BOSTON, May 19, 2016 /PRNewswire/ -- ABRY Partners ("ABRY"), a leading private equity firm, announced that it has entered into a definitive agreement to acquire a majority interest in Oliver Street Dermatology Holdings LLC (d.b.a. Dermatology Associates), one of the largest dermatology practice management organizations in the U.S. and the largest network in Texas, Kansas and Missouri. The transaction is expected to close in the second quarter.
Headquartered in Dallas, Texas, Dermatology Associates provides comprehensive practice management services to 60 board-certified dermatologists in 42 clinics across Texas, Kansas and Missouri. The Company's providers offer a full suite of clinical, surgical and cosmetic service offerings, treating conditions like acne, psoriasis, dermatitis, and eczema and providing specialized, highly-effective treatments for a variety of skin cancers. Dermatology Associates is focused solely on providing outstanding care to its patients, leveraging the benefits of a broad, group platform and allowing physicians to focus exclusively on caring for patients. The group's full-service delivery model provides high-quality care to over 320,000 patient visits annually through its dense network of conveniently-located facilities.
Glenn Goldstein, MD, a regional medical director at Dermatology Associates, said about the Company "As a physician, running a practice took time away from being available to my patients. Our physicians are passionate experts in providing medical care, we are not interested or qualified to navigate the insurance, regulatory and business issues that increasingly take more and more of our time. The complexities of a physician practice continue to create new challenges and the best option is to join with other like-minded organizations that possess the expertise needed to succeed through the uncertainties of the future. I am excited about working with Dermatology Associates to build an organization that is focused on dermatology yet retains its independence."
Geoff Wayne, Chief Executive Officer of Dermatology Associates, said "Partnering with ABRY provides us with additional experience growing multi-site healthcare services business and the added resources and capital needed to accelerate our growth strategy and significantly expand our geographic footprint. We look forward to working with ABRY to support the Company in its next phase of growth."
Brent Stone, a Partner at ABRY, said "We are excited to be partnering with Geoff Wayne and the Dermatology Associates team. Our partnership is based on a shared vision, and we look forward to providing both the capital and strategic and operational value to support Dermatology Associates as it continues to expand the platform and extends care to a broader patient base."
The investment in Dermatology Associates represents the latest platform in the continuation of ABRY's healthcare investment strategy and is its third investment in the healthcare practice management industry, following previous investments in FastMed Urgent Care and North American Dental Group, LLC (f.k.a. Refresh Dental Holdings).
Houlihan Lokey acted as exclusive financial advisor and Choate, Hall & Stewart served as legal advisor to Dermatology Associates, while Latham & Watkins represented ABRY Partners.