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eye care practice management

Alpine’s Eye Platform Focuses on Midwest

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Midwest Vision Partners (MVP), a portfolio company of Alpine Investors, has closed its fourth buy with the acquisition of Specialty Eye Institute.

Specialty Eye Institute (SEI) was founded in 1978 by Dr. Paul Ernest in Jackson, Michigan and employs more than 200 support staff across 10 clinical locations.

MVP’s partnership with SEI expands its network to 5 practices and 35 locations across Michigan and Ohio with 71 physicians providing medical and surgical eye care services. MVP is led by CEO Joseph Giles and is headquartered in Chicago.

“This is a special day for all of us at Midwest Vision Partners. Dr. Paul Ernest has built an incredible legacy as one of the country’s leading experts in the field of ophthalmology,” said Mr. Giles. “I would also like to thank Dr. Kevin Lavery who was instrumental in supporting the culmination of our partnership. We welcome the physicians and staff of Specialty Eye Institute to the MVP family.”

The buy of SEI is the fourth add-on for MVP since being formed as an ophthalmology platform by Alpine in June 2019 through the acquisitions of Ohio-based eye care business, Northeast Ohio Eye Surgeons and its subsidiary Ohio Eye Care Consultants. More recent acquisitions, closed earlier this month, were the buys of Cleveland Eye Clinic and the Michigan Eye Institute.

Alpine invests in control buyouts, majority recapitalizations, and corporate carve-outs of recurring revenue software and services businesses, with enterprise values from $5 million to $400 million and EBITDA of $1 million to $40 million. In November 2019, the firm held a hard cap close of Alpine Investors VII LP with $1 billion in limited partner capital commitments. The new fund was oversubscribed and handily beat its original target of $750 million. Alpine was founded in 2001 and is based in San Francisco.

Alpine and MVP continue to seek additional add-on acquisitions of other eye care providers in Ohio and the broader Midwest.

© 2020 Private Equity Professional | January 31, 2020

Shore Invests in EyeSouth

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Shore Capital Partners has formed EyeSouth Partners and completed an investment in Georgia Eye Partners, a provider of medical and surgical specialty eye care services, including treatment for cataracts, corneal disease, refractive surgery, glaucoma, and oculoplastics (surgical procedures that deal with the eye socket, eyelids, tear ducts, and the face).

Georgia Eye has three partner physicians, Dr. Eugene Gabianelli, Dr. Andrew Feinberg, and Dr. Parul Khator, and a team of eight ophthalmologists and five optometrists. The company was founded in 1999 by Dr. Gabianelli and has operates four offices in the Atlanta metropolitan area (www.gaeyepartners.com).

“We could not be more excited to partner with Gino, Andrew, Parul and their team and look forward to creating a leading eye care provider in the Southeast, while providing the highest level of support to our practices and clinicians,” said Justin Ishbia, Managing Partner at Shore Capital. “We are confident the industry trends will continue to support expansion thereby enhancing patient access and creating additional opportunities for our team members. Georgia Eye Partners provides an excellent foundation to build a best-in-class organization.”

Shore Capital Partners invests in lower middle market healthcare related companies that have $5 million to $50 million of revenue and $1 million to $7 million of EBITDA. Sectors of particular interest include addiction treatment; dermatology; home health; interventional products; medical scribes (physician assistants); optometry/ophthalmology; physical therapy; psychiatrist practice management; urgent care; vein clinics; and wound care. Shore was founded in 2009 and is based in Chicago (www.shorecp.com).

“I’ve been impressed by Shore’s energy, support of strategic growth initiatives, and proven expertise in the multi-site healthcare services space,” said Dr. Feinberg.

Shore plans to invest in infrastructure to further standardize operations and centralize the finance, accounting, human resources, and IT functions to allow the clinicians to focus on providing high quality eye care services. Shore will be adding additional executive team members around current CEO Scott Bullock, who joined the company in 2010 and has overseen a period of more than three times revenue growth.

EyeSouth Partners represents the eighth platform investment for Shore Capital Partners Fund I, LP, which closed in May 2014 with $112 million of capital.

© 2017 Private Equity Professional | March 15, 2017

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