Harris Williams & Co. Advises Water’s Edge Dermatology on its Recapitalization by Gryphon Investors

June 8, 2018

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Water’s Edge Dermatology (Water’s Edge), one of the leading dermatology practices in Florida, on its recapitalization by Gryphon Investors (Gryphon) in partnership with Water’s Edge’s founder Dr. Ted Schiff. Harris Williams & Co. served as the exclusive advisor to Water’s Edge. The transaction was led by Andy DixonGeoff SmithNick Owens and Juliann Rienecker of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.  

“We are thrilled to have represented Dr. Schiff and the entire Water’s Edge team in this transaction.  Dr. Schiff and his team have established a highly differentiated model centered around a mission-driven culture, commitment to clinical excellence and outstanding patient care, and attractive, upscale and convenient retail locations,” said Andy Dixon, a managing director at Harris Williams & Co. “Gryphon is an ideal partner to Dr. Schiff in continuing to grow Water’s Edge while maintaining its strong foundational principals.” 

“Dermatology represents one of the most active sectors of the broader retail healthcare universe,” said Geoff Smith, a managing director at Harris Williams & Co. “We are proud to have represented Water’s Edge and continued to build on Harris Williams & Co.’s deep experience working with leading multi-site companies to realize superior outcomes.”

Water’s Edge provides comprehensive medical, surgical, and cosmetic dermatology and skincare services with an incomparable patients-first focus. Founded by Dr. Ted Schiff in 1998, the company treats patients of all ages suffering from skin diseases, acne, sun damage, skin cancer, vein health issues, as well as those seeking cosmetic and plastic surgery. Water’s Edge has 33 full-service locations throughout Central and South Florida, and employs more than 400 dedicated physicians, medical and administrative support staff.

Based in San Francisco, Gryphon is a leading private equity firm focused on profitably growing and competitively enhancing middle market companies in partnership with experienced management. For 23 consecutive quarters, Gryphon has been ranked in Preqin’s prestigious quarterly PE report as one of North America’s top-decile buyout firms based on consistency of strong investment returns. Managing over $4 billion of equity investments and capital since 1997, the firm has an extensive track record of leading equity investments of $50 million to $200 million per portfolio company with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources and operational expertise. Gryphon closed its fourth private equity buyout fund, Gryphon IV, L.P., in November 2016 at $1.1 billion, and raised a $100 million captive mezzanine fund, Gryphon Mezzanine Partners, L.P., in August 2017.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including medical devices, products and distribution; multi-site and retail healthcare providers; alternate site care; healthcare IT; managed care and cost containment services; outsourced clinical services; and outsourced pharma services.  For more information on the HCLS Group and other recent transactions, visit the HCLS Group's section of the Harris Williams & Co. website. 

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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