Montgomery, AL, October 1, 2020 – Bundy Group is pleased to announce that Dermatology Associates of Montgomery, a leading dermatology practice based in the Southeast, has been acquired by Advanced Dermatology and Cosmetic Surgery (“ADCS”), the largest dermatology practice in the country. Bundy Group served as exclusive financial advisor to Dr. Steve Maddox, owner of Dermatology Associates of Montgomery, in the sale. Dr. Maddox retained Bundy Group based on the investment bank’s extensive experience in the healthcare and dermatology segments.

“It is an honor to welcome dermatologists of the caliber of Drs. Maddox and Mountcastle to our practice,” said Advanced Dermatology and Cosmetic Surgery’s Founder and Executive Chairman Dr. Matt Leavitt. “Dermatology Associates of Montgomery has earned a reputation for excellence for more than 50 years. They share our commitment to providing comprehensive dermatologic care to everyone in a welcoming environment that elevates the patient experience and adheres to the highest standards of quality and patient safety. We look forward to supporting their continuing service to families in the Montgomery area.”

ADCS CEO Brian Griffin said, “We extend a warm welcome to Drs. Maddox and Mountcastle and all the patients and staff of Dermatology Associates of Montgomery. Welcome to our family of practices dedicated to high quality and excellent service. We look forward to our continuing journey together.”

Dr. Maddox is board certified and holds a lifetime certificate from the American Board of Dermatology. A U.S. Navy veteran, he is a clinical associate professor of medicine at UAB Health Center Montgomery and is active in teaching medical students and residents. Dr. Maddox has been published in the Journal of the American Academy of Dermatology.

Dr. Mountcastle is board certified and was a flight surgeon in the U.S. Air Force. She has been with Dermatology Associates of Montgomery since 1990 and has been published in the Journal of the American Academy of Dermatology and the Archives of Dermatology.

They formulate individualized treatment plans for patients and take a systematic approach to monitoring their health with annual Total Body Skin Cancer Exams and other tools, which help to detect skin cancer and other concerns at the earliest, most treatable stages.

”We have admired the commitment to quality, service and integrity demonstrated by the team at ADCS and look forward to working more closely with them as we continue to serve our patients and build our practice with their support,” said Drs. Maddox and Mountcastle.


Bundy Group is a boutique investment bank with offices in Charlotte, New York, and Virginia. Bundy Group has a deep track record in the healthcare segment, which includes advising physician practice providers. The highly experienced team within Bundy Group specializes in representing business and practice owners in business sales, capital raises, and acquisitions. To learn more about Bundy Group, please visit


Based in Montgomery, Alabama, Dermatology Associates of Montgomery is recognized as a leading dermatology provider within the Southeast. Over its 50-year history, Dermatology Associates of Montgomery has been committed to providing the highest quality patient care.


Advanced Dermatology and Cosmetic Surgery is the largest premier dermatology practice in the country. With more than 140 offices in 14 states, Advanced Dermatology and Cosmetic Surgery is one of the nation’s premier providers of practice management services to dermatologists and has partnered with more than 50 practices since 2012. Advanced Dermatology’s mission is to increase access to high quality dermatologic care by providing exceptional business support services to practicing dermatologists.

To learn more about Advanced Dermatology or to inquire about opportunities to partner with us, visit

The Impact of COVID-19 on the Dermatology Market and Consolidation Activity

The consolidation race that had previously been accelerating in the dermatology market may have finally hit its first caution flag with the coronavirus pandemic and its impact on the space. Many dermatology practices are reporting temporary lower financial performance, which could risk the overall value of those businesses. While the dermatology sector continues to be an attractive market and generates a great deal of interest in terms of investment activity, 2020 will test the resiliency of the sector.


Mergers & Acquisitions, Financing Markets and Industry Updates

While there is still a significant amount of uncertainty in the global economy, there are early signs of renewal. As we all continue to adjust, evaluate, learn and experiment with a changing economic landscape because of COVID-19, it is evident we are being challenged in multiple ways.


Bundy Group is a boutique investment bank that specializes in representing practice and business owners in business sales, capital raises, and acquisitions. In this update, we've outlined key insights regarding the trends and emerging changes in Mergers & Acquisitions ("M&A"), financing markets, and the following industry verticals:

Bundy Group was recently asked to participate in a roundtable discussion on the topic of how the pandemic has changed due diligence processes for the Mergers & Acquisitions (“M&A”) market.  Bundy Group was asked to participate because of our 30-year track record and our recent demonstrated success in getting a client transaction closed during the midst of the COVID-19 pandemic.

Watch the Virtual Roundtable Here

Some key takeaways from the discussion are as follows:

There is no doubt that the M&A market and due diligence processes have been heavily impacted by the current pandemic.  While many processes have been put on hold, it is clear that there are still buyers and capital providers willing to pursue new opportunities so long as certain criteria are met.  Whether you are looking for growth capital or to sell your business, Bundy Group has been fortunate enough to remain very busy during this time and would welcome the opportunity to share our thoughts on how to best navigate M&A activities in the environment so many now refer to as the “new normal.”

Bundy Group shares key insights for business owners in this update on the 2020 Mergers & Acquisitions environment.


Listen to Clint Bundy's commentary and industry perspectives as one of the McGuireWoods Healthcare Conference's featured Dermatology panelists.


Listen to the full panel discussion below.

Practical Dermatology Magazine asked Bundy Group, an industry expert in the Healthcare and Physician Practice Services segments, to write an article on initiatives that physician owners can take to improve the value of their practices.


Bundy Group Advises Dorsett Technologies on its Sale to Midwest Mezzanine Funds


May 20, 2019 (Charlotte, NC)

Bundy Group, a boutique investment bank focused on the advisory needs of clients for over 30 years, announces that it has advised Dorsett Technologies (Dorsett) in connection with its sale to an investment entity backed by Midwest Mezzanine Funds (MMF) and MC Controls, an infrastructure company owned by Mason Miller, an operating executive with experience in the energy and infrastructure markets. Dorsett Technologies provides industry-leading Supervisory Control and Data Acquisition (“SCADA”) technology systems used to monitor water, wastewater, stormwater, energy management, air quality, security, and intelligent business controls. Clint Bundy, Managing Director with Bundy Group, led the transaction.

With more than 40 years of experience in providing controls and automation solutions, Dorsett’s offerings and services allow clients to more effectively monitor their assets, improve productivity, and protect facilities against outside threats.

Tom Dorsett, President of Dorsett Technologies, stated, “Dorsett Technologies is a premier name in the Controls & Automation sector, as our team has worked diligently to build a customer-centric organization with leading technology systems.” He added, “We believe the partnership with MMF and MC Controls will only help Dorsett Technologies to further accelerate its growth and brand in the coming years.”

“The Dorsett transaction is another in a series of recent transactions in the Controls & Automation sector,” commented Clint Bundy. “The Dorsett team has done an outstanding job of building a leading industrial technology organization, and, with Mason Miller added to the senior management team, should realize tremendous growth in the future.”


Bundy Group Expands Team and Opens New York Office; Stewart Carlin Hired as Director


January 1, 2019 (New York, NY)

Bundy Group, a 30-year-old boutique investment bank, has announced the addition of Stewart Carlin as a Director with the firm. Stewart brings more than a decade of experience in financial operations and investment banking advisory to the team at Bundy Group.

Stewart will be leading Bundy Group’s New York office, where he will focus on technology and cybersecurity, complementing Bundy Group’s existing Controls & Automation and Industrial Technology sector coverage, while also expanding the team’s existing area of expertise in Healthcare.

“We have had a relationship with Stewart for a number of years, and we are excited to have him on the Bundy Group team,” says Clint Bundy, Managing Director with Bundy Group. “Our launch of a New York office, led by Stewart, further demonstrates our company’s commitment to growth, industry coverage, and quality client service.”

Prior to joining Bundy Group, Stewart served as Chief Financial Officer of Impesa, where he was an influential leader in driving the financial strategy and capitalizing the company for expansion throughout the United States and Latin America. Over the course of his career, Stewart has fulfilled key strategy roles for growth companies and Fortune 500 companies alike, with corporate finance experience at Johnson & Johnson Innovation, Coty, and Neal Communities. He has also worked with Houlihan Lokey’s Mergers & Acquisitions group advising both public and private clients on strategic M&A transactions.

Stewart graduated from the University of Notre Dame, where he was a member of the Division I ice hockey team. He received a Bachelor of Business Administration in Finance with a minor in political science. Stewart is a CFA® Charterholder, holds the Series 65 securities registration, and is a graduate of the Johnson & Johnson Finance Leadership Development Program.


Press Release – March 2019


Bundy Group served as exclusive advisor to Templeton-Vest

Bundy Group, a boutique investment bank, advised Templeton-Vest and its shareholders. ("Templeton-Vest" or the "Company"), one of Virginia’s premier integrators of fire, security, sound and data communications solutions, in a sale to the VSC Fire & Security, Inc. ("VSC"), a multi-state contractor for the inspection and installation of fire sprinkler, fire alarm, security, and low voltage systems. Templeton-Vest was founded in 1970 and is headquartered in Salem, VA with an additional office in Richmond, VA. Templeton-Vest is led by Tom Leonard and has approximately 55 employees. Michael Meehan President of VSC, stated that "We believe that Templeton-Vest will complement the services VSC offers customers in the Virginia market. We are pleased to welcome Tom and his team to the VSC family."

Bundy Group was hired by Templeton-Vest based on Bundy Group's extensive experience in the Systems Integration sector. In its role as the exclusive investment banking advisor to the shareholders and Company, Bundy Group ran a targeted marketing process focused on finding the right fit buyer for Templeton-Vest and obtaining maximum value for the shareholders.

Bundy Group was led by Managing Directors Jim Mullens and Clint Bundy. The Templeton-Vest transaction represents Bundy Group's second closed transaction in 2018 in the Systems Integration, Fire & Security sector.

About Bundy Group

Bundy Group is a boutique investment bank that specializes in representing business owners and management teams in business sales, capital raises and acquisitions. The 29-year old firm has closed over 200 transactions across a range of industries. More information can be found at

Bundy Group Healthcare & Dermatology Market Observations


Bundy Group is pleased to provide you with its latest observations and experiences in the Healthcare & Dermatology industry. Our firm specializes in representing business owners and management teams in business sales, capital raises and acquisitions.  Our work and relationships with business owners, industry executives, and investment professionals focused on the Healthcare & Dermatology market give Bundy Group the opportunity to obtain and share information.


Bundy Group Controls & Automation Market Observations


Bundy Group is pleased to provide you with its latest observations and experiences in the Controls & Automation industry. Our firm specializes in representing business owners and management teams in business sales, capital raises and acquisitions.  Our work and relationships with business owners, industry executives, and investment professionals focused on the Controls & Automation market give Bundy Group the opportunity to obtain and share information.


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