After a few months of no announced deals, Pinnacle Dermatology, LLC entered the M&A fray for the first time in 2022. On April 11, the dermatology platform company of BayPine LP announced that it was acquiring Dermatology Physicians Group in Chicago for an undisclosed price.
This acquisition is a great step in further strengthening Pinnacle’s ability to serve Chicago and surrounding Illinois communities. It is also part of Pinnacle’s strategy to build a strong base of dermatology practices across various geographic markets in the United States. Currently, Pinnacle operates dermatology clinics in Illinois, Texas, Tennessee and Michigan. Its services include skin care, patient education and a commitment to detecting skin cancer early.
Run by Dr. Stephen Carter and Dr. John Fox, Dermatology Physicians Group in Chicago is the 16th clinic in Illinois (second in Chicago) to join Pinnacle Dermatology’s growing network. While this is Pinnacle’s first acquisition of 2022, it is Pinnacle’s fourth acquisition since being purchased by BayPine in late 2021 and eighth transaction since 2017, according to LevinPro HC.
The deal is just one of 148 publicly announced Physician Medical Group (PMG) deals of 2022 so far, 12 of them involving dermatology practices. By comparison, this is a high deal quantity considering 2021 saw a reported 460 PMG deals and only 30 dermatology acquisitions were announced. Additionally, 115 of the 148 deals were completed by private equity firms such as U.S. Foot & Ankle Specialists LLC and Retina Consultants of America. A dermatology deal with the largest disclosed purchase price of the year is Partners Group’s acquisition of Forefront Dermatology for $1.5 billion. More information about that deal can be found here.
