Ridgemont Equity Partners
Ridgemont Equity Partners Acquires Anne Arundel Dermatology
October 20, 2020
Leading Dermatology Practice in Mid-Atlantic and Southeast to Expand Footprint and Capabilities
Charlotte, NC (October 20, 2020) – Ridgemont Equity Partners, a middle market private equity investor, today announced the acquisition of Anne Arundel Dermatology Management (“AAD” or the “Company”), a leading provider of medical, surgical and cosmetic dermatological services in the Mid-Atlantic and Southeastern states. AAD has approximately 181 providers across 74 clinics in Maryland, Virginia, Tennessee, North Carolina, and Pennsylvania and is seeking expansion into new geographic markets. The management team at AAD and physician-owners invested alongside Ridgemont in the transaction.
“Ridgemont has been close to the team at Anne Arundel Dermatology for over three years,” said Walker Poole, Partner at Ridgemont. “Given the strong clinical reputation, established presence across the Mid-Atlantic and Southeastern regions, and successful history of practice affiliations, we view AAD as a top-tier dermatological service provider in the US and are very pleased to add the Company to our portfolio.”
“Dermatology is a large and growing sector that remains highly fragmented,” said Dan Harknett, Principal at Ridgemont. “AAD has an excellent group of high quality dermatology providers and a proven management team that is capable of leading a much larger platform – we are excited to support this team and share the next step in the Company’s continued growth.”
“We have experienced tremendous growth across the Anne Arundel platform over the past several years and are proud of the team and infrastructure we have built,” said Scott Mahosky, CEO of AAD. “Our new partners at Ridgemont share the same vision of supporting high quality physicians focused on providing quality care while reducing the providers’ administrative burden. We look forward to partnering with Ridgemont to continue these efforts while increasing our presence in existing markets and expanding into new states.”
Financing for the transaction was provided by Twin Brook Capital Partners, Crescent Direct Lending, First Eagle Alternative Credit, Pathway Capital Management, Northwestern Mutual Investment Management Company, and funds and accounts sub-advised by Churchill Asset Management. Dechert LLP provided legal services to Ridgemont. Robert W. Baird & Co. served as financial advisor to Ridgemont and Coker Capital served as financial advisor to Anne Arundel Dermatology. Financial terms of the transaction were not disclosed.
About Anne Arundel Dermatology
Anne Arundel Dermatology is a leading provider of dermatological services in Maryland, Virginia, Tennessee, North Carolina, and Pennsylvania. Headquartered in Linthicum Heights, Maryland and with 79 locations and 189 providers, AAD provides a comprehensive suite of dermatologic services, offering general dermatology, advanced treatment options for skin cancer and cosmetic procedures.
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65B of committed capital.