Cortec Group has acquired The Eye Academy of America Ltd. (dba ICON Eyecare) to back the merger of the company with Kleiman Evangelista Eye Center (K&E).
ICON Eyecare and K&E operates 11 ophthalmology clinics and five ambulatory surgery centers that are focused on the treatment of ophthalmic conditions including cataract surgery, laser vision correction, corneal surgery, and a variety of treatments for glaucoma and retina conditions. The group is headquartered in Denver with facilities located in the metropolitan areas of Denver; Grand Junction, CO; and Dallas (www.iconeyecare.com) (www.lasiksurgery.com). Ryan Heckman, ICON Eyecare’s CEO, will lead the combined business and has retained a significant ownership stake in the company.
“ICON Eyecare has demonstrated the ability to become a leader in each of its markets by partnering with leading ophthalmology practices and realizing positive clinical outcomes for its patients. Based on the company’s strong track record, we are confident in our ability to expand to new regions and strengthen ICON Eyecare’s leadership position,” said Jeffrey Lipsitz, a Managing Partner at Cortec.
Cortec made the investment in ICON Eyecare through its most recent fund – Cortec Group Fund VI, LP – which closed in May 2015 with $1.1 billion in capital commitments. ICON Eyecare is the fund’s third platform investment. Cortec invests in middle-market specialty healthcare, consumer and business products, distribution and services companies with revenues of $40 million to $300 million and EBITDA of $7 to $35 million. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
“ICON Eyecare has demonstrated exceptional historical financial performance and partnering with Cortec will provide ICON Eyecare with access to substantial additional capital and other resources to accelerate growth and broaden the company’s footprint, both organically and through the acquisition of other ophthalmology practices,” said Jonathan Stein, a Cortec Partner.
© 2016 Private Equity Professional | December 21, 2016
