PGP advises Georgia Dermatology Partners in transaction with PhyNet
CHICAGO, February 13, 2023 – Physician Growth Partners (“PGP”) is pleased to have advised Georgia Dermatology Partners (“Georgia Derm”), a 23-provider practice serving the greater Atlanta market, in its new partnership with PhyNet Dermatology (“PhyNet”). This transaction represents a significant expansion of PhyNet’s current footprint in Georgia while simultaneously adding another dermatologic leader to its growing national footprint.
Founded in 1978, Georgia Derm has grown into a market leader with a reputation for delivering consistently excellent clinical care. Currently led by five exceptional physician shareholders, Georgia Derm offers comprehensive dermatologic services at offices in Snellville, Loganville, Braselton, and Brookhaven. Services include medical, surgical, and cosmetic dermatology services, as well as dermatopathology and MOHS surgery.
Drs. Jonathan Weiss, Alia Brown, Keith Wright, Jessica Mercer, and Kirk Saddler lead a team that includes general and sub-specialty trained physicians, along with multiple mid-levels and aestheticians delivering unmatched clinical services and top-of-the-line cosmetic results. Georgia Derm will utilize PhyNet’s additional operational resources and growing presence in the state to accelerate growth in the Atlanta market and beyond while maintaining its commitment to clinical outcomes of the highest quality.
PGP served as exclusive transaction advisor to Georgia Derm in its evaluation, negotiation, and execution of the transaction. Dr. Weiss was impressed with the firm’s work throughout the process. “Physician Growth Partners could not be more appropriately named. From first contact until the closing of our transaction, Michael Kroin and his associates were engaged 24/7. They took the time to learn our culture. Their advice was always on-point and they helped us find the best partner for our practice. PGP’s professionalism, negotiating skills and availability were unparalleled. After interviewing several investment banks, our choice was clear and could not have been better. Thank you PGP for being a true partner in this journey.”
Dr. Brown, who is a partner of the practice with Dr. Weiss, was also pleased with the outcome along with the rest of the shareholders. “We had an outstanding experience working with Michael and the PGP team. They were extremely knowledgeable and had the expertise to oversee and execute a partnership with an amazing company. They were available, day and night, working to make the process seamless. In my mind, the most important thing was that they took the time to get to know us as individuals, as well as a group. This was integral in finding a company with whom our goals aligned, and while also allowing us to maintain our culture.”
Jeremy Murphy, Vice President at PGP, said, “We couldn’t be more excited for the future of Georgia Derm as they enter this next stage of growth. They’re a group of excellent physicians and even better individuals. It was an honor to advise them as they sought a partner capable of expanding upon their mission to provide the best level of dermatologic care to the Georgia community.”
John Dickenson, Chief Development Officer of PhyNet said, “We continue to be very intentional and selective in our practice affiliations and could not be more pleased being selected as Georgia Derm’s partner of choice. We look forward to collaborating with them in future growth while helping them maintain the same excellent standard of care that has been in existence for over 45 years. We appreciate PGP’s responsiveness and professionalism throughout this entire transaction. Their immediacy and dedication to their client played an important role in consummating this transaction in a timely fashion.”
PGP CEO and Managing Partner Michael Kroin added, “I am extremely pleased with the outcome Georgia Derm was able to achieve. There is no doubt their clinical renown and desire to expand in a sustainable fashion was recognized by the market. I am very excited to see the incredible foundation they have built over the years expand with proper strategic alignment via the PhyNet partnership.”
About Physician Growth Partners
Physician Growth Partners is a private equity and national healthcare advisory firm dedicated to representing physician entrepreneurs in transactions with private equity and investing in growth companies focused on healthcare. PGP creates value by providing operational support, strategic positioning, and transaction advisory services, delivering optimal outcomes for its clients and investments.