Annapolis, MD, January 25, 2017 – Anne Arundel Dermatology Management (“ADM”), a portfolio company of New MainStream Capital (“NMS”), announced today that it has acquired Maryland Dermatology Associates, LLC (“MDA”). Founded by Dr. Juris Germanas, MDA has been providing general, surgical and cosmetic dermatology services to the Westminster, MD area for over seven years. The practice, with locations in Westminster, Mt. Airy and Eldersburg, MD, will operate under the “Anne Arundel Dermatology” brand name.
“We are excited to expand our footprint into the northern Maryland area with this acquisition,” said Ed Ponatoski, Chief Executive Officer of ADM. “Dr. Germanas has built a great practice with a tremendous team providing high-quality care. We look forward to expanding our presence in these underserved Maryland markets, including the relocation of the Eldersburg office next week and the opening of an expanded Westminster office in the next few months.”
Dr. Germanas commented, “I am excited to be joining Anne Arundel Dermatology, an outstanding practice with a great culture of supporting its physicians. My practice and our patients will greatly benefit from the commitment of Anne Arundel Dermatology to expand their presence in these underserved northern Maryland markets.”
In conjunction with the transaction, ADM completed a refinancing in partnership with Madison Capital Funding to provide funding for this transaction as well as capital for future acquisition and de novo opportunities.
David Peterson, Principal at NMS, added, “We are very pleased to have another high-quality practice join Anne Arundel. This transaction follows our expansion into Bethesda, MD and northern Virginia last fall, further solidifying our market leadership in Maryland and securing a strong presence in Virginia. We are also excited to partner with Madison Capital to provide ADM with additional support and capital flexibility as we continue executing on our stated strategy of acquisition-focused growth.”
With this transaction, ADM has completed its fifth acquisition since its recapitalization in June 2015.