News

Water’s Edge Dermatology, a portfolio company of Gryphon Investors, said June 10 that it acquired a controlling interest in Coast Dermatology. Financial terms weren’t announced. Coast Dermatology, of Venice, Florida, is a medical/cosmetic dermatology practice.

PRESS RELEASE

Gryphon-Backed Water’s Edge Dermatology Acquires Coast Dermatology

Acquisition Follows the Water’s Edge Add-On of PBC Dermatology Last Month

June 10, 2019 (San Francisco, CA & Palm Beach Gardens, FL) — Water’s Edge Dermatology (“Water’s Edge” or “the Company”), a leading provider of comprehensive dermatology services through 37 Florida locations, announced today that it has acquired a controlling interest in Coast Dermatology (“Coast”), a medical/cosmetic dermatology practice in Venice, Florida. Terms of the transaction were not disclosed.

This transaction follows the Water’s Edge acquisition of PBC Dermatology last month and marks the Company’s second add-on acquisition since it was acquired by San Francisco-based middle-market private equity firmGryphon Investors (“Gryphon”) in June 2018.

Led by Dr. Greg Neily, Coast Dermatology (https://www.drneily.com/) offers general dermatology, Mohs surgery, cosmetic dermatology, and select vein services. Coast will continue to operate under its existing name under the direction of Dr. Neily.

“We are pleased to add another first-rate dermatology practice to the Water’s Edge portfolio,” said Gryphon Healthcare Operating Partner Kevin Blank. “Coast Dermatology has a robust team of medical professionals delivering high-quality and high-demand services in a key market, and we will continue to identify additional dermatology practices that meet our stringent standards.”

“Being neighbors, we were familiar with Coast Dermatology’s stellar reputation in our local market. After meeting with their team, we are confident that they will deliver the same high level of care and results that we currently provide to all of our patients,” said Dr. Ted Schiff, Chief Medical Officer at Water’s Edge.

“We are fortunate that some of the best dermatology practices in the nation are in our own backyard, and with the addition of Coast Dermatology, we’re better positioned to meet the market’s strong demand for quality medical and cosmetic services,” added Larry Kraska, CEO of Water’s Edge. “We look forward to working with Dr. Neily and his team as we continue to expand our services to additional patients.”

“Joining Water’s Edge will immediately benefit our patients and our staff, and we look forward to working closely with the Water’s Edge management team as we continue to offer state of the art procedures in a welcoming environment,” said Dr. Neily of Coast Dermatology.

About Water’s Edge Dermatology

Water’s Edge Dermatology provides comprehensive medical, surgical, and cosmetic dermatology and skincare services with an incomparable patients-first focus. Founded by Dr. Ted Schiff in 1998, the company treats 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. Water’s Edge has 37 full-service locations throughout Central and South Florida and employs more than 400 dedicated physicians, medical, and administrative support staff. For more information, visitwww.wederm.com.

About Gryphon Investors

Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management teams. The firm has managed over $4.8 billionof equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $200 million in portfolio companies with sales ranging from approximately $100 million to $500 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.