AQUA Dermatology, a portfolio company of middle-market private equity firms Gryphon Investors and GTCR, announced that it acquired Steele Dermatology.
Steele Dermatology is a private dermatology practice with two locations in the Atlanta, Georgia MSA. It provides medical and cosmetic dermatology services. According to its website, there is one physician on staff (Dr. Chynna Steele) who is supported by a team of four employees.
AQUA Dermatology, headquartered in Palm Beach Gardens, Florida, is among the largest and most comprehensive full-service skin care providers in the Southeast, offering medical, surgical and cosmetic dermatology. With more than 115 locations and more than 275 providers, AQUA Dermatology was formed in 2021 through the merger of Water’s Edge Dermatology and Riverchase Dermatology.
With this transaction, AQUA now has 19 locations in Georgia, making it one of the leading practices in the Southeastern United States. The financial terms were not disclosed.
This deal is also AQUA’s first acquisition of 2026, as well as its first acquisition since it purchased First Coast Mohs in July 2024.
According to data captured in the LevinPro HC database, this transaction represents the 163rd Physician Medical Group (PMG) acquisition of 2026, and the 11th in the dermatology specialty. There were 521 PMG deals reported in 2025, and 32 in the dermatology specialty.
