Press Release

Morgan Lewis Advises Varsity Healthcare on Investment in Dermatology Associates of Wisconsin / Forefront Dermatology

Tuesday, May 20, 2014

NEW YORK and WASHINGTON, May 20, 2014: Varsity Healthcare Partners, a healthcare-focused private equity investment firm, announced today that, in partnership with the existing shareholders of Dermatology Associates of Wisconsin / Forefront Dermatology (DAW), it has formed Forefront Management Holdings (Forefront) to provide practice management services to DAW. DAW is one of the nation’s largest and most reputable providers of dermatology services, operating 40 clinics in four states in the Midwest. Terms of the transaction were not disclosed.

Morgan Lewis represented Varsity Healthcare Partners in the transaction. In connection with the transaction, Morgan Lewis also represented Varsity Healthcare Partners in the formation of its first investment fund and a new $39 million term loan and revolving credit facility from Madison Capital Funding for the acquired entity.  The Morgan Lewis team was led by Business and Finance Practice partner Jonathan Morris and Healthcare Practice partner Joyce Cowan and included Business and Finance associates Danielle Davis and JiWon Park and Healthcare associates Anthony Choe, Heather Deixler and Tamara Senikidze. Also assisting on the transaction were Business and Finance partner Patricia Brennan, Tax Practice partner Richard Zarin, Intellectual Property Practice partner Karen Butcher, Employee Benefits and Executive Compensation Practice of counsel Randall McGeorge and Real Estate Practice partner Tracy Steele.

For further information about the transaction, please see the Varsity Healthcare press release.