As the lower middle market drive transaction activity, Boston firm Audax Private Equity has closed its 500th acquisition – the addition of Dermatology of Northern Colorado to portfolio company Advanced Dermatology & Cosmetic Surgery. "Rather than put the label on a big platform, this is how we roll, it's lots of little, tiny add-on acquisitions that sort of make up the Audax system," says managing director Jay Jester in this video interview shot at the ACG Los Angeles Business Conference.