Brazos Private Equity Partners portfolio company Vision Source has completed a dividend recapitalization transaction. Golub Capital provided the financing to support the transaction via a uni-tranche term loan facility and revolver. Financial terms of the refinancing were not disclosed.
Brazos Private Equity Partners, LLC, a leading Dallas-based private investment firm, and Vision Source, L.P. (“Vision Source” or the “Company”), the market-leading practice development and supply chain solutions provider for independent optometrists and dentists, today announced the completion of a dividend recapitalization transaction. Golub Capital provided the financing to support the transaction via a uni-tranche term loan facility and revolver. Financial terms of the refinancing were not disclosed. Existing shareholders will maintain their existing ownership stake in the company going forward.
Based in Kingwood, Texas and established in 1991, Vision Source and its subsidiary Smile Source, through a network of over 3,000 practices across all 50 states, provide independent optometrists and dentists unmatched purchasing power, professional and staff development, and practice management assistance while allowing them to maintain their independence. Vision Source’s affiliated optometry practices cumulatively represent more than $2.0 billion of retail sales, making it the second largest optical network in the United States.
“Vision Source is a market-leading healthcare services company with a compelling business model, strong growth potential and a unique opportunity to deliver solutions to integrated health systems and innovative medical groups,” said Jeff Fronterhouse, Co-Chief Executive Officer and Co-Founding Partner of Brazos. “The Company has performed very well since our initial investment in April of 2011, has generated substantial free cash flow and is experiencing impressive growth. The dividend recapitalization was effected due to a substantially de-levered balance sheet and open and attractive financing markets. We look forward to our ongoing and successful partnership with Glenn Ellisor, O.D., Founder and Chairman, and Jim Greenwood, CEO and Brazos Operating Partner, as Vision Source continues to grow and evolve.”
“The partnership with Brazos is an important component of our plans that are designed to allow Vision Source to reach its full potential,” said Jim Greenwood. “I am excited about what lies ahead for Vision Source and am thrilled to be working closely with Brazos. Since being founded 23 years ago, Vision Source has become a market leader serving the independent optometry and dental industries, and we look forward to leveraging Brazos’s network of relationships and proven expertise with growth businesses as we expand our business and increase the value of Vision Source to our members.”
About Vision Source, LP
Headquartered in Kingwood, Texas, Vision Source is North America’s largest network of independent optometrists and dentists. The clinicians in the Vision Source network enjoy a wide range of innovative solutions, practice management tools, marketing and unsurpassed purchasing power. Leveraging these tools, the member clinicians offer comprehensive examinations to their patients, delivering an industry leading patient experience.
About Brazos Private Equity Partners, LLC
Brazos Private Equity Partners is a Dallas-based private equity firm that currently manages approximately $1 billion of equity capital. Brazos focuses on investments in middle-market companies in the consumer, healthcare, commercial & industrial, and business services sectors with enterprise values up to $500 million. Brazos has been one of the most active middle-market private equity investment firms over the past decade, having completed 80 acquisitions representing approximately $3 billion in total transaction value. And during the past 18 months, the firm has completed three platform acquisitions, four add-on acquisitions, four dividend recapitalizations and exited one investment. The aggregate revenue of the firm’s current portfolio of companies exceeds $2 billion.