Waud Capital funds Adult & Pediatric Dermatology

Waud Capital Partners has made an investment in Adult & Pediatric Dermatology, a provider of dermatology services in the U.S. No financial terms were disclosed. Provident Healthcare Partners LLC served as financial adviser to Adult & Pediatric Dermatology on the transaction.


Chicago, IL, October 3, 2017 – Waud Capital Partners (Waud Capital or WCP), a leading growth-oriented middle market private equity firm, today announced a strategic partnership and growth investment with Adult & Pediatric Dermatology (APDerm® or the Company), a leading provider of dermatology services in the United States.

APDerm® represents an attractive entry point for WCP into the highly fragmented and growing dermatology services market, and serves as a platform to execute a robust growth strategy driven by provider recruitment, new office openings, practice acquisitions and strategic partnerships. Over the last 25 years, APDerm® has established a physician-centric reputation for clinical excellence and the highest patient satisfaction by leveraging its proven model that focuses on exceptional quality of care, provider satisfaction and strong referral relationships. The Company is actively seeking to partner with like-minded providers and practices, and the growth investment from Waud Capital positions APDerm® to facilitate such expansion.

Founded in 1992 by Dr. Samuel Goos, APDerm® provides comprehensive dermatology services through its team of 30 board-certified physicians, mid-level providers and aestheticians across 10 clinical locations and an in-house dermatopathology lab in Massachusetts and New Hampshire. The Company offers complete state-of-the-art medical, surgical and cosmetic skincare services, including adult and pediatric dermatology services, surgical dermatology services including Mohs Micrographic surgery, phototherapy, dermatopathology services and a wide array of cosmetic services. The Company has created the APDerm® Center for Cosmetic Services to provide patients with a comprehensive approach to skincare that incorporates both medical science and aesthetics in a private, relaxed setting.

“Adult & Pediatric Dermatology is thrilled to partner with Waud Capital,” noted Dr. Samuel Goos, Founder of APDerm®. “The team at Waud Capital is uniquely experienced in building industry leading physician practices with continued emphasis on quality of care and clinical excellence. This partnership provides APDerm® with incremental experience and resources as well as access to significant growth capital that will allow us to accelerate the pace at which we pursue practice partnerships and de novo growth opportunities. We are committed to retaining our strong culture of high-quality dermatology services and clinical excellence while expanding APDerm’s geographic presence.”

As part of the transaction, all providers at APDerm® will maintain their current roles and each of the physician partners will retain meaningful ownership in the Company. Consistent with its stated strategy of attracting and retaining the highest caliber providers, the Company intends to provide compelling ownership opportunities for future partners.

“Waud Capital has been actively exploring investment opportunities in the dermatology market over the last four years” said Matt London, Principal with Waud Capital. “During this period, Adult & Pediatric Dermatology was identified as a market leader for its successful track record of growth and strong reputation for clinical excellence. Dr. Goos and other APDerm® shareholders have built an exceptional platform and the combination of APDerm’s competitive position in the highly fragmented dermatology market, its comprehensive service offering and its reputation for providing high quality skincare services creates a compelling investment opportunity. We are excited to partner with the APDerm® team and believe APDerm’s track record and commitment to clinical leadership provide a strong foundation for continued growth and success.”

David Neighbours, Partner at Waud Capital, added, “Our partnership with Adult & Pediatric Dermatology illustrates WCP’s disciplined strategy of identifying differentiated organizations in targeted sectors and partnering with industry leaders in large, fragmented markets. We are pleased to partner with APDerm’s best-in-class team and have committed significant equity capital to support a robust, multi-pronged growth strategy for the Company.”

Provident Healthcare Partners, LLC served as the exclusive financial advisor to Adult & Pediatric Dermatology.

About Provident Healthcare Partners
Provident is a leading investment banking firm specializing in merger and acquisition advisory, strategic planning and capital formation for middle-market and emerging growth healthcare companies. The firm has a vast network of high-level, senior industry contacts, comprehensive knowledge of market sectors and specialties and unsurpassed experience and insight into the M&A process. For more information, visit www.providenthp.com.

About Adult & Pediatric Dermatology
Founded in 1992, Adult & Pediatric Dermatology provides comprehensive, integrated dermatology services through a team of 30 clinical providers. The organization provides dermatology services through its 10 clinical offices in Massachusetts and New Hampshire. Adult & Pediatric Dermatology strives to deliver exceptional dermatologic care by making comprehensive dermatology services available and accessible to its patients within their communities, and supports its primary care healthcare providers with easy access and rapid communication. APDerm’s providers and staff work as a team to provide excellent, coordinated, cost-effective dermatology care. More information can be found by visiting the company’s website at www.apderm.com.

About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $2.1 billion since its founding in 1993. Waud Capital partners with exceptional management teams to build market leading companies within two industries: healthcare services and business and technology services. Since its founding, Waud Capital has successfully completed more than 220 investments, including platform companies and follow-on opportunities.
For additional information on WCP, visit www.waudcapital.com.