Gryphon-Backed Water’s Edge Dermatology Acquires PBC Dermatology
Water's Edge Dermatology, a portfolio company of Gryphon Investors, has acquired PBS Dermatology.
SAN FRANCISCO and PALM BEACH GARDENS, Fla., May 2, 2019 /PRNewswire/ — Water’s Edge Dermatology (“Water’s Edge”), a leading provider of comprehensive dermatology services through 35 Florida locations, announced today it has acquired a controlling interest in PBC Dermatology (“PBC” or “the Company”), a medical / surgical dermatology practice in West Palm Beach, Florida. Terms of the transaction were not disclosed.
This transaction is the first add-on acquisition for Water’s Edge since it was acquired by San Francisco-based middle-market private equity firm Gryphon Investors (“Gryphon”) in June 2018.
“The demand for dermatological services continues to increase, driven by a steadily aging population, increasing rates of skin cancer, and the appeal of affordable, convenient cosmetic procedures,” said Gryphon Healthcare Operating Partner Kevin Blank. “Water’s Edge will continue to seek out high-quality practices that can help meet that demand, and we are pleased to partner with the highly-regarded West Palm Beach-based PBC Dermatology.”
PBC (www.pbcdermatology.com) is a long-standing West Palm Beach area practice founded by Charles E. Griff, MD. The practice offers general medical dermatology services, Mohs surgery, and various cosmetic procedures. Dr. Griff will have an equity interest in the Company and continue as a leader of the practice post-close.
“Water’s Edge thrives by putting patients first and offering them access to cutting-edge procedures that produce optimal outcomes,” said Dr. Ted Schiff, Chief Medical Officer at Water’s Edge. “Dr. Griff and his team clearly share our vision, and their well-respected reputation in our local market is a benefit for new and existing patients.”
Larry Kraska, Water’s Edge CEO, commented, “Our growth plan calls for adding new practices that meet our high standards of integrity and medical proficiency. Adding PBC under the Water’s Edge umbrella will allow us to expand our service offerings in the Palm Beach area. We aim to attract additional top dermatologists and clinicians as we build a premier system of care that can manage the complex operational, technological, financial, and regulatory requirements necessary to operate in dermatology today.”
Dr. Griff added, “We are delighted to be partnering with Water’s Edge to fuel our growth. They share our values, including high clinical standards and a commitment to putting our patients first. We look forward to the rewards this combination will bring to our patients and our staff.”
About Water’s Edge Dermatology
Water’s Edge Dermatology provides comprehensive medical, surgical, and cosmetic dermatology and skincare services with an incomparable patients-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, vein health issues, as well as those seeking cosmetic and plastic surgery. Water’s Edge has 35 full-service locations throughout Central and South Florida and employs more than 400 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 $50 million to $200 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.