The South became a hot region for ophthalmology investments after two private-equity backed platforms entered the market earlier this year, according to PhysiciansFirst Healthcare Partners.
PhysiciansFirst is an investment bank representing U.S. physician practices and surgery centers.
Here are five updates on ophthalmology activity in the South:
1. Eyecare Services Partners (Dallas). Portfolio company EyeCare Services Partners formed in May 2014 when private equity firm Varsity Healthcare Partners acquired Baltimore-based Katzen Eye Group. Since putting down roots in Dallas, ESP has acquired Towson, Md.-based Dulaney Eye Institute, Dover-based Delaware Eye Care Center, Rehoboth Beach-based Delaware Eye Institute, Washington D.C.-based Eye Doctors of Washington and The National Retina Institute in Washington D.C. In May 2017, private equity firm Harvest Partners recapitalized ESP and then acquired Varsity HealthCare Partners' majority ownership interest in ESP. ESP also acquired West Palm Beach-based Florida Vision Institute in January 2018.
2. Southeast Eye Specialists (Chattanooga, Tenn.). Private equity firm Flexpoint Ford partnered with Southeast Eye Specialists in February 2017. Southeast Eye Specialists' entities include Center for Facial Rejuvenation, Eye Surgery Center of Chattanooga, Pediatric Eye Specialists, Southeast Eye Surgery Center and The Retina Center, all based in Chattanooga.
3. EyeSouth Partners (Atlanta). Private equity firm Shore Capital Partners partnered with Atlanta-based Georgia Eye Partners in March 2017, forming portfolio company EyeSouth Partners. Several ophthalmology practices now affiliated with EyeSouth include: Gainesville (Ga.) Eye Associates, Decatur-based Georgia Ophthalmology Partners, Atlanta-based Georgia Retina, Atlanta-based Opal Aesthetics and Valdosta, Ga.-based South Georgia/North Florida Eye Partners.
4. One Vision Eye Partners. Portfolio company One Vision Eye Partners was established in January, when private equity firm Centre Partners acquired Annapolis, Md.-based Chesapeake Eye Care and Laser Center. Ophthalmology practices and surgery centers that have joined One Vision Eye Partners include Charlotte Hall, Md.-based Whitten Laser Eye, Arlington (Va.) Eye Center and Hagerstown-based Maryland Vision Institute.
5. Eye Health America. In March 2018, practice management company Eye Health America was created through private equity firm LLR Partners' acquisition of The Eye Associates in Sarasota, Fla., and Bradenton, Fla., Greenville, S.C.-based Clemson Eye and Greenville-based Piedmont Surgery Center. Eye Health America aims to continue expanding in the Southeast.
Note: PhysiciansFirst did not include EVP EyeCare affiliate Arlington, Texas-based Klieman Evangelista Eye Center in the South region transaction roundup due to the portfolio company’s majority presence in Colorado. PhysiciansFirst will feature Klieman in a future post in the series.