren’t announced. Virginia Dermatology, of Norfolk, Virginia, provides general, surgical and cosmetic dermatology services to the Virginia market.
Annapolis, MD, July 2018 – Anne Arundel Dermatology Management (“ADM” or the “Company”), a portfolio company of New MainStream Capital (“NMS”), announced today that it has partnered with Virginia Dermatology & Skin Cancer Center, PLLC (“VAD”). Founded in 2006 and led by Dr. Brian Johnson, VAD has four locations and has been providing outstanding patient care in general, surgical and cosmetic dermatology services to the Virginia market for over 12 years. Dr. Johnson will continue to lead VAD, which will serve as the foundation for ADM’s expansion in the Virginia Beach area and will now benefit from the administrative support provided by Anne Arundel Dermatology Management.
“This is a very meaningful partnership for ADM; we have known Dr. Johnson and VAD for several years. VAD is a highly respected practice with a phenomenal clinical and support team focused on providing high-quality patient care,” said Scott Mahosky, Chief Executive Officer of ADM. “We are thrilled to expand into a new and growing market; joining forces with a high-caliber team to replicate our success in Maryland, Northern Virginia and Tennessee.”
Dr. Brian Johnson commented, “We held several conversations with a number of different partners to assist us with our next phase of growth. Anne Arundel Dermatology made a lasting impact on us and shared our same beliefs; emphasis on patient care, support and resources afforded to the clinical team, and approach to growth were all important factors for VAD and ADM has shown its ability to deliver on all of those. Our practice and our patients will benefit tremendously from the commitment of ADM to support our future growth and expansion plans.”
David Peterson, Principal at NMS, added, “VAD is the ideal partner ADM seeks; a market-leading group led by experienced physicians, known for excellent patient care. This transaction continues the Company’s expansion beyond our core market and into key, strategic markets, becoming a leading, multi-regional dermatology practice group. This is the last of four affiliations that ADM had under LOI at year-end and expected to complete in the first half of 2018. With the addition of VAD, ADM now provides support services to 44 clinic locations across three states and over 120 providers.”
As part of the affiliation, VAD will benefit from ADM’s extensive administrative and support services, including investments in information technology and electronic medical records, revenue cycle management, payer credentialing and contracting, compliance and reporting, human resources, business development and finance.
About Anne Arundel Dermatology
Anne Arundel Dermatology is a leading provider of dermatological services in Maryland, Virginia and Tennessee. Headquartered in Severna Park, Maryland and with 44 locations and over 120 providers, ADM is the largest dermatology practice in the state of Maryland providing a comprehensive suite of dermatologic services, offering general dermatology, advanced treatment options for skin cancer and cosmetic procedures.
For additional information on Anne Arundel Dermatology, visit www.aadermatology.com.
About New MainStream Capital
New MainStream Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The Firm was formed through the spin-out of a group of portfolio companies from the Goldman Sachs Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Healthcare Services and Specialized Business Services.
For additional information on NMS, visit www.nms-capital.com.