BayPine to acquire Pinnacle Dermatology in partnership with management


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BOSTON – (BUSINESS WIRE) – BayPine LP (“BayPine”) today announced that it has entered into a definitive agreement to acquire Pinnacle Dermatology Management (“Pinnacle” or the “Company”), the largest service in dermatology management founded by women organization in the United States. Pinnacle’s management team, led by Chief Executive Officer Chad A. Eckes, Medical Director and President of Dr Jose Rios, and Founder Dr Paula Lapinski, are partnering with BayPine in the transaction and will continue in their roles. current. Chicago Pacific Founders (“CPF”), the Company’s current financial sponsor, will renew a portion of its stake in Pinnacle following Closing. Terms of the transaction were not disclosed.

Pinnacle provides comprehensive management services to 87 clinical sites in 11 states. Its affiliated clinical practices include board-certified dermatologists, Mohs and plastic surgeons, medical assistants and nurse practitioners, who address the full spectrum of skin care needs, including general dermatology, surgical, pathology, radiotherapy and cosmetic services, in physical and telemedicine environments. . Pinnacle has pioneered the management of people’s skin health to lead the battle against skin cancer through early detection and prevention. Since 2017, the Company has added more than 37 practices to its unique integrated platform, brand and culture.

Anjan Mukherjee, Managing Partner at BayPine, said: “Pinnacle has distinguished itself as the best integrated dermatology management platform committed to supporting clinical and operational excellence in clinical practices affiliated with Pinnacle. The Company is well positioned in a growing market supported by strong secular tailwinds, namely an aging population and increasing prevalence and awareness of various skin conditions. Andrew Goldfarb, Partner at BayPine, added, “As an industry pioneer, Pinnacle has demonstrated its proven ability to integrate patient-centered and like-minded practices to meet the demand for large dermatology services across the board. across the country. We look forward to working alongside Pinnacle’s founders, its highly skilled management team and CPF to continue pursuing organic and inorganic growth initiatives, while integrating BayPine’s differentiated digital expertise to enhance the experience of the business. patient and provider.

Dr Lapinski, Founder of Pinnacle, said: “For over 15 years, Pinnacle and our integrated platform of dedicated healthcare providers have sought to provide the highest level of care by instilling a culture of proactive treatment and by offering a full “one-stop-shop” service to our patients. These principles will remain at the heart of our business in our next chapter with BayPine, whose experienced team and digital capabilities will allow us to continue to evolve the Pinnacle platform. We are grateful for CPF’s support and are energized in our mission to improve patient outcomes and help individuals around the world achieve healthier skin.

Krista Hatcher, Partner, CPF, added, “We are extremely proud of Pinnacle’s accomplishments to date, including helping to realize Paula’s vision to prevent skin cancer and provide the highest quality care to people. patients on a nationwide scalable platform. We are excited about the future of Pinnacle and our partnership with BayPine to support the next phase of accelerated growth for the company.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2021.

Kirkland & Ellis LLP served as legal counsel to BayPine, Cantor Fitzgerald & Co. served as financial advisor, and Marwood Group provided due diligence services.

Subsidiaries of JP Morgan, Goldman Sachs Asset Management and AB Private Credit Investors are supporting the financing of the transaction. McDermott Will & Emery LLP has served as legal advisor to CPF and JP Morgan Securities LLC is exclusive financial advisor to Pinnacle.

About BayPine

BayPine is a private investment firm that seeks to create lasting value for investors, portfolio companies and the communities in which they operate by driving innovation, digital transformation and sustainable growth in market-leading companies in traditional sectors of the economy. Boston-based BayPine was founded by a team of accomplished investors and senior executives who share a passion for building sustainable businesses. For more information on BayPine, please visit www.baypine.com.

About Pinnacle Dermatology

Pinnacle Dermatology is the largest multi-state, female-founded dermatology management services organization in the United States and is committed to improving the way skin care is delivered. Founded by Mohs dermatologist and surgeon Dr. Paula Lapinski, who developed a model of dermatology that delivers higher standards of patient care, Pinnacle provides comprehensive management services to 87 clinical sites in 11 states. Its affiliated clinical practices include Certified Dermatologists, Mohs and Plastic Surgeons, Medical Assistants and Nurse Practitioners, who address the full spectrum of skin care needs including general dermatology, surgical services, pathology. , radiotherapy and cosmetics, in physical and telemedicine environments. . Pinnacle has pioneered the management of people’s skin health to lead the battle against skin cancer through early detection and prevention. For more information, please visit www.pinnacleskin.com.

About the founders of Chicago Pacific

Chicago Pacific Founders (“CPF”) is a leading strategic private equity firm focused on investing in growing companies in the areas of innovation in value care, health services and care. aging populations. CPF believes that the most significant societal impact and returns on investment in healthcare over the next decade will be generated by investing in innovation in delivery models. CPF’s leadership team is made up of former CEOs, senior executives and investment professionals with a passion and experience in building healthcare businesses. For more information, please visit www.cpfounders.com.

Nathaniel Garnick / Sam Fisher

Gasthalter & Cie.

(212) 257-4170

Source: BayPine LP


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