Varsity Healthcare Partners Invests in Dermatology Associates of Wisconsin / Forefront Dermatology
May 20, 2014
LOS ANGELES and STAMFORD, Conn. – May 20, 2014 – Varsity Healthcare Partners (VHP), a healthcare-focused private equity investment firm, announced today that, in partnership with the existing shareholders of Dermatology Associates of Wisconsin / Forefront Dermatology (DAW), it has formed Forefront Management Holdings (Forefront) to provide practice management services to DAW. DAW is one of the nation’s largest and most reputable providers of dermatology services, operating 40 clinics in four states in the Midwest. Terms of the transaction were not disclosed.
“I was impressed by how the VHP team immersed themselves in the operations of the practice for an extended period of time to truly understand the people, culture and vision of DAW. I am looking forward to a period of rapid expansion with the strategic and capital assistance of VHP.”
“We are extremely excited to partner with Dr. Kenneth Katz and the other DAW physicians to build upon what is already an excellent dermatology platform, both clinically and operationally, and to further expand the geographic reach of DAW,” said Kenton Rosenberry, a partner with VHP. “Having spent a significant amount of time evaluating numerous platforms in the dermatology industry, we believe that DAW represents a clear leader in the market. Under the direction of Dr. Katz, DAW has invested heavily in clinical, operational and IT infrastructure, to create an enviable work environment for its physicians and to deliver excellent patient care and satisfaction.”
Forefront will be based in Manitowoc, Wisconsin, and will provide practice management services, with current and expanded staff, to DAW and, in partnership with Varsity Healthcare Partners, growth capital and managerial infrastructure to facilitate an aggressive acquisition and growth plan.
“Varsity Healthcare Partners represents a strong capital and strategic partner for DAW given its knowledge of the dermatology industry, relationships within healthcare and, equally important, integrity and partnership approach,” said Dr. Kenneth Katz, founder of DAW. “I was impressed by how the VHP team immersed themselves in the operations of the practice for an extended period of time to truly understand the people, culture and vision of DAW. I am looking forward to a period of rapid expansion with the strategic and capital assistance of VHP.”
The investment in DAW follows VHP’s May 12, 2014 investment in Katzen Eye Group and the formation of EyeCare Services Partners Holdings LLC, and is the second investment from the Varsity Healthcare Partners I vehicle.
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About Dermatology Associates of Wisconsin / Forefront Dermatology
Based in Manitowoc (WI), DAW is a leading provider of dermatology services, operating 40 dermatology clinics, primarily in secondary markets, in four states in the Midwest. The Company employs over 50 physicians and other dermatology medical professionals and over 300 non-medical personnel. The Company was founded by Dr. Katz and Amy Katz after purchasing his father’s single location dermatology practice in 2001. DAW embarked on an aggressive expansion plan beginning in 2009, becoming one of the largest dermatology practices in the nation.
For more information please visit: www.dermwisconsin.com and www.forefrontdermatology.com.
About Varsity Healthcare Partners
Varsity Healthcare Partners (VHP), founded by David Alpern and Kenton Rosenberry, is a private investment firm serving primarily family investors by originating, acquiring, and growing market-leading healthcare platforms. The principals of VHP bring extensive healthcare domain expertise and relationships and dedicate substantial time and resources to each platform investment. The firm seeks to combine the unique partnership approach and equity capital to accelerate the growth and maximize the returns of each VHP platform.
For More Information Contact:
Muirfield Partners
Mickey Mandelbaum
Maya Pogoda
(310) 785-0810
mickey@muirfieldpartners.com
maya@muirfieldpartners.com