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Private Equity Health Care Acquisitions – September 2021

In light of the growing investor interest in health care and the risks associated with private equity ownership of health care companies, the Private Equity Stakeholder Project will be tracking private equity-backed health care acquisitions. Below is a list of private equity health care buyouts and add-on acquisitions completed or announced during September 2021. We will continue to track acquisitions on a monthly basis.

See August 2021 acquisitions here.

Eye Care

Private equity acquisitions of eye care companies, namely in ophthalmology and optometry, continued to accelerate, with at least seven acquisitions in September. This is part of a growing trend of increased private equity investment in eye care, which has been ramping over the last few years as investment in other specialty practices, such as dermatology, as declined.[1]

According to data provider Pitchbook, there were 28 private equity-led eye care deals in 2019 and 27 deals in 2020.[2] PESP has counted at least 36 deals in 2021 between January 1 and October 1.[3]

September 2021 Eye Care Acquisitions

CompanyTypePE FirmAdd-on AcquirerTransaction type
  See Clearly VisionGeneral eye careCentre PartnersVision Innovation PartnersAdd-on
Ophthalmic AssociatesOphthalmologyCentre PartnersVision Innovation PartnersAdd-on
Tennessee RetinaRetina carePatient Square CapitalRetina Consultants of AmericaAdd-on
Vantage OutsourcingCataract and ophthalmology outsourcingPharos Capital Group n/aBuyout

Midwest Eye Consultants
Optometry and ophthalmology practice managementSentinel Capital Partners n/aBuyout
Eye Center of St. AugustineGeneral eye careShore Capital PartnersEyeSouth PartnersAdd-on
Rockland RetinaEye careWebster Equity PartnersRetina Consultants of AmericaAdd-on

Private equity’s interest in eye care may stem from a combination of factors. Revenue for eye care is expected to grow at an annualized rate of 2% per year through 2024 as a result of an aging population and improved coverage and access to care. Additionally, the fragmentation of the industry presents opportunities for consolidation.[4]

Below are examples of two fast-growing eye care companies owned by private equity firms that have made acquisitions in September.

Vision Innovation Partners – Centre Partners

Centre Partners-owned Vision Innovation Partners acquired two eye care companies in September: See Clearly Vision in Arlington, VA and Ophthalmic Associates, which has five locations in Western Pennsylvania. Vision Innovation partners has acquired two other eye care practices this year: Northeastern Eye Institute in August and Eyes of York in January.

Vision Innovation Partners is a fast-growing eye care platform founded by Centre Partners in 2017 when it acquired and merged two leading Mid-Atlantic ophthalmology practices, Chesapeake Eye Care and Laser Center and Whitten Laser Eye.[5] Since then, Centre Partners has made 20 add-on acquisitions of eye care companies in the Mid-Atlantic. As of September 2021, it has 60 practice locations and 10 surgery centers across Maryland, Washington D.C., Virginia and Pennsylvania.[6]

EyeSouth Partners – Shore Capital Partners

Shore Capital Partners-owned EyeSouth Partners has acquired Eye Center of St. Augustine in Florida. This is the sixth practice EyeSouth/Shore Capital has bought this year. It also acquired Midwest Eye Center (January 2021), North Georgia Eye Clinic (February 2021), Georgia Eye Physicians and Surgeon (May 2021), Retina Care Specialists (May 2021), and an independent practice in South Florida (August 2021).

Shore Capital formed EyeSouth in 2017 as a platform to acquire eye care practices.[7] EyeSouth now has over 115 locations including 14 surgery centers throughout Georgia, Texas, Louisiana, Florida, Tennessee, Ohio, Kentucky and Alabama.[8]

September PE Buyouts

CompanyTypePE Firm
Remedy Health MediaHealth techAmulet Capital Partners
The Lockwood GroupMedical comunicationsAres Management
GCX Mounting SolutionsHealthcare devicesAudax Group and Linden Capital Partners

Memorial MRI & Diagnostic
Diagnostic imagingBackcast Partners and Panos Partners
Arcadia Consumer HealthcareOTC medicine manufacturerBansk Group
ezDIHealth techBaring Private Equity Asia
Tipton & Unroe Foot and Ankle Centers of LouisvillePodiatryCompass Group Equity Partners, VSS, Siguler Guff & Company and SunGate Capital

Genuine Health Group
Healthcare consultingCrestline Investors

Particle Dynamics
PharmaceuticalsFarragut Capital Partners, BroadOak Capital Partners and Research Corporation Technologies
ClearView Healthcare PartnersHealthcare consultingGHO Capital
VelentiumMedical devicesGreat Point Partners

OB Hospitalist Group
Women’s healthKohlberg & Company
RQM+ Corp.Healthcare consultingLinden Capital Partners
Spectra (Medical Devices)Medical devicesNovaQuest Capital Management
Summit Behavioral HealthcareBehavioral healthPatient Square Capital
Vantage OutsourcingEye care, staffingPharos Capital Group

Midwest Eye Consultants
Eye careSentinel Capital Partners
Vector LaboratoriesMedical suppliesThompson Street Capital Partners
PromptCareHome healthWaud Capital Partners
Institute for Human ReproductionFertility servicesWebster Equity Partners
Argos HealthRevenue cycle managementWelsh, Carson and Anderson & Stowe

September PE Add-on Acquisitions

CompanyTypePE FirmAdd-on Acquirer
Copper Canyon AnesthesiaAnesthesiologyArchimedes Health InvestorsNational Partners in Healthcare

Renew Consulting
Behavioral healthAtar CapitalPathways Healthcare
Coastal Southeastern United CareBehavioral healthBain CapitalBroadstep

Sapphire Digital
Health techBain CapitalZelis Healthcare

Endurance Physical Therapy (Mississippi)
Physical therapyBDT Capital PartnersAthletico Physical Therapy
Wakely Consulting GroupHealthcare consultingBeecken Petty O’Keefe & CompanyHealth Management Associates

MindFlow Design
Medical devicesBeecken Petty O’Keefe & CompanyMidwest Products and Engineering
MYR CorporationMedical devicesBeecken Petty O’Keefe & CompanyMidwest Products and Engineering
Impact AnalyticalLaboratory servicesBridgepoint Advisers and Temasek HoldingsElement Materials Technology
OptovueHealthcare devicesCaravelleLuneau Technology

See Clearly Vision
Eye careCentre PartnersVision Innovation Partners
Ophthalmic AssociatesEye careCentre PartnersVision Innovation Partners
Albuquerque NeurosciencePsychiatric researchCentre PartnersThe IMA Group
360 Physical Therapy and Aquatic CentersPhysical therapyChurchill Asset Management and Gryphon InvestorsPhysical Rehabilitation Network
Lumicare Hospice (Kansas and Missouri Operations)HospiceDorilton CapitalTraditions Healt
TalixHealth techFrancisco Partners and TA Associates ManagementEdifecs
VitaLink ResearchClinical researchGHO CapitalVelocity Clinical Research
LakePharmaPharmaceuticalsHarbourVest Partners, Auburn Hill Capital, The Carlyle Group and GTCRCuria
Allergy Associates and AsthmaRespiratory careHarvey & Company and Source CapitalAspire Allergy & Sinus
ConarcHealth techHgCapital Trust and Intermediate Capital GroupIRIS Software Group
Richard Patelski DDS Family and General DentistryDental careICV PartnersCherry Tree Dental
Walden Behavioral CareBehavioral healthLevine Leichtman Capital Partners and Monroe CapitalMonte Nido & Affiliates
dashboardMDHealth techLLR PartnersAzalea Health

Warmuth Institute of Dermatology
DermatologyLLR Partners, LNK Partners and Zenyth PartnersSchweiger Dermatology Group
Prime Diagnostic ImagingDiagnostic imagingPanos Partners, Backcast Partners, Baymark Partners, and TPE BoulderMemorial MRI & Diagnostic
Tennessee RetinaEye carePatient Square CapitalRetina Consultants of America

Practice Resource Network
Revenue cycle managementPilot Wall GroupEqualizeRCM Services
MYR CorporationRevenue cycle managementPilot Wall GroupEqualizeRCM Services
Allergy And Asthma Of Southern IndianaRespiratory carePrairie CapitalFamily Allergy & Asthma
HybrentHealth techSerent CapitalProcurement Partners
Eye Center Of St. AugustineEye careShore Capital PartnersEyeSouth Partners
AttainiaHealth techTA Associates ManagementAutoQuotes
Wilsey Medical ProductsMedical devicesThe Jordan CompanyArch Global Precision
Ahana HealthTelemedicineThe Jordan CompanyVyne
Hospice of ChattanoogaHospiceThomas H. Lee Partners
Care Hospice

Alleo Health
HospiceThomas H. Lee Partners and Maranon CapitalCare Hospice
Rockland RetinaEye careWebster Equity PartnersRetina Consultants of America
Cornerstone of RecoveryBehavioral healthYukon Partners and Centre PartnerBradford Health Services

[1]https://crstoday.com/articles/mar-2021/private-equity-in-2021/

[2]https://crstoday.com/articles/mar-2021/private-equity-in-2021/

[3] Pitchbook, accessed October 2021.

[4]https://crstoday.com/articles/mar-2021/private-equity-in-2021/

[5]https://www.prnewswire.com/news-releases/centre-partners-announces-investment-in-chesapeake-eye-care-300492870.html

[6]https://www.prnewswire.com/news-releases/vision-innovation-partners-completes-20th-acquisition-301385005.html

[7]https://www.shorecp.com/news/shore-capital-partners-announced-formation-of-eyesouth-partners-completes-affiliation-with-georgia-eye-partners

[8]https://www.businesswire.com/news/home/20210910005062/en/EyeSouth-Partners-Affiliates-With-Eye-Center-of-St.-Augustine-Representing-the-Network%E2%80%99s-25th-Affiliation-and-Sixth-Practice-in-Florida

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