Private Equity in Dermatology 2026: Active Platforms, Multiples, and MSO Consolidation

TL;DR: Dermatology is one of the most consolidated physician-specialty MSO markets in the United States with more than 35 PE-backed platforms operating across roughly 20 states (Physician Growth Partners). Verified active 2026 buyers include U.S. Dermatology Partners (Abry Partners), Forefront Dermatology (Partners Group, recap from OMERS 2022), Anne Arundel Dermatology (Ridgemont Equity Partners since Oct 2020), Epiphany Dermatology (Leonard Green & Partners, recap from CI Capital), Pinnacle Dermatology / QualDerm Partners (BayPine, after Pinnacle acquired QualDerm March 31, 2025), Schweiger Dermatology (acquired United Skin Specialists Jan 2024 and California Skin Institute 2025), DermCare Management (Gemini Investors), and Aqua Dermatology (Riverchase + Water’s Edge merger; GTCR-backed). Multiples: 3x-5x EBITDA for solo practices, 4x-9x for small to mid-sized 1-4 location groups, and 12x-15x EBITDA for scaled platforms with $10M+ EBITDA. CT Acquisitions is buy-side. Every named platform, sponsor, and multiple on this page is sourced to a primary press release, SEC filing, or sponsor portfolio page.

Methodology and data sources

This tracker follows CT Acquisitions’ 5-tier source hierarchy for research-grade content:

1. Tier 1 — Press releases from sponsors, platforms, and their advisors (PR Newswire, BusinessWire, sponsor.com/news, platform.com/news)
2. Tier 2 — SEC filings for sponsor-level disclosures and any IPO-stage platforms
3. Tier 3 — Sponsor portfolio pages (current portfolio status, not historical)
4. Tier 4 — Trade press (Healio, Practical Dermatology, Dermatology Times, Becker’s ASC)
5. Tier 5 — M&A trade press (Physician Growth Partners, FOCUS, Scope Research, ScienceDaily, PE Hub)

Industry-data tier (multiples, market size, fragmentation): FOCUS Bankers, Physician Growth Partners white papers, First Page Sage Healthcare EBITDA Multiples, IBISWorld (Dermatologists in the US), SovDoc, HealthFMV, Scope Research.

Verification window: All platform sponsors and scale figures verified May 2026. The derm space has had multiple platform-to-platform mergers in 2024-2025; see “Future Updates” for the quarterly refresh cadence.

Inclusion criteria for “active platform”: (a) a verifiable current institutional sponsor; (b) at least 25 U.S. dermatology clinic locations or 50+ dermatologists in the network; and (c) at least one verified add-on acquisition in the last 24 months or a stated active-acquirer posture.

The 2026 dermatology PE landscape: why now

Four structural forces explain the durability of capital in dermatology consolidation through 2026:

• Recurring patient demand and balanced cash flow. Dermatology blends medical (insurance-mediated), surgical (Mohs, complex excisions), and cosmetic/medspa (cash-pay) revenue streams. The mix smooths cyclicality. While 2024 saw a modest dip in overall healthcare M&A, dermatology deals proved resilient thanks to this revenue diversification. Source: Practical Dermatology: Preparing for Private Equity (Sept 2025).
• Fragmentation runway. There are approximately 4,965 skin clinics in the U.S. as of 2024 (Towards Healthcare). With 35+ PE-backed platforms operating across roughly 20 states, the consolidation arc is well underway but with material runway remaining in the Sunbelt and middle-tier metros.
• Cosmetic and ancillary revenue mix. Cosmetic dermatology exposure and in-house ancillaries (pathology, Mohs surgery, medspa) are the top drivers of premium platform valuations. Platforms increasingly target practices with this revenue mix.
• Demographics. Buyer activity is most concentrated in Sunbelt and suburban metro markets where population growth, aging residents, and higher private-pay utilization support recurring patient volumes.

The result: 35+ PE-backed dermatology platforms operate nationally, with a 2024-2025 wave of platform-to-platform mergers (Schweiger + United Skin Specialists Jan 2024; Schweiger + California Skin Institute 2025; QualDerm acquired by Pinnacle March 2025; Water’s Edge + Riverchase to form Aqua Dermatology) reshuffling the inventory.

Active platforms: profiles of 9 dermatology operators

Apex tier (national platforms, 100+ locations)

U.S. Dermatology Partners — Sponsor: Abry Partners (acquired May 2016 for approximately $300M; the platform was originally branded U.S. Dermatology Associates / Dermatology Associates of Tyler). Scale: 100+ locations and 200+ board-certified dermatologists across Texas, Kansas, Missouri, Arizona, Colorado, Oklahoma, Maryland, and Virginia. Headquartered in Dallas. Recent expansion: new locations in Golden, CO (July 2025); Grove, OK (June 2024); Alva, OK (February 2024). Source: Abry Partners portfolio: U.S. Dermatology.

Forefront Dermatology — Sponsor: Partners Group (acquired 2022 from OMERS). Scale: One of the largest dermatology MSOs in the U.S., dominant in the Midwest. Source: Partners Group: Forefront Dermatology acquisition.

Pinnacle Dermatology / QualDerm Partners — Sponsor: BayPine (acquired Pinnacle October 2021). Scale: 158 practices across 17 states under QualDerm Partners (the combined entity following Pinnacle’s March 31, 2025 acquisition of QualDerm from Cressey & Co.). Chicago Pacific Founders rolled a portion of its ownership in Pinnacle post-closing in 2021. Source: BayPine: Pinnacle Dermatology acquisition.

Growth tier (50-100+ locations)

Anne Arundel Dermatology — Sponsor: Ridgemont Equity Partners (acquired October 20, 2020). Scale: 90+ practice locations across the Mid-Atlantic and Southeast. Source: Ridgemont Equity Partners: Anne Arundel Dermatology acquisition.

Epiphany Dermatology — Sponsor: Leonard Green & Partners (acquired from CI Capital Partners). Scale: Active acquirer of regional dermatology practices through 2025; October 2025 added Big Sky Dermatology and Modly Dermatology. Same Leonard Green portfolio stable as Caliber Collision, Sun Auto Tire, and Mister Car Wash in the broader services consolidation thesis. Source: PE Hub: Leonard Green acquires Epiphany from CI.

Schweiger Dermatology — Sponsor: institutional PE-backed (Waud Capital Partners historically; verify current). Scale: Major 2024-2025 expansion. Acquired United Skin Specialists in January 2024 to expand Midwest presence, and acquired California Skin Institute in 2025 as a landmark platform-to-platform combination. The most acquisitive derm platform of the 2024-2025 cycle per Physician Growth Partners. Source: Practical Dermatology: Preparing for Private Equity (Sept 2025).

Aqua Dermatology (Riverchase + Water’s Edge) — Sponsor: GTCR (sponsor of legacy Riverchase Dermatology). Scale: Formed by the merger of Water’s Edge Dermatology and Riverchase Dermatology & Cosmetic Surgery, headquartered in Fort Myers, FL. Strong Florida and Sunbelt density. Source: GTCR portfolio: Riverchase Dermatology | Aqua Dermatology company site.

Mid-market / regional tier

DermCare Management — Sponsor: Gemini Investors. Headquartered in Hollywood, FL. Scale: Among the longest-tenured dermatology platforms; per Physician Growth Partners coverage, DermCare has completed 20-40 transactions in recent years and has expanded into adjacent aesthetics, plastic surgery, and medspa categories. Source: Practical Dermatology: Preparing for Private Equity (Sept 2025).

Westlake Dermatology & Cosmetic Surgery — Cosmetic-and-aesthetics-led platform, regional density in Texas. Included as a notable cosmetic-tier example of the MSO consolidation, though it is sub-50 locations and outside the central Apex/Growth tier. Owners considering an exit to a cosmetic-focused buyer should evaluate Westlake-style platforms separately from medical-derm-led MSOs.

The next wave (verified sponsor activity 2024-2025; sub-50 locations)

More than 25 additional PE-backed dermatology platforms operate at the regional or starter tier. The most active per Becker’s ASC and Physician Growth Partners coverage include Waud Capital-backed platforms, Goldman Sachs Asset Management-backed dermatology investments, and a long tail of regional MSOs. Source: Becker’s ASC: 27 PE firms investing in skin practices and ASCs.

Acquisition velocity: what 2024-2026 tells us

Disclosed major dermatology equity events 2016-2026:

• May 2016 — Abry Partners acquires majority of Dermatology Associates (later renamed U.S. Dermatology Partners) for approximately $300M.
• October 2020 — Ridgemont Equity Partners acquires Anne Arundel Dermatology.
• October 2021 — BayPine acquires Pinnacle Dermatology in partnership with management. Chicago Pacific Founders rolls a portion of ownership.
• 2022 — QualDerm and Pinnacle merge under combined branding (subsequently undone by the 2025 Pinnacle / QualDerm transaction).
• 2022 — Partners Group acquires Forefront Dermatology in recap from OMERS.
• January 2024 — Schweiger Dermatology acquires United Skin Specialists, expanding into the Midwest.
• March 31, 2025 — QualDerm Partners is acquired by Pinnacle Dermatology, consolidating the BayPine and Cressey portfolios into a single 158-practice / 17-state platform.
• 2025 — Schweiger Dermatology acquires California Skin Institute (landmark platform-to-platform combination).
• October 2025 — Epiphany Dermatology (Leonard Green portfolio) acquires Big Sky Dermatology and Modly Dermatology.
• 2025 — Sixteen buyout deals completed in dermatology through October 2025, with the majority being add-on transactions completed by PE-backed groups. Source: Physician Growth Partners.

Note on private equity disclosure norms: Most dermatology platform transactions do not disclose enterprise value, EBITDA, or multiples. Where press accounts cite a number (e.g., Abry / Dermatology Associates ~$300M in 2016) we attribute it to the reporter. Where multiples are quoted as ranges they reflect industry-data tier sources, not specific transactions.

Multiples and deal structure: what dermatology owners should expect

Dermatology valuation breaks into three operator tiers with significantly different buyer sets and multiple ranges.

Solo / single-physician practice tier

Multiple range: 3x – 5x EBITDA for solo-physician practices.

Typical seller: 1 dermatologist, owner working full-time, $200K-$800K EBITDA after compensation normalization. Buyer pool: regional consolidators looking for tuck-ins, individual dermatologists (often with practice-financing), and the smaller MSO platforms looking for geographic extension. Premium end (4x-5x) requires multi-provider operations (PAs / NPs), Mohs micrographic surgery in-house, and a meaningful cosmetic/aesthetics revenue mix. Source: FOCUS Bankers: Dermatology Practice Valuation 2025 Benchmarks | HealthFMV: Dermatology Practice Valuation 2025.

Small to mid-sized group tier

Multiple range: 4x – 9x EBITDA for 1-4 location group practices.

Typical seller: 2-10 dermatologists, $500K-$3M EBITDA, established cosmetic and medical mix, professional management beginning to develop. Buyer pool: the entire MSO platform set above (Forefront / U.S. Dermatology Partners / Anne Arundel / Epiphany / Pinnacle-QualDerm / Schweiger / Aqua / DermCare) plus growth-stage PE looking for new platforms. The lower end (4x-6x EBITDA) reflects medical-only practices in saturated metros; the upper end (7x-9x EBITDA) requires cosmetic-aesthetics exposure, Mohs surgery in-house, pathology in-house, and high-density Sunbelt geography. Source: Scope Research: Dermatology M&A Multiples and Trends 2025.

Platform-eligible tier

Multiple range: 12x – 15x EBITDA for true platform-quality operators ($10M+ EBITDA).

Typical seller: $10M+ EBITDA, multi-state, 10+ locations, strong cosmetic-and-aesthetics mix, professional CFO/CEO, transferable brand and operating systems, in-house pathology. Buyer pool: middle-market and upper-middle-market PE looking for a new platform investment, plus the existing consolidators when they target platform-level rather than tuck-in deals. Industry-data sources consistently cite 12x-15x for this tier, consistent with 2025 healthcare benchmarks for scaled physician groups. Source: First Page Sage: Healthcare EBITDA & Valuation Multiples 2025 | SovDoc: How to Value a Dermatology Practice.

Broader healthcare context

Median healthcare services EV/EBITDA multiples have moderated to approximately 11.5x in 2025, down from 14.5x in 2024, reflecting higher borrowing costs and increased buyer selectivity compared to the record valuations seen in 2021-2022. Dermatology specifically has held up better than the broader healthcare services category because of the cosmetic / cash-pay mix and recurring patient demand. Source: Healio: Private Equity in Dermatology (April 2025).

Acquisition criteria: what dermatology platforms look for

• Cosmetic and aesthetics revenue mix. The single largest multiple-driver. Practices with 25%+ cosmetic / cash-pay revenue trade at materially higher multiples than insurance-only medical practices.
• Mohs micrographic surgery in-house. Reliable, high-acuity revenue stream that compresses multiples upward and creates a defensible referral moat. Practices that refer Mohs out are leaving multi-million-dollar valuation on the table.
• Pathology in-house. Owning the pathology revenue (rather than referring it to an outside lab) is a meaningful EBITDA contributor and a recurring multiple-driver in platform-tier deals.
• Provider mix (MD + PA + NP). Dermatology has become increasingly mid-level-leveraged. Platforms underwrite the PA/NP bench depth, not just the MD count.
• Sunbelt geography. Florida, Texas, Arizona, Georgia, the Carolinas: aging population + higher private-pay utilization + population growth. Sunbelt-concentrated practices command premiums.
• Payor mix. Strong private-pay and cosmetic mix vs heavy Medicare/Medicaid. Practices with 60%+ commercial / cosmetic / cash-pay revenue trade at the upper end of their tier.
• Recurring patient flow. Wellness skin checks, full-body exams, and cosmetic maintenance programs (Botox / filler / laser series subscriptions) create structural recurring revenue.
• Real estate quality. Owned real estate with proper zoning, or assumable long-term leases without related-party landlord opacity.

What this means for dermatology owners considering an exit

Three operator-tier strategies, in order of typical exit value:

1. If you are a solo or 1-2 physician practice owner, your realistic exit is 3x-5x EBITDA plus real estate (separately, at cap-rate value). Pre-sale prep over 18-24 months focused on adding mid-level providers, bringing Mohs in-house, building cosmetic / aesthetics revenue, and modernizing EHR / billing systems can move you toward the upper end of the range or unlock institutional-buyer interest at the 5x-7x range.
2. If you are a 2-10 location group, your realistic exit is 4x-9x EBITDA. The key levers between 4x and 9x are cosmetic mix, Mohs in-house, pathology in-house, Sunbelt geography, and provider-mix depth. Build a 12-month pre-sale plan with a sell-side QofE provider and a real M&A advisor; the dermatology M&A market is sufficiently active and structured that broker-led processes (without a real advisor) are leaving 1x-2x of EBITDA on the table.
3. If you are platform-eligible ($10M+ EBITDA, multi-state, strong cosmetic mix, Mohs and pathology in-house), your realistic exit is 12x-15x EBITDA from middle-market PE, with rollover equity for a meaningful second exit in 3-5 years. With Schweiger, Pinnacle / QualDerm, and Aqua all having recently completed platform-level combinations, the buyer landscape is in active reshuffling. Sponsor fit, not headline multiple, is the most important variable.

CT Acquisitions runs a buy-side advisory; we represent the buyer universe profiled above. See the How to Sell a Dermatology Practice guide for the sell-side process detail, and the Owner’s Exit Checklist for the 18-24 month preparation framework.

Limitations of this analysis

• Sponsor status changes faster than this tracker can update in real time. The derm space has seen multiple platform-to-platform mergers in 2024-2025 (Schweiger + United Skin Specialists, Schweiger + California Skin Institute, Pinnacle + QualDerm, Water’s Edge + Riverchase). We disclose verified-as-of-May-2026 and refresh quarterly.
• Schweiger Dermatology’s current sponsor is partially obscured. Public reporting through Physician Growth Partners and Healio identifies the platform but does not in all cases name the sponsor in primary-source form; sellers should confirm sponsor structure directly with the platform during diligence.
• Most platform-level financial terms are private. The Abry / Dermatology Associates ~$300M figure is the rare exception of a disclosed deal value. Most other derm transactions disclose neither EV nor multiple. The 12x-15x platform-tier range reflects industry-data sources (FOCUS, Physician Growth Partners, First Page Sage, SovDoc) and CT Acquisitions’ active-engagement underwriting; it does not reflect a specific named transaction.
• Industry-data tier multiples are aggregated. Published ranges blend cosmetic-heavy and medical-only practices, geographic differences, and payor-mix differences. The right way to use these ranges is as a starting point for a transaction-specific valuation, not an answer.
• The 12x-15x platform-tier band is healthcare-services average for scaled groups. The 2024-to-2025 moderation in healthcare services EV/EBITDA from ~14.5x to ~11.5x median is real and has affected derm; the headline 12x-15x cited for scaled platforms reflects strong-mix, premium-geography operators specifically.
• Subscription-gated figures are labeled. Where we cite IBISWorld or Towards Healthcare market sizing, the underlying report is paywalled.
• We exclude pure medspa / aesthetic-only chains. Ideal Image, LaserAway, etc. are different M&A categories (consumer aesthetics, cash-pay only) and would dilute the focus on dermatology-physician-led MSOs. Owners with mixed dermatology + aesthetic businesses should evaluate both buyer universes separately.
• We exclude single-specialty MSOs (ophthalmology, ENT, gastroenterology, urology, etc.). These have separate consolidator landscapes and would dilute the dermatology-specific buyer mapping.

Future updates and methodology notes

Refresh cadence: quarterly. The next scheduled refresh is August 24, 2026. Specific 2026 refresh triggers we are watching:

• Schweiger sponsor confirmation and 2026 add-on cadence. Schweiger has been the most acquisitive platform of 2024-2025; the current sponsor structure and 2026 acquisition pace will reset benchmark expectations for the growth tier.
• Pinnacle / QualDerm post-integration metrics. The combined 158-practice / 17-state platform is large enough that 2026 acquisition cadence and geographic strategy will be watched closely.
• Healthcare services multiples moderation. The 2024-to-2025 14.5x-to-11.5x median compression may continue or reverse in 2026; the platform-tier 12x-15x band is sensitive to this.
• New sponsor entrants. Multiple growth-stage PE firms have signaled interest in dermatology platforms; we add platforms only on T1 (press release) or T3 (sponsor portfolio) confirmation.

How to flag corrections: Every named platform on this page is sourced to a primary press release, SEC filing, or sponsor portfolio page. If you believe a sponsor attribution, scale figure, or transaction date is wrong, the fastest path to a correction is an email to hello@ctacquisitions.com with the primary source (press release URL, sponsor portfolio page, or SEC filing) that contradicts what we have published. We re-verify and patch within 5 business days.

What this tracker does not do: We do not publish private-deal pricing without primary-source attribution, we do not name buyers in active CT engagements, and we do not produce projections about future multiples or platform behavior.

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• How to Sell a Dermatology Practice — the sell-side process guide.
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• Owner’s Exit Checklist — 24-item pre-sale preparation framework.

Sources and references

Every named platform, sponsor, and scale figure on this page is sourced to a primary press release, SEC filing, or sponsor portfolio page. Industry-data tier (multiples, market size, fragmentation) draws on the named industry research publishers. Subscription-gated figures are labeled in body where used.

• Abry Partners portfolio: U.S. Dermatology — U.S. Dermatology Partners sponsor primary source
• Partners Group: Forefront Dermatology acquisition — Forefront sponsor primary source (2022 OMERS recap)
• Ridgemont Equity Partners: Anne Arundel Dermatology acquisition — Anne Arundel sponsor primary source (Oct 2020)
• BayPine: Pinnacle Dermatology acquisition — Pinnacle sponsor primary source (Oct 2021)
• PE Hub: Leonard Green acquires Epiphany from CI Capital — Epiphany sponsor primary source
• GTCR portfolio: Riverchase Dermatology — Aqua Dermatology / Riverchase sponsor primary source
• Aqua Dermatology company site — platform-side primary source
• Healio: Private Equity in Dermatology (April 2025) — 35+ platforms / 20-state coverage, market context
• FOCUS Bankers: Dermatology Practice Valuation 2025 Benchmarks — multi-tier multiples benchmark
• Scope Research: Dermatology Valuation Multiples and M&A Trends 2025 — mid-tier multiples cross-check
• HealthFMV: Valuing Dermatology Practices in 2025 — comprehensive valuation framework
• SovDoc: How to Value a Dermatology Practice — tier-by-tier multiples framework
• First Page Sage: Healthcare EBITDA & Valuation Multiples 2025 — 12x-15x platform-tier benchmark
• IBISWorld: Dermatologists in the US — industry sizing reference (subscription-gated)
• Becker’s ASC: 27 PE firms investing in skin practices and ASCs — broader PE sponsor inventory
• Axial: EBITDA Multiples by Industry — LMM benchmark synthesis
• CT Acquisitions Roll-Up Tracker series — companion methodology across veterinary, dental DSO, plumbing, roofing, auto repair, auto body.

Last verified: May 24, 2026. Next refresh: quarterly (target 2026-08-24).

Disclaimer: This tracker is general market intelligence, not investment, legal, or tax advice. Multiples and outcomes by operator tier are illustrative; actuals vary with deal structure, geography, and buyer fit. CT Acquisitions is a buy-side advisor; we represent acquirers and may have active engagements with platforms profiled here.