Select Dermatology, which was formed to acquire and operate North American dermatology practices, has made an undisclosed investment in Dallas-based Mindful Dermatology PLLC, a provider of dermatology physician services. Select was launched by Welsh, Carson, Anderson & Stowe and Riata Capital Group.
Select Dermatology, LLC (“Select”), a company formed to acquire and operate North American dermatology practices, is pleased to announce its first investment in dermatology physician services through its affiliation with Mindful Dermatology, PLLC (“Mindful”) in Dallas, Texas. Through the investment, Select has partnered with Jennifer Cather, M.D., Mindful Dermatology’s owner and principal physician. Select is proud to welcome Dr. Cather as well as Melodie Young, MSN, A/GNP-C and Alyssa Spiegel, MPAS, PA-C who are an essential part of the team caring for the patients of Mindful.
Select Dermatology, formed by leading healthcare investors Welsh, Carson, Anderson & Stowe (“WCAS”) and Riata Capital Group (“Riata”), is led by Chief Executive Officer, Robert Coward, and Executive Chairman, John Carlyle. Mr. Carlyle and Mr. Coward have several decades of experience creating dynamic healthcare companies.
“I am proud to announce our new affiliation with Dr. Cather as our entrée into the field of dermatology,” said Mr. Coward. “Dr. Cather’s approach to the practice of medicine is representative of the focus we believe Select can bring to the rapidly evolving specialty of dermatology. Our goal is to give physicians, and other practitioners, a voice in how we meet the challenges of our ever-changing healthcare system and to alleviate many of the burdens it places upon providers. Most importantly, we will always work to advance and improve how we care for and treat patients.”
“I chose to work with Select as I believe its leaders and investors understand that to be successful we must focus on creating an environment and culture that attracts and respects distinctive physicians and practitioners, while ultimately delivering improved care and a better experience to our patients,” said Dr. Cather. “Select recognizes that by having physicians at the table, we can not only help advise on building the best company but also help lead it. I am certain my practice will benefit from Select’s support and expertise, and I also believe that we as physicians can benefit from working together to advance our specialty to ensure the company we build leaves a legacy for other physicians and our patients.”
Dr. Cather earned her BA in Chemistry from the University of Texas, graduating Magna Cum Laude, and her MD from the University of Texas Southwestern Medical School Dallas. After completing an internship in Internal Medicine at Parkland Memorial Hospital in Dallas, she completed a Clinical Research Fellowship at MD Anderson Cancer Center and a residency in Dermatology at The University of Texas – Houston Medical School. She is an accomplished physician, researcher, and author who has completed numerous clinical research trials in the areas of psoriasis, cutaneous T-cell lymphoma, acne, atopic dermatitis, and aesthetics.
Mr. Coward was most recently President of Envision Physician Services Group, the nation’s largest multi-specialty provider of hospital-based physician services. He spent more than two decades at Sheridan Healthcare where he served as President, Chief Operating Officer, and Chief Financial Officer, and was part of the team building the Company from a small hospital-based physician practice into a national provider of multi-specialty physician services. Upon the merger between AmSurg and Envision Healthcare in 2016, Mr. Coward was named President of the Physician Services Group of Envision, leading the initial integration of the Sheridan and EmCare physician service organizations.
Mr. Carlyle most recently served as Chief Executive Officer of Sheridan Healthcare, alongside Mr. Coward, before its acquisition by Amsurg. He has worked with both WCAS and Riata in a variety of their portfolio companies. Carlyle was a founder and Chief Executive Officer of OccuSystems (predecessor to Concentra), a healthcare services and cost containment company, Chief Executive Officer of Magella, a physician services company, and Chief Executive Officer of Acurro Healthcare, a provider of business intelligence and revenue cycle management software to healthcare providers. Currently he serves as a member of the Board of Directors of Concentra Holdings and Chairman of Acuity Eyecare Group, portfolio companies of WCAS and Riata, respectively.
“At Select, we recognize physicians have many alternatives when they are seeking a partner, and we are committed to building a culture which empowers and engages physicians and other practitioners that are delivering great care to their patients,” said Mr. Carlyle. “I am confident our team will remember the most important thing is the support of our practitioners and their staff who are on the front line treating patients everyday.”
Select Dermatology, headquartered in Dallas, TX, will acquire, manage, and operate dermatology groups, and practices, creating a company that provides a full suite of medical, cosmetic, dermatopathology, and surgical services to patients and a preferred home for physicians and other practitioners seeking a partner. Select is currently evaluating numerous additional growth opportunities across the country to strategically expand its platform. For more information about Select, visit https://www.selectderm.com or contact:
About Welsh, Carson, Anderson & Stowe
WCAS was founded in 1979 and is the largest private equity investor focusing exclusively in the healthcare and technology industries. Since inception, WCAS has invested approximately $8 billion in 85 healthcare companies and executed hundreds of follow-on acquisitions. WCAS is uniquely positioned to partner with Select given its experience as founding investors in several leading physician services franchises built in partnership with doctors, including: US Anesthesia Partners, US Acute Care Solutions, US Oncology, and United Surgical Partners International. See https://www.wcas.com to learn more.
Riata Capital Group is a leading Dallas-based private equity investment firm that partners with seasoned management teams to invest in growing, profitable, privately-held companies across North America with a focus on four core industry sectors: consumer, energy, healthcare, and business solutions. Over the course of their careers, the principals of Riata have sponsored over 55 platform investments and 75 add-on acquisitions representing over $4 billion in transaction value. Additionally, Riata’s team has successfully completed 28 healthcare transactions representing over $1 billion in transaction value, including prominent platforms such as Vision Source, Smile Source, Healthcare Solutions, National Surgical Care, and Acuity Eyecare Group. See https://www.riatacapital.com to learn more.