October 22, 2020

New York, NY, October 21, 2020 – NMS Capital (“NMS”) announced today that it has exited its investment in Anne Arundel Dermatology Management (“ADM” or the “Company”) through its sale to Ridgemont Equity Partners (“Ridgemont”). NMS formed and invested in ADM in 2015 in partnership with the Anne Arundel Dermatology practice owners, Dr. Angela Peterman and Dr. Richard Pfau.

Based in Linthicum Heights, Maryland, ADM is a leading provider of medical, surgical and cosmetic dermatological services in the Mid-Atlantic and Southeastern states. AAD grew significantly over NMS’ ownership tenure, expanding from a Maryland practice with 16 clinics and 31 providers to a leading multi-regional platform providing comprehensive dermatology services through a network of 74 locations supported by 181 providers in Maryland, Virginia, Tennessee, North Carolina and Pennsylvania.

NMS’ investment in ADM was a result of a thematic sourcing and investment approach focused on capturing the broader positive trends in the dermatology market, primarily driven by a supply / demand imbalance for dermatology providers and the significant fragmentation in the industry. During its ownership, NMS invested meaningfully in ADM’s infrastructure to build robust administrative and support services, including investments in management personnel, information technology, data analytics, compliance and reporting, business development and integration.

“It has been a fantastic partnership with the ADM physician-owners and the management team, both of which expanded greatly over the course of NMS’ ownership. We are extremely proud of the business they have built and their execution on the strategic plan we laid out together,” said Martin Chavez, Co-Founder and Managing Partner of NMS Capital.

“Through 26 acquisitions, several de novos and the recruitment of 50 providers, the team has grown ADM from a small practice to the premier multi-regional dermatology platform. We look forward to following their continued success in the next evolution of growth with Ridgemont,” said David Peterson, Managing Director of NMS Capital.

Drs. Peterman and Pfau added, “Working alongside NMS over the years has been a phenomenal experience. They truly took a partnership approach and provided the resources, capital and guidance to execute on our collective vision, including during the unprecedented times we have recently encountered, ultimately exceeding our best expectations.”

“We have experienced tremendous growth across the Anne Arundel platform over the past several years and are proud of the team and infrastructure we have built,” said Scott Mahosky, CEO of ADM. “Working with NMS has provided us with the resources to partner with excellent practices across the Mid-Atlantic and Southeast, invest in the areas necessary to execute on our aggressive growth strategy and maintain the culture of high-quality, patient-first care. The future is bright for ADM.”

NMS Capital was advised by Coker Capital (a subsidiary of Fifth Third Securities) and Greenberg Traurig in connection with the transaction.

About Anne Arundel Dermatology Management

Anne Arundel Dermatology is a leading provider of dermatological services in Maryland, Virginia, Tennessee, North Carolina, and Pennsylvania. Headquartered in Linthicum Heights, Maryland and with 74 locations and 181 providers, AAD provides a comprehensive suite of dermatologic services, offering general dermatology, advanced treatment options for skin cancer and cosmetic procedures.

For additional information on ADM, visit www.aadermatology.com.

About NMS

NMS Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The Firm was formed through the spin-out of a group of portfolio companies from the Goldman Sachs Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Healthcare Services and Specialized Business Services.

For additional information on NMS, visit the firm’s website at nms-capital.com


David Peterson
Managing Director
NMS Capital