NavaDerm Partners, a dermatology platform and portfolio company of BelHealth Investment Partners, a healthcare private equity firm based in Fort Lauderdale, FL, completed a financing with CRG, a healthcare investment firm.
Through the transaction with CRG, NavaDerm will initially access $20 million of debt and use the proceeds to retire existing debt and provide capital for immediate growth opportunities. The company has the option to draw a further $10 million at its discretion and upon achieving certain milestones in 2021 and 2022.
“We are thrilled to have CRG as a partner,” Dr. Roy Geronemus, CEO and board director for NavaDerm, said. “They understand provider businesses and I look forward to working with CRG and BelHealth to continue on our path toward building a world class dermatology platform in the Northeast. We are very excited to continue to add new physicians, grow our plastic surgery practice and open de novo locations. This capital also helps us continue to provide the latest and best-in-class equipment for our physicians that provide the best clinical outcomes for our patients.”
“We are excited to work with the NavaDerm team and their supportive investors from BelHealth. NavaDerm partners with many of the top dermatologists in the Northeast and its differentiated physician-led model helps them provide superior clinical care for patients,” Scott Li, managing director of CRG, said.
“It has been terrific working closely with the CRG team to complete this financing,” Vera Abramova, CFO of NavaDerm, said. “This financing provides us the flexibility to aggressively pursue additional growth initiatives and develop our ancillary business lines in skincare products, research, clinical trials with pharmaceutical companies and opening two pathology labs.”
