STAMFORD, Conn. & LOS ANGELES--(BUSINESS WIRE)--Varsity Healthcare Partners (VHP), a healthcare-focused private equity investment firm, announced today that it has sold its majority interest in Forefront Dermatology (Forefront or the Company) to OMERS Private Equity, the private equity arm of OMERS, one of Canada’s largest pension plans. Terms of the transaction were not disclosed.
VHP acquired a majority stake in Forefront, one of the nation’s largest and most reputable providers of practice management services to dermatology clinics, in May 2014. Since the VHP investment, Forefront has rapidly grown from 37 clinics with 42 board-certified dermatologists operating in three states, to 82 clinics with 90 board-certified dermatologists operating in 11 states.
“In partnership with Forefront’s talented management team, we aggressively and successfully grew the Company while maintaining the core tenets of delivering exceptional patient care and establishing a terrific work environment for physicians,” said Kenton Rosenberry, a partner with VHP. “The success of Forefront demonstrates the strength of the management team and the unique value proposition of the Forefront platform. With OMERS’ strategic and capital assistance, I am confident that Forefront will continue its current track record of success.”
“We have enjoyed working closely with the VHP team over the past 18 months and building an industry-leading company in the dermatology sector,” said Dr. Kenneth Katz, founder and president of Forefront. “Their deep domain expertise and commitment to the Forefront values has enabled us to surpass our growth objectives without sacrificing our culture and commitment to excellence.”
Scott Bremen, CEO of Forefront, added, “It has been a pleasure partnering with VHP and we have appreciated their unique hands-on approach in developing and executing an aggressive growth plan. Our team now looks forward to partnering with OMERS Private Equity and continuing our growth and expansion into new markets.”
This sale represents the first exit for Varsity Healthcare Partners.
Jefferies LLC acted as financial advisor and Morgan, Lewis & Bockius LLP acted as legal counsel for the Company.
About Forefront Dermatology
Headquartered in Manitowoc, Wis., with clinics located throughout the Midwest and Mid-Atlantic, Forefront Dermatology is a network of dermatology practices comprised of community-based, caring physicians and specialists providing best-in-class general, surgical and cosmetic dermatology care along with related laboratory services. Using innovative and proven solutions, these caring physicians and medical specialists treat the total patient to help improve not only the condition of their skin, but also their quality of life. To learn more, visit www.forefrontdermatology.com.
About Varsity Healthcare Partners
Varsity Healthcare Partners (VHP), founded by David Alpern and Kenton Rosenberry, is a private investment firm serving primarily family investors by originating, acquiring, and growing market-leading healthcare platforms. The principals of VHP bring extensive healthcare domain expertise and relationships and dedicate substantial time and resources to each platform investment. The firm seeks to combine the unique partnership approach and equity capital to accelerate the growth and maximize the returns of each VHP platform. For more information please visit: www.varsityhealthcarepartners.com.