Water’s Edge Dermatology, a portfolio company of Gryphon Investors, said June 25 that it acquired a controlling stake in Aqua Plastic Surgery. Financial terms weren’t announced. Aqua Plastic, of Jupiter, Florida, is plastic surgery practice.
Gryphon-Backed Water’s Edge Dermatology Acquires Aqua Plastic Surgery
Acquisition Expands Cosmetic Surgery Services in Miami-Dade and Broward Counties for Water’s Edge
June 25, 2019 (San Francisco, CA & Palm Beach Gardens, FL) — Water’s Edge Dermatology(“Water’s Edge”), a leading provider of comprehensive dermatology services through 37 Florida locations, announced today that it has acquired a controlling interest in Aqua Plastic Surgery (“Aqua”), a prominent plastic surgery practice headquartered in Jupiter, Florida. Terms of the transaction were not disclosed.
Gryphon Healthcare Operating Partner Kevin Blank said, “We are pleased to welcome a top team and add an exciting new practice area to the Water’s Edge family. Aqua’s reputation for skilled cosmetic plastic surgery will be highly complementary to our existing reconstructive surgery capability and also moves us further into the key Miami-Dade and Broward County markets, a target growth area for Water’s Edge.”
Led by Dr. David Rankin, a renowned plastic surgeon with a leading national reputation, Aqua offers surgical and non-surgical plastic surgery treatments. With three locations and a staff of more than 20 in Jupiter, Fort Lauderdale, and Miami, Aqua will continue to operate under its existing name.
“I have known Dr. Rankin and his team for a long time and I have the utmost respect for their ability. They share our commitment to delivering high quality care and superior results to all of our patients,” said Dr. Ted Schiff, Chief Medical Officer at Water’s Edge.
“Southern Florida is a rapidly growing market for dermatology and cosmetic services, including plastic surgery. The addition of Aqua strongly positions Water’s Edge as the leading provider of comprehensive dermatology and cosmetic services in the area, and we are excited to offer Aqua’s services to our existing patients,” added Larry Kraska, CEO of Water’s Edge.
“The expanded services offered by our new, larger network will greatly benefit our patients and staff,” said Dr. Rankin. “We look forward to being part of the Water’s Edge community.”
Within the last two months, Water’s Edge also acquired Coast Dermatology and PBC Dermatology. San Francisco-based middle-market private equity firm Gryphon Investors acquired Water’s Edge in June 2018.
About Water’s Edge Dermatology
Water’s Edge Dermatology provides comprehensive medical, surgical, and cosmetic dermatology and skincare services with an incomparable patient-first focus. Founded by Dr. Ted Schiff in 1998, the company treats patients of all ages suffering from skin diseases, acne, sun damage, skin cancer, and vein health issues, as well as those seeking cosmetic and plastic surgery. Water’s Edge has 37 full-service locations throughout Central and South Florida and employs approximately 500 dedicated physicians, medical, and administrative support staff. For more information, visit www.wederm.com.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management teams. The firm has managed over $4.8 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.