Anne Arundel Dermatology Management, a portfolio company of New MainStream Capital, has acquired two dermatology practices: Dermatology Associates of Knoxville PC and the East Tennessee Dermatology Group PC. No financial terms were disclosed.
Annapolis, MD, February 2018 – Anne Arundel Dermatology Management (“ADM” or the “Company”), a portfolio company of New MainStream Capital (“NMS”), announced today that it has partnered with Dermatology Associates of Knoxville, P.C. (“DAK”). Founded in 1977, DAK is one of the largest private practice groups of board-certified dermatologists in Tennessee. Led by Drs. Edward Primka and Drew Miller, DAK has been providing outstanding patient care in general, surgical and cosmetic dermatology services to the Knoxville, Tennessee market for over 41 years. Drs. Primka and Miller will continue to lead DAK and further build upon ADM’s expansion into Tennessee and will now benefit from the administrative support provided by Anne Arundel Dermatology Management.
ADM also completed the affiliation of East Tennessee Dermatology Group, P.C. (“ETDG”), an Alcoa, Tennesseebased provider of surgical and general dermatology services, led by Dr. Paul Unkefer. “We are very excited about partnering with two leading practices in the Knoxville and East Tennessee markets.
We continue to execute on our strategy of expanding our presence in Tennessee which has been a focus of ours since we entered the state last year. These two affiliations have solidified our leadership position in Knoxville and East Tennessee and we look forward to building further density in these areas,” said Scott Mahosky, Chief Executive Officer of ADM.
Dr. Edward Primka commented, “Anne Arundel Dermatology entered the Knoxville market last year and has very quickly made a positive impact amongst our peers and other groups in the area. DAK evaluated a number of different partners to assist us with our next phase of growth and ultimately concluded that Anne Arundel Dermatology was going to be the group to take us to the next level. They understand the importance of clinical quality and putting the patient and physician needs first.”
David Peterson, Principal at NMS, added, “DAK and ETDG are two premier groups in the Knoxville and East Tennessee markets and are led by a group of experienced physicians who are known for excellent patient care.
This transaction quickly doubles the Company’s footprint in Tennessee since entering the market in July 2017 and we look forward to partnering with other dermatology groups in the area. With the addition of DAK and ETDG, ADM is now the largest provider of dermatology support services in East Tennessee and Maryland, supporting 38 clinic locations and 90 providers across three states.”
As part of the affiliation, both DAK and ETDG 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.
These new affiliations follow the recently announced recapitalization with Pantheon to accelerate the Company’s growth strategy, which includes three additional affiliations scheduled to occur in Q1 2018.
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 38 locations and 90 providers, ADM is the largest dermatology practice in Maryland and East Tennessee 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 spinout 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.