Varsity Healthcare Partners (VHP) has sold its majority interest in Forefront Dermatology (Forefront or the Company) to OMERS Private Equity, the private equity arm of OMERS. Terms of the transaction have not been disclosed.
VHP acquired a majority stake in Forefront, one of the nation’s largest and most reputable providers of practice management services to dermatology clinics, in May 2014. Since the VHP investment, Forefront has rapidly grown from 37 clinics with 42 board-certified dermatologists operating in three states, to 82 clinics with 90 board-certified dermatologists operating in 11 states.
“In partnership with Forefront’s talented management team, we aggressively and successfully grew the Company while maintaining the core tenets of delivering exceptional patient care and establishing a terrific work environment for physicians,” says Kenton Rosenberry, a partner with VHP. “The success of Forefront demonstrates the strength of the management team and the unique value proposition of the Forefront platform. With OMERS’ strategic and capital assistance, I am confident that Forefront will continue its current track record of success.”
“We have enjoyed working closely with the VHP team over the past 18 months and building an industry-leading company in the dermatology sector,” says Dr Kenneth Katz, founder and president of Forefront. “Their deep domain expertise and commitment to the Forefront values has enabled us to surpass our growth objectives without sacrificing our culture and commitment to excellence.”
Scott Bremen, CEO of Forefront, says: “It has been a pleasure partnering with VHP and we have appreciated their unique hands-on approach in developing and executing an aggressive growth plan. Our team now looks forward to partnering with OMERS Private Equity and continuing our growth and expansion into new markets.”