ABRY Partners announces it has entered an agreement to acquire a majority interest in Oliver Street Dermatology Holdings LLC (dba Dermatology Associates).
Oliver Street Dermatology Holdings (Dermatology Associates), one of the largest dermatology-practice management organizations in the US, provides practice management services to 60 board-certified dermatologists. The deal with Dermatology Associates will allow ABRY Partners to obtain a majority stake by the second quarter, according to a media release from ABRY Partners.
Oliver Street Dermatology Holdings is also the largest network in Texas, Kansas, and Missouri, serving 42 clinics and providing clinical, surgical and cosmetic offerings as well as skin cancer treatments. Using a full-service delivery model, the group extends care to 320,000 patient visits annually through conveniently located facilities.
“As a physician, running a practice took time away from being available to my patients,” states Glenn Goldstein, MD, and regional medical director at Dermatology Associates, in the release.
“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,” he adds.
This is ABRY’s third investment in the healthcare-practice management industry. Prior investments included FastMed Urgent Care and North American Dental Group (Refresh Dental Holdings).
“We are excited to be partnering with Geoff Wayne and the Dermatology Associates team,” says Brent Stone, partner at ABRY, in the release. “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.”
[Source(s): ABRY Partners, PR Newswire]