Gryphon and Portfolio Company News

Water’s Edge Dermatology and Riverchase Dermatology Rebrand as AQUA Dermatology

Palm Beach Gardens, FL -

Dermatology Platform Continues Growth with Acquisition of Intracoastal Dermatology and Addition of 5th Location in the Atlanta Market

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 ( 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 ​


Caroline Luz

Lambert & Co.

Jennifer Hurson

Lambert & Co.