PE-backed Eyeconic Vision Partners acquires SWH


Eyeconic Vision Partners, a portfolio company of Cortec Group, has acquired Arizona-based Swagel-Wootton Hiatt Eye Center Ltd, an operator of two clinics and one ambulatory surgery center focused on treating ophthalmic conditions. No financial terms were disclosed.

PRESS RELEASE

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which invests in middle-market specialty healthcare, business-to-business and consumer products, and services businesses, announced that on July 6, 2017, Eye Academy Holdings, Inc. (“Eyeconic Vision Partners” or “EVP”), a portfolio company of Cortec Group Fund VI, L.P. (“Cortec Fund VI”), acquired Swagel-Wootton Hiatt Eye Center, Ltd. (“SWH”). Terms of the transaction were not disclosed.

Based in the Phoenix, AZ metropolitan area, SWH operates two clinics and one ambulatory surgery center that are exclusively focused on the treatment of ophthalmic conditions. SWH has built a reputation as one of the leading ophthalmology service providers in the greater Phoenix market through its expert team of physician specialists, surgical and treatment technology, culture of high quality patient care, and comprehensive eye care treatments, with a focus on refractive cataract surgery and other advanced surgical care.

Ryan Heckman, CEO of EVP, commented, “SWH has a 55-year reputation for excellent service to the community, quality treatment outcomes and inspired doctors that care deeply for their patients and family members – we could not be more honored to grow with this amazing team.”

“Being a part of Eyeconic Vision Partners and its other leading practices in Colorado and Texas will allow us to focus more intensely on providing excellent patient care while offering growth opportunities to our entire team,” added Dr. Drew Hiatt, M.D., CEO of SWH. “I am looking forward to working with Ryan and the team at EVP who share our values for quality, integrity and devoted service to our community.”

“We share the EVP management team’s excitement for such a highly strategic acquisition,” said Jeffrey Lipsitz, a Cortec Managing Partner. Cortec Partner Jonathan Stein added, “We are pleased to be able to support our management team as they continue to expand the scale of the EVP organization.”

The SWH acquisition represents EVP’s first acquisition since completing a recapitalization with Cortec Fund VI in December 2016.

About Eyeconic Vision Partners
Headquartered in Denver, CO, EVP operates 13 clinics and 6 ambulatory surgery centers exclusively focused on the treatment of ophthalmic conditions. Eyeconic Vision Partners’ network includes locations in Colorado, Texas and Arizona.

About Cortec
Founded in 1984, Cortec invests in middle-market specialty healthcare, business-to-business and consumer products, and services businesses with owners and management teams who want to work with us to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.