OMERS Private Equity Announces the Sale of Interest in Forefront Dermatology to Partners Group
Forefront provides access to patient-centric dermatological services and treatments in 22 U.S. states
Forefront's physicians and executive team will continue to remain owners of the business
As part of transaction, OMERS Private Equity will reinvest in Forefront as minority owner
Toronto (GLOBE NEWSWIRE) – OMERS Private Equity today announced that it has signed an agreement to sell its interest in Forefront Dermatology to leading global private markets firm, Partners Group, acting on behalf of its clients. As part of the transaction, OMERS as well as Forefront’s physicians and executive team will reinvest in Forefront as minority owners. Located throughout the U.S. East, Midwest, Mid-Atlantic, Southwest, Southeast and West, Forefront Dermatology is the largest physician-led single specialty group providing dermatological services in the United States and comprises over 200 dermatology practices.
“Since 2016, OMERS has proudly partnered with Forefront and has been pleased to support the business as it more than doubled the size of its geographic footprint, practice count and clinician base. We knew in 2016 that we were backing a top executive and physician leadership team with a deep ambition for growth, all while continuing to deliver access to best-in-class, patient-centric care.” said Mark Van Wart, Managing Director, OMERS Private Equity.
“We are thrilled about what we’ve accomplished through our collaboration with Scott Bremen, Dr. Betsy Wernli and the entire Forefront team,” said Michael Graham, Global Head, OMERS Private Equity. “Forefront’s growth through both organic initiatives and acquisitions during our tenure speaks for itself – as does the company’s demonstrated resilience during the COVID-19 pandemic. In addition, through this transaction, we will generate an excellent outcome for more than 525,000 members of the OMERS pension plan,” Mr. Graham added.
With a strong focus on the healthcare segment, OMERS Private Equity’s portfolio of current and past investments in the space includes: Gastro Health, Community Veterinary Partners, CBI Health Group, Paradigm Outcomes, Premise Health, National Veterinary Associates, Accelerated Rehabilitation Centers, and Great Expressions Dental.
“Working together with Mark, Mike and the other members of the OMERS team, we have made great strides in realizing our shared long-term vision for Forefront,” said Scott Bremen, Forefront CEO. “We are excited by today’s news and are looking forward to working just as closely with Partners Group, as Forefront enters this new chapter in its development,” Mr. Bremen added.
“We are appreciative to have worked with OMERS, a partner who so valued our patient-centric focus and consistently supported the advancement of our unique physician culture, while ensuring full physician autonomy at all times,” said Dr. Betsy J. Wernli, President and board-certified dermatologist, Forefront Dermatology.
The transaction is expected to close in early Q2 2022. Further financial terms will not be disclosed. OMERS and Forefront were advised by Harris Williams, Ernst & Young, Sidley Austin and McDermott Will & Emery.
Notes for Editors
About Forefront Dermatology:
Located throughout the East, Midwest, Mid-Atlantic, Southwest, Southeast and West, Forefront Dermatology is the largest physician led group providing dermatological services and comprises over 200 dermatology practices. Forefront’s community-based Board-Certified Dermatologists and specialists provide superior access to best-in-class general, surgical and cosmetic dermatological care, along with related laboratory services. Forefront, headquartered in Manitowoc, Wisconsin, and its Board-Certified Dermatologists and medical specialists, are dedicated to providing the highest standard of care for conditions of the hair, skin, and nails to people of all ages and stages of life. Using innovative and proven solutions, Forefront’s caring, Board-Certified Dermatologists and medical specialists treat the total patient to help improve not only the condition of their skin, but also their quality of life.
About OMERS and OMERS Private Equity:
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with C$114 billion in net assets as at June 30, 2021. OMERS invests and administers pensions for more than half a million members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.
OMERS had private equity holdings of approximately C$18 billion as at June 30, 2021. OMERS Private Equity, the private equity investment arm of OMERS with a team of investment professionals in London, New York, Singapore and Toronto, seeks to use its significant and differentiated capital base to partner with management teams of industry leading businesses.