Boston, MA – June, 2016 – Candescent Partners, LLC, is pleased to announce the sale of its portfolio company Dermatology Associates to ABRY Partners. Dermatology Associates was originally acquired by Candescent Partners in 2013.
During Candescent’s ownership, Dermatology Associates grew from four clinics and eight physicians to 42 clinics and 60 board-certified dermatologists throughout Texas, Kansas and Missouri. Led by CEO, Geoff Wayne, the Company successfully completed and integrated 16 add-on acquisitions.
Steve Jenks, Managing Partner of Candescent Partners, said “Geoff and his team did a tremendous job pursuing both organic and acquisition growth, while continuing to emphasize and provide high quality medical care to their patients. The sale of Dermatology Associates constitutes a tremendous outcome for Candescent and its investor group and we look forward to witnessing the Company’s continued success under ABRY’s ownership and Geoff’s leadership.”
Houlihan Lokey acted as the exclusive financial advisor and Choate, Hall & Stewart served as legal advisor to Dermatology Associates.
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Steve Jenks and Sandy McGrath founded Candescent in 2008. Steve Sahlman joined the partnership in 2009. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million. For more information, visit: www.candescentpartners.com