Who is buying dermatology practices?
Why dermatology and aesthetics are consolidating
- •Dermatology was a private-equity first mover: 17 PE-backed groups acquired 184 dermatology practices (about 381 clinics) between 2012 and 2018, with annual acquisitions climbing from 5 in 2012 to 59 in 2017 — and dermatologists, about 1% of US physicians, accounted for 9.9% of all PE physician-group acquisitions in 2013–2016 (JAMA Dermatology; JAMA).
- •The base is still mostly independent: roughly 10–15% of US dermatology practices are PE-owned across 35+ sponsor-backed platforms, leaving about 85% of the country’s ~12,000 dermatologists outside private equity — a long consolidation runway (Physician Growth Partners; dermatology workforce data).
- •Medical aesthetics is the fast-growing adjacency: the US medical-aesthetics industry has passed $17 billion and grows more than $1 billion a year, with 10,488 med spas in 2023 (up from 8,899 in 2022) and more than 90% independently owned — the classic roll-up setup (American Med Spa Association, 2024).
- •Dermatology blends recurring insured medical visits with high-margin cash-pay cosmetic and med-spa revenue, while an aging population, rising skin-cancer volume and a projected dermatologist shortage tighten supply — a durable, cash-generative thesis for private equity (Healio; American Academy of Dermatology).
The platforms consolidating dermatology and aesthetics
The named groups acquiring US dermatology businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
Advanced Dermatology & Cosmetic Surgery (ADCS)
Private equity- Owner
- Harvest Partners (majority); Audax Private Equity (minority)
- Headquarters
- Maitland, FL
- Scale
- ~150–180 locations across a dozen-plus states — generally the largest US dermatology group
Harvest Partners has held the majority since a 2016 recapitalization (Audax retained a minority) — an unusually long hold. Uses the MSO / friendly-PC structure (the management company is PE-owned; dermatologists own the clinical practice).
Forefront Dermatology
Private equity- Owner
- Partners Group (OMERS Private Equity, minority)
- Headquarters
- Manitowoc, WI
- Scale
- 200+ clinics across roughly 22 states
Partners Group acquired Forefront from OMERS Private Equity in 2022 (OMERS retains a minority); physician partners remain significant shareholders. Distinct from Frontier Derm Partners.
U.S. Dermatology Partners
Private equity- Owner
- Abry Partners (lenders Carlyle, Ares & Golub Capital control since a 2020 restructuring)
- Headquarters
- Dallas, TX
- Scale
- ~90–100 locations across 8 states, 200+ dermatologists
Originally an Abry Partners platform (2016); after U.S. Dermatology Partners defaulted on a $377M loan in January 2020, control shifted to its lenders (Carlyle, Ares and Golub Capital). The exact current equity split is not cleanly disclosed — we present it as lender-controlled rather than simply Abry-owned.
Schweiger Dermatology Group
Private equity- Owner
- Physician-led (Dr. Eric Schweiger); LLR Partners, SV Health Investors & LNK Partners (minority)
- Headquarters
- New York, NY
- Scale
- 160+ offices, ~380 providers across the Northeast, Mid-Atlantic and (via CSI) California
Founder-physician-controlled with minority growth investors (LLR Partners, SV Health, LNK Partners) rather than a classic PE buyout. Medical, cosmetic and surgical dermatology.
Pinnacle Dermatology
Private equity- Owner
- BayPine
- Headquarters
- Lombard, IL
- Scale
- A national multi-state dermatology platform
BayPine acquired Pinnacle Dermatology in 2021. Trade press reports a 2025 combination with QualDerm Partners (Cressey & Company) into a ~158-practice group, but that combination is not confirmed by a primary source. Distinct from DOCS Dermatology.
AQUA Dermatology
Private equity- Owner
- Gryphon Investors + GTCR
- Headquarters
- Palm Beach Gardens, FL
- Scale
- 80+ locations across Florida and Georgia, 170+ providers (incl. the Water’s Edge and Riverchase brands)
Gryphon Investors and GTCR co-own AQUA, formed by combining Water’s Edge and Riverchase Dermatology under one brand — so “Riverchase” is now a brand within AQUA, not a standalone platform.
Platinum Dermatology Partners
Private equity- Owner
- Sterling Partners + Sun Capital Partners
- Headquarters
- Dallas, TX
- Scale
- 90+ locations across Texas, Arizona, Nevada and California
Formed by the June 2022 merger of Sterling Partners’ Platinum Dermatology and Sun Capital’s West Dermatology — so “West Dermatology” is now part of Platinum, not independent.
Anne Arundel Dermatology
Private equity- Owner
- Ridgemont Equity Partners
- Headquarters
- Linthicum, MD
- Scale
- ~74 clinics, ~181 providers across MD, VA, TN, NC and PA
Ridgemont Equity Partners acquired Anne Arundel from NMS Capital in 2020 — a five-year-plus hold.
Epiphany Dermatology
Private equity- Owner
- Leonard Green & Partners
- Headquarters
- Austin, TX
- Scale
- 67+ clinics across 12 states
Leonard Green & Partners acquired Epiphany from CI Capital in 2022.
Golden State Dermatology
Private equity- Owner
- Sorenson Capital
- Headquarters
- Walnut Creek, CA
- Scale
- ~45 locations, 125+ providers across California
Sorenson Capital acquired Golden State from Pouschine Cook in 2018; a California-only group.
Frontier Derm Partners
Private equity- Owner
- A&M Capital Partners
- Headquarters
- Seattle, WA
- Scale
- ~43 locations across Oregon and Washington — the largest in the Pacific Northwest
A&M Capital Partners has backed Frontier since 2020. A different company from Forefront Dermatology, with which it is easily confused.
DOCS Dermatology (Dermatologists of Central States)
Private equity- Owner
- SkyKnight Capital
- Headquarters
- Cincinnati, OH
- Scale
- 80+ locations across 7 states, 190+ providers
SkyKnight Capital acquired DOCS from Sheridan Capital Partners in 2022. A separate platform from Pinnacle Dermatology, with which secondary sources often conflate it.
Milan Laser Hair Removal
Private equity- Owner
- Leonard Green & Partners (Sixth Street + Wildcat Capital, minority)
- Headquarters
- Omaha, NE
- Scale
- 400+ corporate-owned clinics across 30+ states (single-service laser hair removal)
Leonard Green has held the majority since 2019; Sixth Street and Wildcat added a strategic investment in 2023. A corporate-owned de novo chain that grows by opening clinics rather than acquiring practices (not a franchise).
LaserAway
Private equity- Owner
- Ares Management (with Seidler Equity Partners)
- Headquarters
- Los Angeles, CA
- Scale
- A national aesthetic-dermatology chain (laser, injectables, body contouring)
Ares Management made a strategic investment in 2021 alongside existing backer Seidler Equity Partners (it is not Bain-backed, as some listicles claim).
SkinSpirit
Private equity- Owner
- GreyLion + KKR (minority)
- Headquarters
- Palo Alto, CA
- Scale
- ~39 locations (injectables and medical aesthetics)
KKR made a minority investment in 2022 (via its Health Care Strategic Growth Fund) alongside GreyLion; a true acquisition roll-up blended with organic growth.
Ideal Image
Private equity- Owner
- L Catterton (TPG Growth, minority)
- Headquarters
- Tampa, FL
- Scale
- ~244 locations (medical aesthetics: laser, injectables, body)
L Catterton has owned Ideal Image since its 2015 acquisition of parent Steiner Leisure; TPG Growth took a minority stake in 2021. An earlier owner, H.I.G. Capital, had exited in 2011.
Olympus Cosmetic Group
Private equity- Owner
- VSS Capital Partners
- Headquarters
- Florida (Southeast US)
- Scale
- Cosmetic surgery, dermatology and medspa across AL, FL, GA and OK
A VSS Capital Partners roll-up consolidating fragmented Southeast cosmetic-surgery and medspa practices.
Princeton Medspa Partners
Private equity- Owner
- Princeton Equity Group (BC Partners, growth financing)
- Headquarters
- United States (multi-site)
- Scale
- An injectables-focused medspa roll-up
Sponsored by Princeton Equity Group, with $120M of growth financing from BC Partners in 2024.
Frequently asked
Who are the largest PE-backed dermatology groups?
Advanced Dermatology & Cosmetic Surgery (Harvest Partners), Forefront Dermatology (Partners Group), U.S. Dermatology Partners, Schweiger Dermatology, AQUA Dermatology (Gryphon + GTCR) and Platinum Dermatology (Sterling + Sun Capital) are among the largest. In medical aesthetics, private equity also backs Milan Laser (Leonard Green), LaserAway (Ares), SkinSpirit (KKR) and Ideal Image (L Catterton).
How can private equity own a dermatology practice?
Through the management-services-organization (MSO) or “friendly-PC” model. Because most states bar non-physicians from owning a medical practice (the corporate-practice-of-medicine doctrine), a licensed physician owns the clinical professional corporation, while a separate management company — the MSO, which is what private equity invests in — owns the non-clinical business and provides support under a long-term agreement.
What multiple do dermatology practices sell for?
It depends on size. M&A advisers report small one-to-four-location practices selling for roughly 4x-7x EBITDA, mid-market groups around 7x-10x, and scaled platforms with $5M+ EBITDA reaching about 12x-15x. Single-physician tuck-ins are valued lower. Medical-aesthetics and cash-pay cosmetic revenue can command a premium.
How do I sell my dermatology or med-spa practice to a consolidator?
DealSeam works confidentially with dermatology and aesthetics practice owners to understand their options and, where there is a fit, introduces them to qualified buyers — with the buyer paying the success fee, so sellers pay nothing. DealSeam is not a traditional business broker.
Methodology & sources
Platforms were identified from dermatology and medical-aesthetics M&A coverage (peer-reviewed JAMA Dermatology research, Healio, Practical Dermatology, the American Med Spa Association) and then each one’s current owner, headquarters and scale were verified against a primary public source — the PE sponsor’s portfolio or news page, the group’s own press release, or dated trade press. Every dermatology platform uses the management-services-organization (MSO) / “friendly-PC” structure: because the corporate-practice-of-medicine doctrine in most states bars non-physicians from owning a clinical practice, the PE-backed MSO owns the non-clinical business while a licensed physician owns the clinical professional corporation (the same model as dental DSOs). Several widely-repeated facts were corrected: U.S. Dermatology Partners has been lender-controlled (Carlyle, Ares, Golub Capital) since a 2020 loan default rather than cleanly Abry-owned; LaserAway is backed by Ares (not Bain); Ideal Image is owned by L Catterton (H.I.G. Capital exited in 2011); West Dermatology is now part of Platinum, Riverchase part of AQUA, and California Skin Institute part of Schweiger; and Pinnacle Dermatology (BayPine) is a separate platform from DOCS Dermatology (SkyKnight). Franchise systems (Restore Hyper Wellness) and direct-to-consumer aesthetics brands (Skin Laundry) were excluded as not PE practice roll-ups. Not every large group is private equity: Dermatology Partners markets itself explicitly as having no PE backing, and Integrated Dermatology brands itself “independent” despite being PE-backed (Bregal Sagemount) — a reminder that ownership labels need checking. Revenue and EBITDA are private and intentionally omitted; the multiple band shown is industry-typical, not any single deal’s multiple. Market-size, PE-penetration and deal-count figures are sourced externally (JAMA Dermatology, JAMA, the American Med Spa Association, Physician Growth Partners). Last updated June 2026.
Market sources
- JAMA Dermatology — Trends in Private Equity Acquisition of Dermatology Practices in the US (2019, open-access via PubMed Central) ↗
- JAMA — Private Equity Acquisitions of Physician Medical Groups Across Specialties, 2013–2016 (2020) ↗
- American Med Spa Association — 2024 Medical Spa State of the Industry Report ↗
- Physician Growth Partners — The State of Dermatology Private Equity (2024) ↗
- Healio — Private Equity in Dermatology: Consolidation, Modernization on the Horizon (2025) ↗
Last updated June 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
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