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Sheridan Capital invests in Dermatologists of Central States

Sheridan Capital Partners said May 24 that it invested in Dermatologists of Central States (DOCS). Financial terms weren’t announced. Dermatologists of Central States, of Dayton, Ohio, is a dermatology practice management company. UPDATE: Twin Brook Capital Partners is providing $60 million in debt financing for the transaction, according to a tombstone of the deal. McGuireWoods LLP served as legal counsel to Sheridan Capital Partners. Leerink Partners served as financial advisor to DOCS.

Update: The story was changed to show that that Twin Brook provided $60 million in financing.


CHICAGO, May 24, 2017 – Sheridan Capital Partners, a Chicago-based lower middle-market private equity firm, announced today its investment in Dermatologists of Central States (“DOCS,” or the “Company”), a dermatology practice management company.


DOCS, headquartered in Dayton, OH, serves dermatology clinics throughout Ohio. With over 30 affiliated dermatologists across its partner practice, Dermatologists of Southwest Ohio (“DSWO”), the Company has achieved significant scale in its core markets, while maintaining a reputation for providing excellent care to patients for over 40 years.


“DOCS is a uniquely scaled asset in an attractive geography, and the Company has experienced robust growth in recent years, largely due to the team’s doctor-centric approach,” said Jonathan Lewis, Partner of Sheridan Capital Partners. Lewis continued, “We are grateful that Dr. Stephen Levitt and Dr. Thomas Olsen chose to partner with us, and we look forward to continuing their legacy of clinical excellence.”


Sean Dempsey, Managing Director of Sheridan added, “We have been actively seeking an investment opportunity within the dermatology space for the past two years and are delighted to partner with John Macke, Dr. Michael Conroy, the entire DOCS management team and the numerous providers working with DOCS.”


John Macke, CEO of DOCS, said, “Sheridan represents a perfect partner for us. The investment team has extensive experience adding value to and growing within the practice management framework, a hands-on operational approach, and a deep understanding of the healthcare industry.”


Dr. Michael Conroy, Chief Medical Officer of DOCS, added, “With Sheridan, we saw the opportunity to build a practice model that allows clinicians to focus on providing the highest levels of care with minimal disruption to existing treatment modalities at the practice level.”


The transaction was led by Lewis, Dempsey, Tim Wheeler, and Beau Brace. Twin Brook Capital Partners provided debt financing for the transaction. McGuireWoods LLP served as legal counsel to Sheridan Capital Partners. Leerink Partners served as financial advisor to DOCS. Terms of the transaction were not disclosed.


About Sheridan Capital Partners


Sheridan Capital Partners (“SCP”) is a Chicago-based private equity firm founded in 2012 with $450 million of assets under management. SCP focuses on lower middle market buyouts and growth equity investments across the consumer health sector in the U.S. and Canada with enterprise values from $25 million to $150 million, bringing strategic resources to management teams and owners to help accelerate growth, build enduring value, and achieve superior results. For more information, please visit:


Overview of Dermatologists of Central States


Headquartered in Dayton, Ohio, Dermatologists of Central States, LLC is a dermatology practice management company serving dermatology clinics throughout Ohio and its neighboring states. DOCS provides its partner practices with centralized non-clinical resources and services that enable clinicians to focus exclusively on providing best-in-class dermatological care to patients. For over 40 years, DOCS’ partner practices have established a reputation for providing excellent clinical care and an elevated patient experience within the communities they serve.