NavaDerm Secures Up To $30M in Debt Financing from CRG

* Portion of proceeds will be used to drive growth and expand footprint in NY and contiguous states

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May 25, 2021, 14:22 ET

NEW YORK, May 25, 2021 /PRNewswire/ -- NavaDerm Partners, LLC ("NavaDerm" or the "Company"), a dermatology platform and portfolio company of BelHealth Investment Partners, LLC ("BelHealth"), a healthcare private equity firm based in Fort Lauderdale, Florida, announced the completion of a financing with CRG, a healthcare investment firm.

Through the transaction with CRG, NavaDerm will initially access $20 million of debt and the proceeds will be used 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.

Dr. Roy Geronemus, NavaDerm CEO and Board Director, stated "We are thrilled to have CRG as a partner. 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. Dr. Geronemus also added, "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."

Scott Li, CRG Managing Director stated, "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."

"It has been terrific working closely with the CRG team to complete this financing," said Vera Abramova, NavaDerm CFO. "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."

About NavaDerm
NavaDerm Partners, headquartered in New York City, is a Northeast-based dermatology management platform formed through the partnership of five dermatology groups in New York and New Jersey. Operating out of eight locations, NavaDerm's mission is to support its outstanding 40+ board-certified dermatologists and their dedicated staffs in providing outstanding patient care. NavaDerm's clinicians provide world-class and comprehensive general dermatology services across medical, surgical and cosmetic procedures.

About CRG
CRG is a premier healthcare investment firm with nearly $4 billion of assets under management. The firm seeks to invest between $20 to $300 million in companies across the healthcare spectrum, including medical devices, biopharmaceuticals, tools & diagnostics, services and information technology. CRG provides growth capital in the form of long-term debt and equity to support innovative, commercial-stage healthcare companies that address large, unmet medical needs. The firm partners with public and private companies to provide flexible financing solutions and world-class support to achieve exceptional growth objectives with minimal dilution. CRG maintains offices in Boulder, New York, Houston and Dorado. For more information, please visit www.crglp.com.

About BelHealth Investment Partners
About BelHealth Investment Partners BelHealth Investment Partners, based in Fort Lauderdale, Florida, is a healthcare private equity firm focused on lower middle market companies. BelHealth has a unique combination of investing, executive management, and entrepreneurial experience. BelHealth acquires majority positions in entrepreneur-owned companies that it believes will benefit from its extensive operating and private equity investment expertise. BelHealth is investing from its current $350 million fund.

For further information, please visit:
NavaDerm: www.navaderm.com
CRG: www.crglp.com
BelHealth Investment Partners: www.belhealth.com

Contact:
NavaDerm: Vera Abramova (646) 644-7872
BelHealth Investment Partners: Inder Tallur (347) 308-7018

SOURCE BelHealth Investment Partners