Forefront Dermatology Acquisition, Valuation, Funding & Investors

Forefront Dermatology was acquired by Partners Group for $1.1B in February 2022, a 4.8x multiple on $237M of revenue.

Forefront Dermatology acquisition price

$1.1B

Acquired by Partners Group · Feb 2022

Forefront Dermatology revenue at acquisition

$237M

Last twelve months · Feb 2022

Forefront Dermatology revenue multiple at acquisition

4.8x

EV/Revenue · Feb 2022

Forefront Dermatology EBITDA multiple at acquisition

16.0x

EV/EBITDA · Feb 2022

Forefront Dermatology Overview

About Forefront Dermatology

Forefront Dermatology is an Ohio-headquartered network of dermatology practices operating over 130 locations across 24 states in the United States. It delivers medical, surgical, and cosmetic skin care services, including treatments for acne, eczema, psoriasis, and skin cancer screenings. Affiliated with more than 200 dermatologists, the group partners with hospitals for Mohs surgery and laser therapies. Established in 2014, Forefront Dermatology emphasizes comprehensive care for skin, hair, and nail conditions.


Founded

2001

HQ

United StatesManitowoc, WI

Status

Acquired

Customer focus

B2C

Revenue model

Services

Revenue

$237M (Feb 2022)

Valuation

$1.1B (acquired Feb 2022)

Forefront Dermatology Acquisition

Forefront Dermatology was acquired by Partners Group for $1.1B on 11 February 2022.

The acquisition price implies a 4.8x revenue and 16.0x EBITDA multiple on $237M of revenue.

Before the acquisition Forefront Dermatology had raised $47M across 1 funding round.

Forefront Dermatology acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
11 Feb 2022PE buyout$1.1B4.8x16.0x

Forefront Dermatology Funding History

Forefront Dermatology has raised a total of $47M across 1 funding round.

Forefront Dermatology funding rounds

Forefront Dermatology funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2016Undisclosed stagePenfund (lead)$47MForefront Dermatology is a management platform for board-certified dermatology practices that operates clinics across multiple states. As of early 2016, Forefront operated more than 80 clinics across 11 Midwestern and Mid-Atlantic states with over 90 board-certified dermatologists on staff and approximately 800 healthcare professionals and support staff across its clinics. The company had invested heavily in infrastructure including 130 dedicated employees at corporate headquarters and developed technology solutions for patient care delivery. In February 2016, Penfund provided a $47 million investment structured as second lien debt and equity financing. Financial details of the transaction, including post-money valuation, were not made public. The company continued to grow significantly after this funding, expanding to over 200 dermatology practices across 22 states by 2022, at which point OMERS Private Equity (the original 2016 investor) sold its stake to Partners Group.

Who has invested in Forefront Dermatology?

1 investor has backed Forefront Dermatology across its funding rounds, including Penfund.

Lead investors include Penfund.


Forefront Dermatology Investors

Investors in Forefront Dermatology by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Forefront Dermatology

Forefront Dermatology has acquired 2 companies to date.

Last acquisition by Forefront Dermatology was on January 15th 2026. Forefront Dermatology acquired Swann Dermatology & Esthetics for undisclosed valuation.


Latest Acquisitions by Forefront Dermatology

Swann Dermatology & Esthetics
Premier Dermatology
Description
Swann Dermatology & Esthetics performs Mohs micrographic surgery, photodynamic therapy, laser treatments, body contouring, and acne management. The Tampa-based practice addresses skin cancer and cosmetic concerns.
Premier Dermatology is one of the largest independent dermatology practices in Illinois with ten providers across six offices. The full-service group offers medical dermatology, surgical procedures, cosmetic surgery, and aesthetic services including injectables and laser treatments. It treats conditions from acne to skin cancer while providing products for skin health maintenance.
HQ CountryUnited StatesUnited States
HQ City
-
Chicago, IL
Deal Date15 Jan 202620 Nov 2015
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Forefront Dermatology Competitors

Forefront Dermatology competitors include listed companies like Terveystalo, Rhoen Klinikum and Thomson Medical, and private ones like Sunny Dental, Dentologie and Shulan Health.

Public and private companies comparable to Forefront Dermatology
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Sunny DentalChinaBeijingPrivate--$281M-
DentologieUnited StatesUnited StatesPrivate$26M-$108M4.1x
TerveystaloFinlandFinlandPublicly listed$1.5B$266M$1.1B1.2x
Rhoen KlinikumGermanyGermanyPublicly listed$2B$122M$1.1B0.3x
Shulan HealthChinaHangzhouPrivate--$1.2B-
Thomson MedicalSingaporeSingaporePublicly listed$330M$53M$1.1B5.8x

Forefront Dermatology Public Comps

Forefront Dermatology is no longer listed, but its public comps include Terveystalo, Rhoen Klinikum, Thomson Medical, CVS Group, Med Life, Dr. Sulaiman Al Habib Medical Services, HealthCare Global Enterprises, Clinica Baviera, Life Healthcare Group and U.S. Physical Therapy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Terveystalo$1.5B$266M1.2x1.2x6.7x6.8x
Rhoen Klinikum$2B$122M0.3x0.3x5.4x5.4x
Thomson Medical$330M$53M6.0x5.8x37.2x28.9x
CVS Group$904M$152M1.7x1.6x10.0x8.0x
Med Life$594M$84M2.7x2.1x19.1x15.1x
Dr. Sulaiman Al Habib Medical Services$410M$110M3.1x-11.7x-
HealthCare Global Enterprises$263M$44M4.6x4.3x27.2x22.6x
Clinica Baviera$348M$98M2.9x2.7x10.3x9.4x

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Common questions about Forefront Dermatology

When was Forefront Dermatology founded?Forefront Dermatology was founded in 2001.
Where is Forefront Dermatology headquartered?Forefront Dermatology is headquartered in Manitowoc, WI, United States.
Is Forefront Dermatology publicly listed?No, Forefront Dermatology was acquired by Partners Group in February 2022.
Who acquired Forefront Dermatology?Forefront Dermatology was acquired by Partners Group in February 2022.
How much was Forefront Dermatology acquired for?Forefront Dermatology was acquired for $1.1B in February 2022, a 4.8x revenue multiple.
How much funding has Forefront Dermatology raised?Forefront Dermatology has raised $47M across 1 funding round.
What was Forefront Dermatology's last funding round?Forefront Dermatology's last funding round was a $47M undisclosed-stage round in February 2016, led by Penfund.
Who are Forefront Dermatology's investors?Forefront Dermatology's investors include Penfund.
Which companies are comparable to Forefront Dermatology?Companies comparable to Forefront Dermatology include Sunny Dental, Dentologie, Terveystalo, Rhoen Klinikum, Shulan Health and Thomson Medical.
How many companies has Forefront Dermatology acquired?Forefront Dermatology has acquired 2 companies, including Swann Dermatology & Esthetics and Premier Dermatology.

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