Gryphon and Portfolio Company News

AQUA Dermatology Partners With True Dermatology

Palm Beach Gardens, FL -

Creates Largest Skin Cancer Surgical and Medical Practice in Alabama

AQUA Dermatology (“AQUA” or “the Company”) announced today that it has partnered with Birmingham, Alabama-based True Dermatology, a skin cancer surgery and general dermatology services provider. 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 continue to operate under the True Dermatology name. Financial terms of the transaction were not disclosed.

Dr. Ted Schiff, AQUA’s Chief Medical Officer, said, “As AQUA strengthens its position as a premier provider of skin care services in the Southeast, we continually seek out experienced practitioners with advanced medical and surgical skills. The partnership with True Dermatology will allow AQUA to offer more specialized services and address the ongoing skincare needs of many more people in our expanding network.”

With six locations and nine highly qualified and trained providers, True Dermatology primarily focuses on skin cancer surgery, reconstruction, and prevention across the state of Alabama. Led by Dr. Raj Patel, a double board certified, fellowship-trained Mohs micrographic surgeon, the practice treats skin cancer as well as other medical dermatologic conditions in patients of all ages. With the completion of its partnership with True Dermatology, AQUA now has 15 locations in Alabama, making it the largest dermatology practice in the state and one of the leading practices in the Southeastern U.S., with 245 providers and 104 locations. Dr. Patel will invest a portion of his proceeds into AQUA and, along with his staff, will remain with the company.

“We are pleased to welcome Dr. Patel and the dedicated True Dermatology clinicians to AQUA, and we look forward to supporting them in our joint commitment to providing high quality, patient-focused care,” said Larry Kraska, CEO of AQUA. “Their addition augments AQUA’s ability to meet this key market’s strong demand for quality medical and surgical services.”

Dr. Patel said, “My colleagues and I are delighted to join AQUA, which shares our mission of offering cutting-edge and personal care. We believe that teaming up with a leading medical group that can offer enhanced resources will result in improved care options for our patients, a goal that is very important to us.”

This transaction marks the Company’s third add-on acquisition in 2023.

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 104 locations in Alabama, Florida, and Georgia and 245 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