Q3-2018 Dermatology Update

Consolidation activity within dermatology showed no signs of slowing in the third quarter with several strategic consolidators making acquisitions in existing markets and, more notably, in new geographies. Five of the seven established platforms that disclosed transactions in the third quarter deployed their capital to enter contiguous states outside of core geographies to further extend their respective footprints and catchment areas. Schweiger Dermatology, which has built a tremendous amount of density in New York and New Jersey, made its first acquisition outside of the Tri-State area in the third quarter. Provident expects this theme to persist and become more prevalent as the sector enters the next phase of the investment cycle.

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Sources: SEC Filings; Company Press Releases, and Reports; IBISWorld; Capital IQ; PHP Estimates and Research. This document has been compiled with publicly available information. Provident Healthcare Partners, LLC makes no guarantee of its accuracy or completeness. No data or statement should be construed to be a recommendation for the purchase, sale, or retention of any security.