Water's Edge Dermatology, a provider of comprehensive dermatology services through 37 Florida locations, has acquired a controlling interest in Coast Dermatology, a medical/cosmetic dermatology practice in Venice, Florida. Terms of the transaction were not disclosed.

This transaction follows the Water's Edge acquisition of PBC Dermatology last month and marks the Company's second add-on acquisition since it was acquired by San Francisco-based middle-market private equity firm Gryphon Investors in June 2018.

Led by Dr. Greg Neily, Coast Dermatology offers general dermatology, Mohs surgery, cosmetic dermatology, and select vein services. Coast will continue to operate under its existing name under the direction of Dr. Neily.

"We are pleased to add another first-rate dermatology practice to the Water's Edge portfolio," said Gryphon Healthcare Operating Partner Kevin Blank. "Coast Dermatology has a robust team of medical professionals delivering high-quality and high-demand services in a key market, and we will continue to identify additional dermatology practices that meet our stringent standards."

"Being neighbors, we were familiar with Coast Dermatology's stellar reputation in our local market. After meeting with their team, we are confident that they will deliver the same high level of care and results that we currently provide to all of our patients," said Dr. Ted Schiff, Chief Medical Officer at Water's Edge.

"We are fortunate that some of the best dermatology practices in the nation are in our own backyard, and with the addition of Coast Dermatology, we're better positioned to meet the market's strong demand for quality medical and cosmetic services," added Larry Kraska, CEO of Water's Edge. "We look forward to working with Dr. Neily and his team as we continue to expand our services to additional patients."

"Joining Water's Edge will immediately benefit our patients and our staff, and we look forward to working closely with the Water's Edge management team as we continue to offer state of the art procedures in a welcoming environment," said Dr. Neily of Coast Dermatology.