Physician-Lead Plastic Surgery Partnership, Supported by White Oak Global Advisors, Continues Rapid Growth Trajectory with Two New Acquisitions
MIAMI, July 21, 2022 /PRNewswire/ — Prime Plastic Surgery & Med Spa (“Prime” or the “Company”), a healthcare partnership comprised of the country’s leading board-certified aesthetic surgery practices, announced today two new acquisitions. The company also announced a strategic growth capital financing deal with White Oak Global Advisors (“White Oak” or WOGA) to fuel future acquisitions, and scale of existing operations and facilities.
Prime Plastic Surgery was founded less than three years ago by Western Metal Investments, a healthcare-focused family office lead by Dr. James Chao and George Scopetta. To date, Prime Plastic Surgery has acquired seven practices in the California and Washington DC markets to become one of the nation’s largest plastic surgery groups. Addressing the challenges of a fragmented industry, Prime Plastic Surgery has created a unique physician-led business model with the goal of establishing the industry’s most elite brands focused on quality surgeries and improving the patient experience.
“The cosmetic surgery industry is broken. Talented doctors spend more time worrying about backend operations and financial headaches, rather than innovating and treating their valued patients,” said Dr. James Chao, Co-Founder of Prime Plastic Surgery and Western Metal Investments. “Simply put, we’ve found a better way. Our partnership unlocks value for leading practices, immediately reducing their cost structure, easing operational burden, and providing significant capital to scale operations. This model has proven a win-win for patients, as well as our physician-partners’ bottom lines.”
Prime recently completed a growth capital investment from White Oak, an alternative debt manager which has deployed over $10 billion in transactions since 2007. The initial proceeds under the deal with White Oak provided the capital necessary to execute upon these two most recent acquisitions.
White Oak, in conjunction with anticipated future growth equity from Prime’s shareholders, should provide Prime Plastic Surgery with the near term capital to fuel future acquisitions, capital investment, and scaling of existing operations and facilities.
“We pride ourselves on uncovering ideas that disrupt industries and scale quickly,” said Allan Marzen, Managing Director of White Oak Global Advisors. “Prime is no exception, with two visionary founders and a novel business model that will spark consolidation within an industry that direly needs it. We look forward to mutual success and significant collective returns.”
Coinciding with this financing deal from White Oak, the company completed two acquisitions spanning both coasts. Changes Plastic Surgery & Spa, located in San Diego, CA is run by Gilbert Lee M.D. and Michael T. Rossi M.D. Across the country, West End Plastic Surgery, located in Washington D.C. is led by Dr Paul Ruff, M.D., Catherine Hannan, M.D., Lauren Patrick, M.D., and Lexie Wang, M.D. As with every Prime acquisition, all six doctors will remain in practice, providing continuity for patients.
“What drew me to join Prime Plastic Surgery was their Doctor-led structure and controlled operation, NOT run by a private equity fund,” said Dr Michael Wong, Professor Emeritus of plastic surgery and program director at UC Davis.”Private Equity is a bad word in plastic surgery, where the company is controlled by businessmen focused on profits over patients. Our goal as part of Prime is to focus on our patient service and perfecting their results.”
Dr. Gilbert Lee of Changes Plastic Surgery who also recently joined Prime added. “I have friends in Dermatology and Orthopedics that sold to private equity in the past and lost control of their practice. Their practices are now on their third owner in four years because the private equity firm ultimately flipped the business for a profit. At Prime, our ultimate goal is to build and operate a world class plastic surgery practice for the long term, which is why I was comfortable incorporating my practice into Prime.”
“As a doctor running a practice for decades, I understand the unique challenges of balancing medical needs with business realities,” said Dr. Robert Singer, past President of The Aesthetics Society and Chairman of the medical advisory board for New Beauty magazine. “We at Prime Plastic Surgery are building something truly special, akin to an exclusive members’ club where top surgeons support each other, provide best-in-class care, enhance equipment, and elevate the patient experience. This evolution makes private practice sustainable for the future.”
ABOUT PRIME PLASTIC SURGERY
Prime Plastic Surgery consists of the top board-certified surgeons in the country providing the highest caliber of patient care. We offer cosmetic procedures, both surgical and non-surgical, to help patients achieve truly life-changing results. Through an innovative business model, we have compiled under one corporate entity several leading practices across the country, reducing costs and enhancing patient care. For more information, visit www.PrimePlasticSurgery.com.
ABOUT WESTERN METAL INVESTMENTS
Western Metal Investments is a family office focusing on the healthcare industry. The Company was founded though a joint venture partnership by George Scopetta and Dr. James Chao. Through their investments in ShareMD, Revival Health and now Prime Plastic Surgery the goal is to invest in innovative and creative companies in the healthcare field that can improve on patient care and access to medicine. For more information, visit www.westernmetalinvestments.com.
ABOUT WHITE OAK GLOBAL ADVISORS
White Oak Global Advisors, LLC is a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Together with its financing affiliates, WOGA provides over twenty lending products to the market, including term, asset-based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over $10 billion across its product lines, utilizing a disciplined investment process that focuses on delivering risk-adjusted investment returns to investors while establishing long term partnerships with our borrowers. White Oak’s senior debt investments can extend up to $150 million. More information can be found at www.whiteoaksf.com.
SOURCE Prime Plastic Surgery & Med Spa