Spindletop Capital Announces the Acquisition and Recapitalization of Sanova Dermatology
AUSTIN, Texas, May 15, 2018 /PRNewswire/ — Spindletop Capital Management (“SCM”), a healthcare growth equity and growth buyout firm, is pleased to announce the creation of a new dermatology practice management platform, Sanova Dermatology, and the acquisitions of Sanova Dermatology, Austin Dermatology Associates, Steiner Ranch Dermatology, Pflugerville Dermatology and Aesthetic Center, the Austin Institute for Clinical Research, Bonnie Furner, MD, the DermaSurgery Center, and Old Metairie Dermatology. Led by Scott Burns and Ted Lain, MD, MBA, Sanova is partnering with well-respected medical and cosmetic dermatologists across the Sunbelt states to focus solely on providing exceptional care to medical and cosmetic dermatology patients.
Dr. Ted Lain said, “The leading dermatologists in Austin came together to build a new platform to provide high-quality patient care. So much of our time historically was spent on operational duties, pulling us away from our patients. Sanova Dermatology will allow us to put patient care first. We now have the expert resources of a team of billing, marketing, and insurance experts to help prioritize customer service and handle the administrative headaches that bog down most private practice physicians today.”
Scott Burns, Chief Executive Officer of Sanova Dermatology, said, “Partnering with Spindletop Capital provides us with significant practice management experience and dermatology domain expertise. Spindletop is a uniquely qualified partner given its team, led by physician investors, and including past presidents of the American Academy of Dermatology, the American Society of Plastic Surgery, and former leadership teams from both Galderma and Merz.”
Dr. Evan Melrose, a Managing Director at Spindletop Capital, said, “We are excited to be partnering with Dr. Lain, Scott, and the core team of well-respected clinicians. The delivery of dermatologic care is going through a transformative phase in the US today. We have committed substantial resources to provide strategic, clinical, and operational support to build Sanova into the best-in-class platform for providing high-quality patient care.”
The investment in Sanova Dermatology represents the latest platform in the continuation of Spindletop Capital’s healthcare investment strategy, and is its first investment in Spindletop Healthcare Growth Capital Fund II. Previous platform investments include Bioventus (a regenerative medicine platform) and HNI Healthcare (a leading SaaS/Hospitalist company with over 250 physicians).
McDermott Will & Emery provided legal counsel to SCM.
About Sanova Dermatology
Sanova Dermatology, based in Austin, was founded by leading dermatologists to provide high-quality, comprehensive dermatology care to their patients. The team is led by Scott Burns, a seasoned dermatology executive, and supported by a team of experienced dermatology and practice management leaders. Sanova Dermatology provides all aspects of practice management support services to providers, enabling doctors to focus exclusively on providing exceptional patient care. Sanova Dermatology has over 20 providers across Austin, San Antonio, New Orleans, Baton Rouge, and Lafayette.
About Spindletop Capital Management
Spindletop Capital, founded in 2011, is a healthcare investment firm focused on providing expansion capital for commercial stage healthcare companies. Based in Austin, Spindletop is managed by an unrivaled team of investment professionals and advisors with deep operating, technical, and transactional experience. Spindletop Capital leverages the organization’s deep experience, broad network, and proprietary access to Texas resources to enhance value for management teams and financing syndicates. Spindletop Capital invests nationally across all sectors of healthcare including medical devices, diagnostics, healthcare services, healthcare IT, specialty pharmaceuticals and biotechnology. For more information, visit www.spindletopcapital.com