Penfund Announces U.S. $47 Million Investment in Forefront Dermatology – Penfund
Summary
TORONTO, Ontario (February 17, 2016) Penfund, an independent provider of junior capital to middle market companies located in the United States and Canada, announced today the completion of a U.S. $47.0 million second lien debt and equity investment in Forefront Dermatology (Forefront or the Company) in support of an acquisition by OMERS Private Equity (OPE).Headquartered in Manitowoc, Wisconsin, Forefront provides practice management services to Dermatology Associates of Wisconsin (DAW), a large specialty group practice comprising community-based board certified specialists that provide best-in-class dermatology care. The Companys operational infrastructure includes centralized support services and advanced information technology, which enable dermatologists to focus on delivering exceptional patient care. Forefront has grown to include over 90 board-certified dermatologists and has delivered a consistent track record of clinical excellence, highlighted by exceptional patient satisfaction scores and high employee retention rates.Jeremy Thompson, a partner at Penfund, commented, We are delighted to be able to support OMERS again and are excited to partner with Forefront. Investments are aimed at generating strong returns to help deliver secure and sustainable pensions to OMERS members. OMERS is one of Canadas largest pension funds with net assets of CAD $72 billion.