M&A Deal Summary

SkyKnight Capital Acquires Dermatologists of Central States

On June 1, 2022, private equity firm SkyKnight Capital acquired healthcare services company Dermatologists of Central States from Sheridan Capital Partners and Twin Brook Capital Partners

Acquisition Highlights
  • This is SkyKnight Capital’s 4th transaction in the Healthcare Services sector.
  • This is SkyKnight Capital’s 11th transaction in the United States.
  • This is SkyKnight Capital’s 3rd transaction in Ohio.

M&A Deal Summary

Date 2022-06-01
Target Dermatologists of Central States
Sector Healthcare Services
Buyer(s) SkyKnight Capital
Sellers(s) Sheridan Capital Partners
Twin Brook Capital Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)

Target

Dermatologists of Central States

Cincinnati, Ohio, United States
Dermatologists of Central States is a dermatology practice management company serving dermatology clinics throughout Ohio and its neighboring states. DOCS provides its partner practices with centralized non-clinical resources and services that enable clinicians to focus exclusively on providing best-in-class dermatological care to patients. Dermatologists of Central States is based in Cincinnati, Ohio.

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Buyer(S) 1

DESCRIPTION

SkyKnight Capital is a private equity firm focused on long-term investments in businesses requiring value-add strategies to achieve growth. SkyKnight will consider majority or minority investment situations and generally looks to commit $25 to $250 million per transaction. Sectors of interest include healthcare, financial services, and tech-enabled services. SkyKnight is headquartered in San Francisco, California.


DEAL STATS #
Overall 11 of 14
Sector (Healthcare Services) 4 of 5
Type (Secondary Buyout) 2 of 3
State (Ohio) 3 of 3
Country (United States) 11 of 14
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-20 New Republic Partners

Charlotte, North Carolina, United States

New Republic Partners is a financial services firm specializing in investment, wealth advisory and credit solutions for families, endowments, foundations, and advisors serving accredited investors. New Republic Partners is based in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-05 Pearl Street

Dallas, Texas, United States

Pearl Street is a dental practice management company partnering with dental practices throughout Texas and Oklahoma. The Company’s dentists, hygienists, and practitioners provide comprehensive care to patients across general, specialty, and cosmetic dentistry. Pearl Street provides its partner practices with centralized non-clinical resources that enable dentists and clinical teams to focus exclusively on dentistry and delivering excellent patient care while retaining significant ownership stakes in their practices. Pearl Street is steadfast in its commitment to preserving provider autonomy while cultivating a family culture and community amongst its partner. Pearl Street Dental Partners is based in Dallas, Texas.

Buy -

Seller(S) 2

SELLER
DESCRIPTION

Sheridan Capital Partners is a private equity firm focused on acquiring and investing in consumer products/services and healthcare companies across the US and Canada. Sheridan looks to invest $15 to $100 million in businesses valued from $25 to $150 million. Prospective transaction situations include growth buyouts, family owned company acquisitions, consolidations, and recapitalizations. Sheridan Capital Partners was formed in 2012 and is headquartered in Chicago, Illinois.


DEAL STATS #
Overall 8 of 8
Sector (Healthcare Services) 4 of 4
Type (Secondary Buyout) 3 of 3
State (Ohio) 1 of 1
Country (United States) 7 of 7
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-02 SpendMend

Grand Rapids, Michigan, United States

SpendMend helps healthcare organizations nationwide discover the full impact of financial leakage upon their organization. As the healthcare expert in audit recovery and spend visibility, SpendMend has perfected the process of holistically analyzing complex spend data to help an organization shed light upon ubiquitous financial leakage. SpendMend helps recover financial leakage and partners with clients to optimize cost cycle management and improve spend visibility. SpendMend was founded in 1993 and is based in Grand Rapids, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-22 RS&A

Rural Hall, North Carolina, United States

RS&A is a medical device independent service provider specializes in a wide range of support services needed to maintain radiotherapy equipment used in the treatment of cancer patients, most notably medical linear accelerators (“LINACs”). RS&A was founded in 1995 and is based in Rural Hall, North Carolina.

Buy -
SELLER

Twin Brook Capital Partners

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2014
PE ASSETS 22.3B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 3 of 6
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 2 of 5
State (Ohio) 1 of 1
Country (United States) 3 of 6
Year (2022) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-07 Network Partners Group

Warsaw, Indiana, United States

Networking Partners Group is a provider of packaging services to medical device and pharmaceutical companies. Networking Partners Group was founded in 2015 and is based in Warsaw, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-22 Double E

West Bridgewater, Massachusetts, United States

Double E is a manufacturer of highly-engineered components for web converting applications. The company's product offering includes critical wear components such as chucks, brakes, shafts, slitters, web guides, core cutters, and roll movers. These products secure, straighten, apply tension, cut, and move rolled raw materials through continuous manufacturing processes. Double E was established in 1972 and is headquartered in West Bridgewater, Massachusetts.

Sell -