Revelstoke Sees Growth in Ophthalmology

Revelstoke and Cincinnati Eye Institute have partnered to form CEI Vision Partners.

The Cincinnati Eye Institute (CEI) is a provider of ophthalmology services. The company completes over 200,000 annual patient encounters and over 25,000 annual surgical procedures across 14 clinics and three ambulatory surgical centers in Ohio, Northern Kentucky and Indiana. CEI was founded in 1945 by Dr. Morris Osher and is headquartered in Cincinnati (www.cincinnatieye.com).

“CEI has over 60 doctors who are leaders in ophthalmic care, surgery and research and have a national reputation for providing the highest quality of patient care in the industry,” said Eric Shuey, Managing Director at Revelstoke.

CEI Vision Partners, led by CEO Clyde Bell, will provide management services to CEI and will pursue additional partnerships with other ophthalmology providers. CEI’s physician-shareholders will retain ownership through CEI Vision Partners and, along with the over 650 existing employees, will continue in their current roles.

“CEI Vision Partners is a true platform in the industry. Clyde Bell and his management team have a differentiated relationship with the CEI’s physicians and, collectively, they have developed impressive infrastructure and capabilities to support and grow their operations,” said Andrew Welch, Managing Director at Revelstoke.

Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA.  Sectors of interest include healthcare and related business services sectors. Since the firm’s inception in mid-2013, it has completed 44 acquisitions, which includes 11 platform companies and 33 add-on acquisitions. The firm is headquartered in Denver (www.revelstokecp.com).

“After a multi-year outbound search in the vision care sector, we are very excited to partner with such an impressive group of physicians and management to launch CEI Vision Partners, which marks our first investment in Revelstoke Capital Partners Fund II,” said Simon Bachleda, Managing Partner at Revelstoke.

Houlihan Lokey was the financial advisor to Revelstoke.

© 2018 Private Equity Professional | June 8, 2018

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