The Caisse de dépôt et placement du Québec has invested $25 million in LASIK MD, a Canadian provider of laser vision correction services. The Caisse said the investment forms part of a broader financing intended to support LASIK MD’s global expansion. The company, which is headquartered in Montréal, currently operates 36 clinics in Canada and one in the United States. The Caisse also said the deal helps finance the acquisition of a minority interest in Vision Group Holdings LLC (VGH), which owns and operates LASIK surgery centres across North America. West Palm Beach, Florida-based VGH is backed by Audax Private Equity, Charlesbank and other investors.
La Caisse finances LASIK MD’s international growth
MONTRÉAL, Sept. 7, 2016 /CNW Telbec/ – Caisse de dépôt et placement du Québec announced today a $25-million investment in LASIK MD, Canada’s laser vision correction leader. This investment, which is part of a broader financing plan to foster LASIK MD’s global expansion, will help finance the acquisition of a minority interest in Vision Group Holdings (VGH). The later, an American leader in laser vision correction, operates more than 140 clinics dispersed throughout 40 states and Canada.
Penetration in the U.S. market will strengthen LASIK MD’s competitive position. Exchanging business and scientific best practices with its new American partner will also help LASIK MD to enhance its offerings.
The VGH investment is the first step in LASIK MD’s international growth strategy. LASIK MD, which holds a substantial share of the Canadian laser vision correction market, is now looking to expand abroad. La Caisse, in its new partnership role, intends to finance various acquisitions that LASIK MD will pursue in North America and Europe during the coming months.
“La Caisse has established a long-term financing strategy to assist LASIK MD in making acquisitions internationally and generating value for its shareholders and our clients,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “With its high-quality management team, innovative technologies and structured development plan, LASIK MD is well positioned to become a key global stakeholder in its industry.”
“We’re pleased to partner with la Caisse, a world-class Québec investor that has a strong track record in providing support and capital to businesses seeking to expand through acquisitions,” said Dr. Mark Cohen, Co-Founder of LASIK MD. “Given our strength in the Canadian market, international acquisitions are central to our strategic development. We have found a financial partner capable of supporting our long-term growth in global markets,” concluded Dr. Avi Wallerstein, Co-Founder of LASIK MD.
LASIK MD currently performs more than 60,000 surgeries annually and has completed more than 750,000 procedures since the company was established in 2001.
ABOUT LASIK MD
LASIK MD is Canada’s only national provider of laser vision correction, operating 36 clinics in Canada and one in the United States. LASIK MD provides quality medical care using state-of-the-art technology at an affordable price. Our surgeons are highly experienced in the field, having collectively performed more than 750,000 procedures in Canada since its inception. LASIK MD has been named one of Canada’s Best Managed Companies for eight consecutive years and was recently honoured with Platinum status for this award. In 2008, founders Dr. Mark Cohen and Dr. Avi Wallerstein were named Ernst & Young’s Entrepreneurs of the Year in the Professional Services category. LASIK MD takes an active role in its community with many corporate social responsibility initiatives, including a voluntary per-payroll donation program for Operation Eyesight. The company also recently donated a laser to the Toronto Hospital for Sick Children. For more information, visit lasikmd.com.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2015, it held $254.9 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
For further information: JEAN-BENOÎT HOUDE, Senior Advisor, Media Relations, +1 514 847-5493, email@example.com.
Photo courtesy of First Canadian Place