DOCS Dermatology Group, one of the largest physician-led dermatology practice organizations in the United States, announced the completion of a comprehensive refinancing transaction, along with new executive leadership, as the company positions itself for accelerated expansion.
The Cincinnati-based company finalized the refinancing and upsizing of its debt facility with Penfund, Antares Capital, and New Mountain. The transaction strengthens the company’s capital structure and liquidity while introducing a delayed-draw component that provides committed capital to support near-term growth initiatives.
According to the company, the expanded facility provides additional financial flexibility to pursue both practice acquisitions and the development of new clinic locations. The funding is expected to support DOCS’ strategy of scaling its network through both mergers and acquisitions and de novo clinic development.
The announcement comes after a year of strong operating performance and platform growth for the organization. In September 2025, DOCS opened a flagship de novo clinic in Blue Ash, Ohio. The 11,250-square-foot facility was designed as a prototype for future expansion and has reportedly exceeded original underwriting expectations. The clinic reached profitability shortly after launch and is currently on a run rate that supports recovery of invested capital in approximately 15 months.
Alongside the refinancing, the company also appointed Chad Lanning as President and Chief Financial Officer. In his new role, Lanning will oversee finance, accounting, revenue cycle, and information technology. His responsibilities will include strengthening capital allocation discipline, managing integration performance for acquisitions, and building scalable infrastructure to support DOCS’ continued growth.
The company noted that Lanning brings extensive experience managing finance operations within complex, multi-site healthcare organizations. His appointment is intended to strengthen DOCS’ leadership team as it expands its acquisition pipeline and operational footprint.
Over the past year, DOCS completed six strategic practice acquisitions across multiple markets. These included dermatology practices in North Carolina and South Carolina, Texas and Louisiana, and several locations across Ohio. The acquisitions further expanded the company’s network of partner practices and broadened its geographic reach.
With the refinancing completed and new leadership in place, the company plans to accelerate both acquisitions and new clinic development in 2026 and beyond.
DOCS Dermatology Group currently operates a growing network of dermatology practices providing medical, surgical, and cosmetic dermatology services. The platform includes more than 300 providers across over 120 locations in 10 states.
KEY QUOTES:
“This transaction strengthens our balance sheet and provides the financial flexibility to continue executing our growth strategy. We believe the improved capital structure positions DOCS to expand thoughtfully while maintaining disciplined financial performance.”
“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.”
Bill Butler, Chief Executive Officer, DOCS Dermatology Group
