Chicago-based lower middle-market private equity firm Sheridan Capital Partners has made an investment in Dermatologists of Central States (DOCS), a dermatology practice management company.
DOCS, headquartered in Dayton, Ohio, serves dermatology clinics throughout Ohio.
With over 30 affiliated dermatologists across its partner practice, Dermatologists of Southwest Ohio (DSWO), the company has achieved significant scale in its core markets, while maintaining a reputation for providing excellent care to patients for over 40 years.
“DOCS is a uniquely scaled asset in an attractive geography, and the company has experienced robust growth in recent years, largely due to the team’s doctor-centric approach,” says Jonathan Lewis, partner of Sheridan Capital Partners. “We are grateful that Dr Stephen Levitt and Dr. Thomas Olsen chose to partner with us, and we look forward to continuing their legacy of clinical excellence.”
Sean Dempsey, managing director of Sheridan, adds: “We have been actively seeking an investment opportunity within the dermatology space for the past two years and are delighted to partner with John Macke, Dr Michael Conroy, the entire DOCS management team and the numerous providers working with DOCS.”
John Macke, CEO of DOCS, says: “Sheridan represents a perfect partner for us. The investment team has extensive experience adding value to and growing within the practice management framework, a hands-on operational approach, and a deep understanding of the healthcare industry.”
Dr Michael Conroy, chief medical officer of DOCS, adds: “With Sheridan, we saw the opportunity to build a practice model that allows clinicians to focus on providing the highest levels of care with minimal disruption to existing treatment modalities at the practice level.”
The transaction was led by Lewis, Dempsey, Tim Wheeler, and Beau Brace. Twin Brook Capital Partners provided debt financing for the transaction. McGuireWoods served as legal counsel to Sheridan Capital Partners. Leerink Partners served as financial adviser to DOCS. Terms of the transaction were not disclosed.
