Dermatology practices remain high on the list of healthcare sectors for private equity investors. Through mid-March, 2017, 12 deals targeting these practices have been announced by eight acquirers. All those acquirers are either private equity firms, or portfolio companies. Thanks to the private nature of these transactions, no financial terms have been publicly disclosed.

Of the 17 dermatology deals announced in 2016, six acquirers were private equity firms and five were portfolio companies.

Some big deals (even without disclosing prices) announced last year include Harvest Partners‘ acquisition of Advanced Dermatology and Cosmetic Surgery from Audax Group, in May 2016. In October, GTCR LLC acquired Riverchase MSO, LLC, one of the largest dermatology practice management platforms in the United States, with 25 locations in Florida.

2017’s deals are shaping up as the platform-building year. Dermatology Associates (owned by ABRY Partners) and Epiphany Dermatology (acquired by CI Capital Partners in June 2016) have announced three acquisitions apiece.

Dermatology Associates’ base is in Dallas, Texas and all of its targets are in-state. Epiphany Dermatology, based in Waco, Texas, made one acquisition in Texas this year, and branched out into New Mexico for the other two. It operated seven clinics in central Texas, prior to those acquisitions.

Two of Epiphany’s deals were announced in the first half of March 2017. The first was for Dallas Dermatology LLC, which provides dermatology services to patients in the Dallas-Fort Worth metroplex through its five clinic locations in Frisco, Rockwall, Paris, Greenville, and Forney.

On March 14th, 2017, Epiphany added two New Mexico dermatology clinics to its platform. Dermatology Consultants of Albuquerque (DCA) provides dermatology services to patients in the greater Albuquerque market through its single location, and Dermatology Center, PC, which also operates under the name Hastings Biomedical, provides dermatology services to patients in the greater Las Cruces market.

Other acquirers, which we’re sure to hear more of as the year rolls out, are Anne Arundel Dermatology (New MainStream Capital), Platinum Dermatology (Sterling Partners) and Schweiger Dermatology (LLR Partners). Integrated Dermatology Group, a privately held company, announced four deals in 2016, and one in 2017. More to come.