PhysiciansFirst Healthcare Partners anticipates the Midwest will see a plethora of ophthalmology practice mergers and acquisitions throughout the rest of the year.
Here are ophthalmology investments that have occurred across the region so far:
1. Unifeye Vision Partners (Dallas). Unifeye Vision Partners was established in February 2017 when private equity firm Waud Capital Partners acquired Bloomington-based Minnesota Eye Consultants. Minnesota Eye Consultants comprises 25 ophthalmologists and optometrists, six clinical offices and four surgery centers. Waud Capital continues investing in physician practices and the ambulatory care market.
2. Blue Sky Vision (Grand Rapids, Mich.). Private equity firm Sterling Partners acquired Grand Rapids Ophthalmology in February 2017, forming Blue Sky Vision. Blue Sky Vision acquired 10 practices, including Walker (Mich.) Surgical Center and Grand Rapids-based Surgical Care Center of Michigan.
3. Eyecare Services Partners (Dallas). Formed in 2014, Eyecare Services Partners has a growing Midwest presence. ESP acquired Chicagoland Retinal Consultants, Sycamore, Ill.-based Hauser-Ross Eye Institute & Ambulatory Surgical Center, Chicago-based Lakeside Eye Group, Chicago-based Lawrence Eye Care, Calumet City, Ill.-based Midwest Eye Center, Loves Park, Ill.-based Yavitz Eye Center and Hinsdale, Ill.-based Smith-Perry Eye Center. Private equity firm Harvest Partners recapitalized ESP in May 2017, acquiring Varsity HealthCare Partners' majority ownership interest in the company.
4. CEI Vision Partners (Cincinnati). Management services organization CEI Vision Partners formed when private equity firm Revelstoke Capital Partners acquired Cincinnati Eye Institute in May 2018. CEI is one of the country's largest ophthalmology practices with 14 offices throughout Ohio, Northern Kentucky and Indiana. Revelstoke has invested in outpatient rehabilitation services, outpatient substance abuse treatment clinics and urgent care clinics.
5. EyeCare Partners (St. Louis). EyeCare Partners reportedly has 20 ophthalmologists and 300 optometrists practicing in over 200 eastern U.S. locations. Private equity firm FFL Partners invested in EyeCare Partners in April 2015. Its portfolio includes Ophthalmology Consultants and Clarkson Eyecare, both based in St. Louis.