Boston, MA - January 8, 2013 - Candescent Partners, a Boston-based private equity firm, announced that it has acquired Dermatology Associates of Tyler. Candescent led the transaction with co-investors Eagle Private Capital and Harbert Mezzanine Partners.
Dermatology Associates is a leading provider of medical and cosmetic dermatological services in the Eastern Texas region. The Company was founded by Dr. Lawrence Anderson, M.D. in 1996 and has subsequently grown to a staff of ten M.D.'s and four offices, including a pathology lab and an ASC.
"We look forward to partnering with Dr. Anderson and his high quality team to continue to provide excellent clinical care to Dermatology Associates' dedicated customers," said Steve Jenks, Managing Partner of Candescent Partners. "We believe that Dermatology Associates is well positioned to continue its track record of impressive growth through a combination of strategic acquisitions and organic expansion."
Dr. Anderson, who will remain active in the business and continue to oversee the growth of the Company post-transaction, remarked, "I look forward to partnering with Candescent to continue to provide quality clinical care to our customers. Candescent's demonstrated expertise in growing healthcare services enterprises made them an ideal partner for this transaction."
About Dermatology Associates of Tyler
Headquartered in Tyler, TX, Dermatology Associates of Tyler is a leading provider of dermatological services in the Eastern Texas region. Founded by Dr. Lawrence Anderson, M.D. in 1996, Dermatology Associates currently operates four locations, including a pathology lab and ASC. For more information, visit: www.dermatologytyler.com
About Candescent Partners, LLC
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Steve Jenks and Sandy McGrath founded Candescent in 2008. Steve Sahlman joined the partnership in 2009. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million