DOCS Dermatology Group Secures Refinancing and Upsizing from Penfund, Antares and New Mountain; Appoints President and CFO to Support Growth Expansion

CINCINNATI--(BUSINESS WIRE)--DOCS Dermatology Group (“DOCS”), one of the nation’s largest physician-led dermatology practice groups, announced the closing of a comprehensive refinancing transaction anchored by a new investment by Penfund, materially enhancing its capital structure and liquidity profile. The company also announced the appointment of Chad Lanning as President and Chief Financial Officer.

The refinancing, combined with strengthened financial leadership and demonstrated operational momentum in 2025, positions DOCS to accelerate both practice acquisition and de novo expansion in 2026 and beyond.

DOCS has successfully completed the refinancing and upsizing of its debt facility with Penfund, Antares Capital, and New Mountain. The transaction includes a significant delayed-draw component, providing committed capital to support the company’s near-term growth initiatives. The enhanced facility delivers immediate dry powder for practice acquisitions and new clinic development, further strengthening DOCS’ financial flexibility and runway as it continues to scale.

“This transaction strengthens our balance sheet and provides the financial flexibility to continue executing our growth strategy,” said Bill Butler, Chief Executive Officer of DOCS Dermatology Group. “We believe the improved capital structure positions DOCS to expand thoughtfully while maintaining disciplined financial performance.”

The transaction follows a year of strong operating performance and platform expansion for DOCS.

In September 2025, with the opening of its flagship de novo clinic in Blue Ash, Ohio, a purpose-built, large-format facility designed as a scalable prototype for future expansion. The clinic achieved profitability shortly after launch and is materially outperforming its original underwriting assumptions, with current run-rate performance supporting recovery of invested capital within approximately 15 months.

DOCS also completed six strategic practice acquisitions across key markets in North Carolina and South Carolina (Charlotte Dermatology and Steele Creek Dermatology), Texas and Louisiana (Sanova Dermatology), and Ohio (Wheatland Dermatology, Dermatology Associates of Mid-Ohio, and Fairlawn Dermatology).

Chad Lanning joins DOCS as President and Chief Financial Officer at a pivotal stage in the company’s growth trajectory. With extensive experience leading finance functions in complex, multi-site healthcare organizations, Lanning will oversee Finance, Accounting, Revenue Cycle, and Information Technology while driving capital allocation discipline, integration performance, and scalable infrastructure. His leadership strengthens DOCS’ ability to execute an increasingly active acquisition pipeline while maintaining operational rigor and financial transparency.

“With the refinancing complete, strong acquisition performance, and enhanced leadership in place, we enter 2026 positioned to increase both acquisition velocity and de novo investment,” said Butler.

About DOCS Dermatology Group

DOCS Dermatology Group is one of the largest physician-led dermatology practice groups in the United States. With more than 300 providers across 120+ locations in 10 states, DOCS delivers comprehensive medical, surgical, and cosmetic dermatology services through a growing network of partner practices.