The Riverside Company has invested in Independent Doctors of Optometric Care (IDOC), an alliance of independent optometrists throughout the U.S. Riverside intends to accelerate IDOC’s growth through investments in sales and marketing, as well as improvements in the company’s IT and member service areas. “We are looking forward to the changes from this investment – which are all positive,” said IDOC CEO Mark Feder. “This allows us to provide better service while growing the company more effectively. We’re excited about working with Riverside to make IDOC bigger and better.”
Independent Doctors of Optometric Care includes practices representing more than 1,400 optometrist members across the United States. The company has more than 65 partner vendors and provides group purchasing services, marketing, and continuing-education offerings to its members. The company is based in Norwalk, CT (www.idoc.net).
“IDOC’s member network has grown significantly while the company itself has remained lean and efficient,” said Riverside Managing Partner Loren Schlachet. “The service provides a clear and compelling value for both members and vendors, and we are confident in its growth trajectory.”
“While IDOC is already an outstanding company, we see incredible potential for deepening member relationships and growing the member base by providing an even better service experience,” said Riverside Principal Alan Peyrat. “IDOC has enormous potential.”
Working with Mr. Schlachet and Mr. Peyrat on the transaction for Riverside were Senior Associate John McKernan, Associate Tim Thacher, and Finance Director Kim Katzenberger. Healthcare Origination Principal Joseph Ibrahim sourced the opportunity for Riverside.
The Riverside Company is a private equity firm focused on the smaller end of the middle market (“SEMM”). Riverside specializes in investing in SEMM companies (those valued up to $200 million) and partners with management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 290 transactions with a total enterprise value of more than $6 billion. The firm is headquartered New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
MCG Capital provided debt and equity financing for the transaction, and Jones Day advised Riverside. Loeb Partners advised IDOC on the transaction.