Gryphon and Portfolio Company News

AQUA Dermatology Partners with Sunrise Dermatology

Palm Beach Gardens, FL -

Adds Experienced Physicians to Expanding Southeast Network

AQUA Dermatology (“AQUA” or “the Company”) announced today that it has partnered with Sunrise Dermatology and Skin Cancer Surgery Center (“Sunrise Dermatology”), a Mobile, Alabama-based general dermatology and Mohs surgery practice with a focus on skin cancer diagnosis and treatment. AQUA, a leading provider of comprehensive full-service dermatology services in the Southeast, is backed by leading private equity firms Gryphon Investors and GTCR. The practice will retain the Sunrise Dermatology name and will continue to be led by Dr. Scott Freeman and Dr. Ryan Ramagosa, both of whom will invest a portion of their proceeds into AQUA. Additional financial terms of the transaction were not disclosed.

“We welcome Scott and Ryan, along with their dedicated team, and we are delighted to attract physicians of their caliber to AQUA,” said Larry Kraska, CEO of AQUA. “This transaction marks AQUA’s fourth partnership in 2023, giving AQUA a leading position in the GA, AL, and FL markets. We are proud to have swiftly executed on our strategic growth plan. Our leadership team is highly focused on integrating each practice into the AQUA family as we continue to build our network of quality services and treatment.”

Sunrise Dermatology is a full-service dermatology practice specializing in medical, surgical, and cosmetic dermatology. With two fellowship-trained Mohs surgeons on staff, Sunrise Dermatology offers on-site diagnosis and treatment of skin cancers at its state-of-the-art Skin Cancer Surgery Center.

Dr. Ted Schiff, AQUA’s Chief Medical Officer, said, “AQUA is committed to strengthening our position as a premier provider of skin care services in this key market. As such, we believe in partnering with skilled, experienced practitioners like the team at Sunrise Dermatology, and we are excited to support their thoughtful, patient-centered approach to care.”

Drs. Freeman and Ramagosa said, “Teaming up with AQUA will enhance our ability to offer our patients the personalized care they deserve, and we are pleased to become part of a robust company recognized as a leader in the Southeast region.”

With the completion of its partnership with Sunrise Dermatology, AQUA now has 17 locations in Alabama. AQUA is the largest dermatology practice in the state and one of the leading practices in the Southeastern U.S., with over 250 providers and 106 locations.

About AQUA Dermatology

AQUA Dermatology, headquartered in Palm Beach Gardens, Florida, is among the largest and most comprehensive full-service skin care providers in the Southeast, offering Medical, Surgical and Cosmetic Dermatology. For more than 25 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 106 locations in Alabama, Florida, and Georgia and over 250 of the top clinicians in the field.

About Gryphon Investors

Gryphon Investors ( is a leading private equity firm focused on profitably growing and competitively enhancing companies in partnership with management. As of December 31, 2022, the firm has over $8.9 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 founders, 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 that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit Follow us on LinkedIn.​


Caroline Luz


Jennifer Hurson