Vision Innovation Partners (“VIP”), a leading Mid-Atlantic eye care platform with over 70 locations, today announced that it has partnered with Chesen Laser Eye Center (“Chesen”) in Reading, PA. The acquisition is VIP’s 24th add-on acquisition since its founding in 2017 and strengthens its growing network of differentiated ophthalmology practices.

Chesen was founded by Dr. Neil Chesen in 1989, and offers a variety of ophthalmic and vision services, including specialty LASIK eye surgery, cataract surgery, and routine eye care. The practice is well established, highly respected, and has had a long-standing history of serving the Reading community for 30+ years. Both Dr. Chesen, who is board-certified in Ophthalmology and Internal Medicine, and Dr. Dianna Cho, OD will remain with the business to help drive and accelerate growth.

“We are delighted for VIP to partner with Neil and his team,” said Michael Dunn, Co-Founder at VIP. “VIP is continuing its tradition of successfully acquiring and integrating complementary practices with the goal of establishing itself as the partner of choice for medical eye care providers in the Mid-Atlantic region. Our goal is to improve practice management resources and offer an attractive value proposition to physicians, allowing them to focus on providing outstanding patient care.”

VIP is a portfolio company of Gryphon Investors, a leading middle market private equity firm.

About Vision Innovation Partners
Founded in 2017 and headquartered in Annapolis, MD, VIP supports the mid-Atlantic’s premier ophthalmology practices and surgery centers through good people, expert leadership, the sharing of best practices and the backing of a leading middle-market private equity firm. VIP’s managed practices offer a comprehensive range of services, including routine eye exams and LASIK surgery as well as treatment for cataracts, glaucoma, macular degeneration, and other ocular diseases. The Company is among the region’s leading managed services platforms for ophthalmology providers, with more than 140 practitioners and a footprint that includes 60 practice locations and 11 surgery centers across Maryland, Washington D.C., Virginia, and Pennsylvania.

About Gryphon Investors
Gryphon Investors is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. As of December 31, 2021, the firm has over $9 billion of assets under management. 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.

Smile Brands, one of the nation’s leading dental support organizations (DSO), is pleased to announce new partnerships with Aria Dental and Mike Majors, DDS, located in San Antonio, TX.

Dr. Mustafa Iqbal leads a team of 19 across both San Antonio locations. Dr. Iqbal along with his associates and teams are committed to providing reliable and affordable state-of-the-art dental care for the whole family. Together, the teams deliver general dentistry, cosmetic dentistry, specialty dentistry and emergency dental services to patients in San Antonio and the surrounding area.  

“When looking to partner with a DSO, it was important for me to choose an organization that shared our values and was established in the industry,” said Dr. Iqbal. “Partnering with Smile Brands will provide stability and growth opportunities for me, my staff, and our patients. I look forward to spending less time on the administrative work and more time focusing on my craft,” said Dr. Iqbal.

Smile Brands will provide administrative support and services to the practices including purchasing, payroll, accounting, IT, billing, facilities management and marketing. The businesses will continue to operate under the Aria Dental and Mike Majors DDS names and the existing staff will remain with the offices.

“The teams at Aria Dental and Mike Majors, DDS are a great fit with our culture,” said Steve Bilt, Smile Brands co-founder and CEO. “Dr. Iqbal and his team share our vision of expanding access to quality, affordable dental care and providing Smiles for Everyone®. We look forward to providing additional support and resources for the teams, and supporting their practice growth goals.”

About Smile Brands
Smile Brands, based in Irvine, California, is one of the largest providers of dental support services in the United States. The company supports nearly 700 affiliated practices, with more than 7,500 dedicated team members across 30 states. Smile Brands supports a portfolio of over 75 brands including well-known regional brands: Bright Now! Dental, Castle Dental, Merit Dental, Midwest Dental, Monarch Dental, and Mondovi Dental. The company provides comprehensive business support services through exclusive long-term agreements with affiliate dental groups, allowing affiliated practices to spend more time caring for patients and less time on the administrative, marketing, and financial aspects of operating a dental office. The organization receives frequent recognition for its award-winning culture and has been recognized as a Best Place to Work by Glassdoor, Comparably, Stevie® Awards, and more. Smile Brands is a portfolio company of Gryphon Investors, a leading middle-market private equity firm based in San Francisco, CA. Visit www.smilebrands.com for more information.

Smile Brands, one of the nation’s leading dental support organizations (DSO), is pleased to announce its new affiliate partnership with Meadow Place Dental in East Longmeadow, MA.

Dr. Lawrence Life and Dr. Jennifer Walsh, along with associate Dr. David Cardaropoli, lead a team of 16 from their East Longmeadow location. Comfort, convenience, and affordability are the hallmarks of the practice’s operations. The team provides general dentistry, cosmetic dentistry, specialty dentistry and emergency dental services to patients in East Longmeadow and the surrounding area.

“When looking to partner with a DSO, it was important to us to choose an organization where we could maintain our safe and caring environment for both patients and team members. The culture at Smile Brands aligns with our way of practicing dentistry and will allow us to expand our patient reach in the community we serve,” said Dr. Life.

Smile Brands will provide administrative support and services to the practices including purchasing, payroll, accounting, IT, billing, facilities management and marketing. The businesses will continue to operate under the Meadow Place Dental name, and the existing staff will remain with the office.

“We are excited to partner with Meadow Place Dental,” said Steve Bilt, Smile Brands co-founder and CEO. “Our teams share similar values including a commitment to providing Smiles For Everyone. Smiles for patients, providers, employees, and community partners. We look forward to supporting their practice growth goals and community involvement through added support and resources.”

About Smile Brands
Smile Brands, based in Irvine, California, is one of the largest providers of dental support services in the United States. The company supports nearly 700 affiliated practices, with more than 7,500 dedicated team members across 30 states. Smile Brands supports a portfolio of over 75 brands including well-known regional brands: Bright Now! Dental, Castle Dental, Merit Dental, Midwest Dental, Monarch Dental, and Mondovi Dental. The company provides comprehensive business support services through exclusive long-term agreements with affiliate dental groups, allowing affiliated practices to spend more time caring for patients and less time on the administrative, marketing, and financial aspects of operating a dental office. The organization receives frequent recognition for its award-winning culture and has been recognized as a Best Place to Work by Glassdoor, Comparably, Stevie® Awards, and more. Smile Brands is a portfolio company of Gryphon Investors, a leading middle-market private equity firm based in San Francisco, CA. Visit smilebrands.com for more information.​

Heartland Veterinary Partners (“Heartland” or “the Company”), a leading veterinary support organization in the United States, announced today that it has acquired Family Vet Group (“FVG” or “the Company”), a leading provider of general practice veterinary care. Terms of the deal were not disclosed.

FVG’s state-of-the-art practices are strategically located across major metropolitan areas in Florida, Texas, Tennessee, North Carolina, and Indiana. Each practice offers full-service general practice veterinary care including surgery, dental, digital and dental radiology, and in-house and reference lab capabilities. Headquartered in the north suburbs of Chicago, IL, FVG was co-founded in 2019 by President Chase Michalek, who will be staying with the business.

“FVG is an outstanding veterinary group that has cultivated an entrepreneurial and quality-driven culture that will add immediate value to Heartland,” said Greg DeAtkine, CEO of Heartland. “FVG is known for its innovative approach to opening new hospitals featuring the latest technology that expands the quality of care for patients, which will be a competitive advantage as we seek to serve our clients to the highest standard and attract top talent to our growing organization.”

“The significant rise in pet ownership over the last few years has created strong opportunities for practices that offer quality veterinary care in inviting settings. This acquisition significantly expands Heartland’s network of locations and adds to Heartland’s expertise in the development of new practices and expansion of existing locations, both of which will help address unmet demand in the industry,” said Luke Schroeder, Deal Partner and Head of the Healthcare Group at Gryphon. 

“FVG has built a vibrant culture that has attracted top caliber veterinarians and support team members, which has contributed to exceptional business results and company growth,” said Connor Lawrie, COO of Heartland. “We look forward to working with Chase, Dr. Kate Kraft, and the talented FVG team as we welcome them into the Heartland family and build on each other’s strengths.”

“We are extremely excited about partnering with Heartland and Gryphon to help support our business and accelerate growth,” said Mr. Michalek. “I am so proud of all the people in our organization that have helped build this company together with my family. This partnership represents yet another tremendous opportunity for our entire team to make a profound impact in our industry.”

As part of the transaction, FVG’s family ownership group, Highland Ventures LTD, will retain the underlying real estate of the practices. In addition, Highland Ventures LTD will serve as a strategic real estate partner to support Heartland’s facility expansion strategy.

About Heartland Veterinary Partners
Heartland Veterinary Partners is one of the highest-quality and fastest-growing veterinary support organizations in the United States, with practices located across a wide swathe of the country. Heartland’s mission is to improve the lives of veterinarians and those that support them, which they accomplish through their values-focused approach to veterinary practice acquisitions and partnerships with independent practicing veterinarians. For more information, please visit www.heartlandvetpartners.com.

About Family Vet Group
Founded in 2019 by Chase Michalek and his wife’s family company, Highland Ventures LTD, Family Vet Group (“FVG”) has become one of the fastest growing providers of general practice veterinary care in the US. With locations in major metropolitan areas across the South and Southeast, FVG supports over 40 veterinarians and roughly 200 employees who take a high-touch approach to delivering exceptional care, value, and service to the pets and pet parents in their communities. For more information, please visit www.familyvetgroup.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. The firm has managed over $9 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 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.

Physical Rehabilitation Network (“PRN”), a leading U.S.-based owner-operator of nearly 200 outpatient physical therapy clinics, today announced its entrance into Wyoming with its acquisition of Gillette Physical Therapy (“Gillette PT” or “GPT”), which operates one outpatient clinic in the Gillette community.

“We are pleased to welcome the team at Gillette PT and broaden our footprint in the Mountain West region,” said Ajay Gupta, CEO, PRN. “With mutually aligned values around putting patients and staff first, this acquisition will help provide the means for further clinical growth and resource support, allowing Gillette to continue building out its highly successful physical rehabilitation programs.”

Founded in 2001, the GPT team is best known for its leading orthopedic manual physical therapy, pre- and post-surgical rehabilitation, sports recovery, occupational/hand therapy and vestibular rehabilitation care programs.

“We are excited to join PRN and write this next chapter in our history, which will help expand growth and support opportunities for our clinicians,” said Ken Clouston, Founder, Gillette Physical Therapy. “PRN shares our genuine commitment to high-quality and individualized patient care, and also offers remarkable operational and clinical support, which will allow us to continue to thrive in our community.”

GPT’s highly respected and decorated team collectively brings more than 150 years of treatment experience and includes the only board-certified sports clinical specialist in the area. In addition, Gillette PT provides athletic and performance training to the Gillette College Pronghorns, Gillette baseball teams, and the town’s local semi-pro hockey team, the Wild. 

PRN is a portfolio company of Gryphon Investors, a leading middle-market private equity firm.

PricewaterhouseCoopers LLP., and Bass, Berry & Sims PLC acted as advisors to PRN on the transaction. 

To learn more about Gillette Physical Therapy, visit www.gillettept.com.

For more information on PRN locations or partnership opportunities, visit www.PRNpt.com. To stay up to date on the latest PRN news, follow us @PRNPhysicalTherapy on Facebook, @PRN_therapy on Twitter and on LinkedIn.

About Gillette Physical Therapy
Since 2001, Gillette Physical Therapy has provided expert rehabilitative services for a variety of orthopedic-related conditions. In addition to providing comprehensive, compassionate post-surgical care, Gillette’s therapists commonly treat numerous non-surgical ailments.

About Physical Rehabilitation Network 
Physical Rehabilitation Network (PRN) is a leading owner-operator of nearly 200 outpatient physical therapy clinics across 17 states in the western and central regions of the United States. Boasting a differentiated delivery model, PRN integrates owning, managing and developing physical therapy locations and brands as well as establishing Health System Joint Venture and PT practice partnerships with its value-based, people-first and outcomes-driven care delivery solutions. PRN’s growing network of distinguished regional brands offer a full range of treatment services, including outpatient physical therapy, workplace ergonomics, workers’ compensation therapy, sports and auto injury rehabilitation, and rehabilitation for seniors.   

PRN proudly supports over 1,700 physical therapy experts, offering many developmental pathways committed to comprehensive patient care and building leaders of tomorrow.   

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. As of December 31, 2021, the firm has over $9 billion of assets under management. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 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.​

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, today announced that it has partnered with Vision Innovation Partners (“VIP” or “the Company”). VIP is a leading provider of eye care services in the mid-Atlantic region. Financial terms of the transaction were not disclosed.

Kevin Blank, Operating Partner in Gryphon’s Healthcare Group, said, “Through our proactive evolving sector initiative strategy, Gryphon has long targeted vision care as an attractive area of healthcare. The eye care market, including ophthalmology, optometry, retina, and optical retail services, is currently valued at over $50 billion and growing, thanks to an aging population and a prevalence of chronic eye disease. With our deep experience in operationally supporting high-quality, multi-site healthcare facilities and our focus on best-in-class companies with potential for accelerated growth, we believe VIP is a great fit for Gryphon.”

Founded in 2017 and headquartered in Annapolis, MD, VIP offers a comprehensive range of eye services and treatments. With more than 140 practitioners operating out of 65 clinics and 11 surgery centers, the Company is among the region’s leading ophthalmology providers.

Luke Schroeder, Deal Partner and Head of Gryphon’s Healthcare Group, commented, “VIP has acquired and successfully integrated 23 practices over the past five years and has established a reputation as the partner of choice for medical eye care providers in the mid-Atlantic region. The Company has an established pattern of investing in state-of-the-art medical equipment and improving practice management resources, delivering outstanding patient care and offering an attractive value proposition and work-life balance to physicians.”

Justin Saks, a Managing Director in Gryphon’s Healthcare Group, added, “Given the highly fragmented nature of eye care practices and the resources a platform like VIP can offer solo practitioners, we see immediate opportunities for expansion. VIP’s core mid-Atlantic region and adjacent areas are densely populated, and the Company is well-positioned to pursue continued growth, both organically and through additional acquisitions.” 

VIP’s CEO Mike Dunn, its management team, and physician equity holders will all remain with the Company and will maintain a significant ownership stake post-close.

Mr. Dunn commented, “We are excited to partner with the team at Gryphon as we plan for long-term sustainable growth. Gryphon brings financial and operational resources that will allow us to build our brand for the future and provide our differentiated services to more patients.” 

Kirkland & Ellis was Gryphon’s legal advisor and William Blair & Company was financial advisor to Gryphon.

About Vision Innovation Partners
Founded in 2017 and headquartered in Annapolis, MD, VIP is a leading provider of eye care services in the mid-Atlantic region. VIP offers a comprehensive range of services, including routine eye exams and LASIK surgery as well as treatment for cataracts, glaucoma, macular degeneration, and other ocular diseases. The Company is among the region’s leading ophthalmology providers, with more than 140 practitioners and a footprint that includes 65 practice locations and 11 surgery centers across Maryland, Washington D.C., Virginia, and Pennsylvania.

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. As of December 31, 2021, the firm has over $9 billion of assets under management. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 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.

Water’s Edge Dermatology and Riverchase Dermatology, together a leading provider of comprehensive dermatology services in Florida and Georgia, announced today that their parent company has rebranded to AQUA Dermatology (“AQUA” or “the Company”). AQUA is owned by leading middle-market private equity firms Gryphon Investors and GTCR. The Company, with over 80 locations and more than 170 providers, was formed in 2021 through the merger of Water’s Edge Dermatology and Riverchase Dermatology, and has since expanded outside of the Florida market with the June 2021 acquisition of Goodman Dermatology in Atlanta, GA.

“Our overall business has seen explosive growth over the past four years, and it was time to rebrand the Company under a new, unified name,” said Larry Kraska, CEO of AQUA. “We wanted a name that reflected a common theme and key component of both companies’ founding brands, so it made sense to come together under AQUA. We are proud to combine the tradition of these high-quality healthcare providers under one umbrella, while retaining the unique identities and commitment to patient care that have made these practices such vital presences in their communities.”

Concurrently, AQUA announced that it has acquired Intracoastal Dermatology, a Jacksonville, FL-based provider of medical dermatology treatments and aesthetic skin care services. Intracoastal Dermatology provides a full array of medical dermatology treatments and aesthetic skin care services in its two locations. Founders Kendall Adkisson, MD and Florence O’Connell, MD will remain with the practice, along with their staff, and the practice will continue to operate under the Intracoastal name, which is well known in the Jacksonville market. Terms of the transaction were not disclosed.

Dr. Ted Schiff, Chief Medical Officer of AQUA and Founder of Water’s Edge, said, “Intracoastal is a strategic addition for AQUA, with its dedicated team of expert physicians and skin care professionals who augment our presence in the Jacksonville area.” Board Member of AQUA and Founder of Riverchase Dr. Andrew Jaffe added, “We are delighted to welcome Kendall, Florence and their staff, plus all of their patients to the AQUA practice and look forward to adding more locations to expand patient access.” 

“Joining AQUA at this stage of the Company’s development is a great opportunity for us,” said Drs. Adkisson and O’Connell. “Becoming part of a leading brand that delivers a high standard of care for its patients and additional patient-driven services is extremely gratifying for us, and we look forward to moving ahead.”

On March 31, AQUA also opened its fifth location in the Atlanta market under the Goodman Dermatology brand. This office is located in Canton, GA and is part of AQUA’s ongoing expansion efforts in the Atlanta market. “We continue to be very excited about our partnership with Dr. Goodman and the outstanding care he and his team provide to patients across the north side of Atlanta. We look forward to supporting the growth of his practice,” commented Mr. Kraska.

AQUA’s family of brands provides a comprehensive suite of medical and cosmetic service lines, including general dermatology, Mohs surgery, dermatopathology, cosmetic dermatology, vein services, radiation oncology, and plastic surgery. The Company currently consists of seven brands, including Water’s Edge Dermatology, with locations in Eastern and Central Florida; Riverchase Dermatology, which operates primarily on Florida’s West Coast; Aqua Plastic Surgery in Jupiter, FL; PBC Dermatology in West Palm Beach; Coast Dermatology & Skin Cancer Center in Venice, FL; Intracoastal Dermatology in Jacksonville, FL; and Goodman Dermatology in Atlanta, GA.

Luke Schroeder, Partner and Head of Healthcare at Gryphon, commented, “We are proud to support the continued development of AQUA with the addition of Intracoastal, as the combined company grows into one of the largest dermatology practices in the Southeast.”

Sean Cunningham, Managing Director and Co-Head of Healthcare at GTCR, noted, “The AQUA name will represent the excellent care and quality these companies have become known for in the broad dermatology and skincare market in the Southeast. We continue to support the AQUA leadership team as it executes the Company’s growth strategy, including its acquisition of Intracoastal Dermatology. We are excited for the next chapter in AQUA’s future.”

About AQUA Dermatology
AQUA Dermatology, headquartered in Palm Beach Gardens, Florida, is among the largest and most comprehensive full-service skin care provider in the Southeast, offering Medical, Surgical and Cosmetic Dermatology. For more than 20 years, the company has treated 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. AQUA has over 80 locations throughout the Southeast and over 170 of the top clinicians in the field.

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. The firm has managed over $8.3 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 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.

About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com. ​