Private Equity Conversations with Fexingo · 2026-06-14 · 13 min
In this 50th episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into one of the fastest-growing consolidation frontiers: dermatology. They break down how PE firms are aggregating single-provider skin clinics into multi-state platforms, the economics behind the roll-up strategy, and what it means for patients and referring physicians. With over $15 billion in dermatology deals since 2020, the space has attracted firms like Goldman Sachs Asset Management, Welsh Carson, and Shore Capital. The hosts explain the 'dermatologist shortage' narrative, the rise of medical spas and cosmetic cash-pay services, and the tension between clinical autonomy and corporate efficiency. Specific examples include the U.S. Dermatology Partners platform and the Advanced Dermatology and Cosmetic Surgery chain. The episode also touches on reimbursement tailwinds from an aging population and the increasing prevalence of skin cancer screenings. No hype, just the deal mechanics and market realities.
How Private Equity Is Buying Up Landfills and Waste Haulers78 / 100How Private Equity Is Buying Up Veterinary Specialty Centers78 / 100How Private Equity Is Rolling Up Emergency Room Staffing78 / 100How PE Is Rolling Up HVAC Service Companies83 / 100How Private Equity Is Buying Up Pet Grooming Chains82 / 100