Marks Florida-Based Practice's Expansion into GeorgiaSan Francisco, CA, Chicago, IL, and Palm Beach Gardens, FL – June 15, 2021 —
Water’s Edge Dermatology, which recently merged with Riverchase Dermatology (collectively, “WED/RCD”), announced today that it has partnered with Goodman Dermatology, P.C. (“Goodman Dermatology” or “the Company”), a general and cosmetic dermatology practice in Atlanta, GA. WED/RCD is a leading provider of comprehensive dermatology services throughout Florida. Terms of the transaction were not disclosed.
Led by Dr. Marcus Goodman, a board-certified dermatologist, Goodman Dermatology offers medical and cosmetic dermatology services, skin cancer treatment and surgery (including MOHS surgery), and spa and laser treatments to adults and children. With four locations in north suburban Atlanta and a staff of approximately 50, Goodman Dermatology (www.goodmandermatology.com) will continue to provide services under its existing name. Dr. Goodman will invest a portion of his proceeds into WED/RCD.
Larry Kraska, CEO of WED/RCD, said, “We are pleased to welcome Marcus and the Goodman Dermatology Team. This partnership marks our first expansion outside of Florida, and Atlanta is a target growth market for WED/RCD. Goodman Dermatology’s reputation as a premier medical, surgical, and cosmetic dermatology practice, along with their proven track record of driving profitable growth, is a great fit for our organization. This partnership is an important step as we work to become the leading provider of comprehensive dermatology and cosmetic services in the region.”
Goodman Dermatology also operates a dermatology residency training program in conjunction with the Philadelphia College of Osteopathic Medicine. The program, founded in 2013 and accredited by the Accreditation Council for Graduate Medical Education (ACGME), was the second dermatology residency program established in the Atlanta area.
“I have enormous respect for Dr. Goodman and his staff. They share our commitment to delivering high quality care and a superior patient experience while also offering a nurturing environment for physicians and office staff,” said Dr. Ted Schiff, Chief Medical Officer at WED/RCD. “In addition, we are eager to incorporate the group’s residency program, which will provide a steady talent pool and keep our organization at the forefront of research and new innovations in the field of dermatology.”
“We are excited to become part of a well-respected, larger network that will bring enhanced resources to our patients and staff,” commented Dr. Goodman. “We look forward to becoming part of the WED/RCD organization.”
The combined entity of WED/RCD is jointly owned by leading middle-market private equity firms Gryphon Investors, which purchased WED in 2018, and GTCR, which acquired RCD in 2016. WED and RCD merged in 2021 to form the joint entity.
About Water’s Edge Dermatology and Riverchase Dermatology
WED/RCD provides comprehensive medical, surgical, and cosmetic dermatology and skincare services with an incomparable patient-first focus. WED was founded by Dr. Ted Schiff in 1998 and RCD was founded by Dr. Andrew Jaffe in 2000. The combined company treats patients of all ages suffering from skin diseases, acne, sun damage, skin cancer, and vein health issues, as well as those seeking cosmetic and plastic surgery. WED/RCD has 76 full-service locations throughout Central, South, and West Florida and employs over 1,000 dedicated physicians, medical, and administrative support staff. For more information, visit www.wederm.com or www.riverchasedermatology.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 $5.0 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.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the healthcare; financial services and technology; technology, media and telecommunications; and growth business services 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.