Schweiger Dermatology Group (SDG) has acquired New York-based Manhattan Center for Dermatology (MCD) at 250 West 57th Street in Manhattan. MCD’s director, David Kriegel, MD and his team have joined SDG.
The move comes practically a month after SDG raised $35 million in private equity financing led by Philadelphia-based LLR Partners.
Private equity deals for physician-owned practices are becoming more popular, as professional investors seek to roll up multiple medical practices and grow them into a larger scale.
“We are extremely proud to welcome Dr. Kriegel and his practice to Schweiger Dermatology Group,” says SDG founder and CEO Eric S. Schweiger, MD. “With Dr. Kriegel at the helm, the Manhattan Center for Dermatology has become a nationally recognized dermatology practice for its expertise in all aspects of dermatology with a focus on the treatment of skin cancer.”
”When I founded the Manhattan Center for Dermatology 10 years ago, we had a philosophy of providing the highest quality of medical care with a strong emphasis on academic medicine. We are excited by this union as we feel that there is a strong synergy between our approach to patient care and that of the esteemed group of doctors assembled at Schweiger Dermatology Group,” said Dr. Kriegel.
Dr. Kriegel, along with the medical team of Hooman Khorasani, MD, Jane Schneider, MD, Rob Schwarcz, MD, Sue Ann Wee, MD, and Allison Santhouse, PA-C will continue to see patients at their current Midtown Manhattan location. The team will move into a new state-of-the-art nearby facility this summer.
Dr. David Kriegel is a nationally recognized Mohs micrographic surgeon and a leading cosmetic and medical dermatologist. Dr. Kriegel attended medical school at Boston University School of Medicine and completed his residency training at hospitals affiliated with Harvard Medical School and Tufts University School of Medicine. Dr. Kriegel went on to complete a fellowship in Mohs and Reconstructive Surgery at SUNY Stony Brook. He is currently the Director of the Division of Dermatologic and Mohs Surgery as well as the Director of the Mohs Surgery Fellowship program at the Mount Sinai Medical Center.
Schweiger Dermatology Group (SDG) is a premier provider of dermatology services in the New York City area. The company currently owns and operates over 20 locations throughout Manhattan, Brooklyn, Queens, Long Island, Westchester County, Rockland County, and New Jersey. SDG provides dermatology services to over 150,000 patients annually. The company provides advanced treatments for all skin care needs and offers unique patient benefits including same-day scheduling.
SDG’s mission is to offer a unique opportunity for dermatology practice physician owners to capitalize on the practice they have built while continuing their careers on their terms, spending time focused on providing quality dermatology care to patients.
“We offer an attractive opportunity for dermatologists and physician assistants to grow with us,” commented Dr. Schweiger. “Partnering with a growth-oriented investor like LLR brings the additional capital, network and expertise in healthcare delivery to help us continue to expand our footprint and deliver outstanding, comprehensive dermatology care to more patients in the region.”
“Demand for cosmetic and medical dermatology in the New York area is among the highest in the nation,” said Elizabeth Campbell, Vice President at LLR Partners. “We are impressed with Schweiger’s ability to develop organically into the largest regional provider and meet this demand, while delivering a superior patient experience. As the industry rapidly consolidates, we are excited to work with the SDG team to further develop what we believe is the nation’s premier dermatology platform.”
LLR Partners is a private equity firm investing in middle market growth companies. LLR invests in a broad range of industries, with an emphasis on software, technology-enabled services and healthcare. Founded in 1999 and with more than $2 billion raised across four funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts.