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Download 2015 Year-End Dermatology Update
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2015 Year-End Dermatology Update Provident Announces Dermatology Transaction M&A Overview Dermatology consolidation in 2015 was dominated by private equity investments within the sector. With macroeconomic trends indicating strong future demand for services amidst a shortage of dermatology providers, private equity groups have sought to provide capital resources and industry relationships to an existing practice platform in order to rapidly capture market share. Given the shortage of platform caliber providers in the market amidst the strong acquisition interest, private equity groups have typically gone below their typical investment size, aggregated several practices into one unified platform, or approached other private equity-backed practices for an acquisition. This strong demand has generated premium valuations for practices. Looking into 2016, Provident expects several of the current private equity sponsors in dermatology to exit their investments in order to capitalize on the favorable valuation environment. This will almost certainly create a trickle down effect for privately held providers, as consolidators with fresh resources seek add-on acquisitions and new private equity groups have better visibility on short term exit opportunities. The Dermatology Center has been recapitalized by Pharos Capital Group. With four locations and 15 clinicians, The Dermatology Center plans to geographically expand its footprint throughout the MidAtlantic by utilizing the capital resources of Pharos to open new sites and make acquisitions of regional providers. Has been recapitalized by Provident Healthcare Partners served as the exclusive advisor to The Dermatology Center through this transaction process. “We are very excited about the new partnership created by The Dermatology Center and Pharos Capital Group, which will allow The Dermatology Center to continue to expand its operations while remaining a superior provider of comprehensive dermatology services,” commented Justin Hand, Managing Director at Provident Healthcare Partners. Select Transactions Month Acquirer Target Company Details December 2015 Pouschine Cook Capital Management & Yukon Partners Golden State Dermatology Pouschine Cook Capital Partners, in partnership with Yukon Partners, has made an investment in Walnut Creek Skin and Laser to form Golden State Dermatology. Golden State Dermatology will leverage Walnut Creek’s existing platform, combined with its new partners’ capital, for future expansion. November 2015 Forefront Dermatology (Varsity Healthcare Partners) Premier Dermatology Premier Dermatology, a leading dermatology practice in Illinois, has been acquired by Forefront Dermatology, a portfolio company of Varsity Healthcare Partners. The acquisition will add six additional clinics to Forefront’s operations and a platform for further expansion within the state. October 2015 Dermatology Associates (Candescent Partners) Lone Star Dermatology Dermatology Associates has acquired Lone Star Dermatology. The transaction will expand the group’s footprint in central Texas to include five clinicians. United Skin Specialists Tonka Bay Equity Partners has completed an investment in United Skin Specialists. United Skin Specialists, based in Minnesota, provides practice management services to dermatology offices in the Midwest. The deal is Tonka Bay’s fourth platform investment in the practice management industry and first investment into the dermatology sector. September 2015 Tonka Bay Equity Partners September 2015 Advanced Dermatology & Cosmetic Surgery June 2015 New MainStream Capital January 2015 SV Life Sciences Provident Healthcare Partners Dermatology of Advanced Dermatology & Cosmetic Surgery has acquired Dermatology of Northern Northern Colorado Colorado, expanding its footprint to 121 clinics across 10 states. New MainStream Capital has partnered with Anne Arundel Dermatology to invest in AAD Dermatology Management. The group will utilize Anne Arundel Dermatology, AAD Dermatology a group of 30 providers out of 16 locations (including clinics, surgery centers, and a Management dermatologic lab), as its platform for future expansion via de novo development and acquisitions. SV Life Sciences has led a Series A round of $12.4 million in financing for Schweiger Schweiger Dermatology. Schweiger Dermatology operated 14 dermatology practices at the time Dermatology of the transaction, and will utilize SV’s backing for continued expansion in the New York Metro area. Sources: Becker’s ASC Review; PR Newswire; SEC Filings; Capital IQ; YAHOO! Finance; PHP Estimates. This document has been compiled with publicly available information. Provident Healthcare Partners, LLC makes no guarantee of its accuracy or completeness. No data or statement should be construed to be a recommendation for the purchase, sale, or retention of any security.